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Bankruptcy Law

Bankruptcy law is a branch of law that deals with the legal process of providing relief to individuals and businesses that are unable to pay their debts. In the United States, bankruptcy is governed by federal law, specifically the Bankruptcy Code. Continue Reading Below  

About Bankruptcy Law

Bankruptcy law is a branch of law that deals with the legal process of providing relief to individuals and businesses that are unable to pay their debts. In the United States, bankruptcy is governed by federal law, specifically the Bankruptcy Code. There are several different types of bankruptcy, each with its own set of rules and procedures. For example, Chapter 7 bankruptcy is known as liquidation bankruptcy, where the debtor's assets are sold to pay off creditors. Chapter 11 bankruptcy is known as reorganization bankruptcy, where the debtor is allowed to restructure their debts and create a plan to repay creditors over time. Bankruptcy law can be complex, so it's important to consult with a qualified attorney if you are considering filing for bankruptcy.
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