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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

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Encyclopedia Articles

Discover the definition of financial terms related to bankruptcy law.

Bankruptcy Financing: What It Is, How It Works, and Pros & Cons Thumbnail

Bankruptcy Financing: What It Is, How It Works, and Pros & Cons

Alessandra Nicole

Absolute Priority: Definition, Application, and Legal Implications Thumbnail

Absolute Priority: Definition, Application, and Legal Implications

Alessandra Nicole

Automatic Stay: Mechanics, Exceptions, and Real-life Scenarios Thumbnail

Automatic Stay: Mechanics, Exceptions, and Real-life Scenarios

SuperMoney Team

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Learn About Bankruptcy Law

Thumbnail for Blog Article: Chapter 7 vs. Chapter 11 Bankruptcy: What's the Difference?

Chapter 7 vs. Chapter 11 Bankruptcy: What's the Difference?

Emily Africa

Thumbnail for Blog Article: Buying a House During or After Bankruptcy (Chapter 7 & 13 Guide)

Buying a House During or After Bankruptcy (Chapter 7 & 13 Guide)

Jamela Adam

Thumbnail for Blog Article: Cash-Out Refinance After Bankruptcy or Foreclosure: Your Path Back to Home Equity

Cash-Out Refinance After Bankruptcy or Foreclosure: Your Path Back to Home Equity

Andrew Latham

Thumbnail for Blog Article: What Happens To Unclaimed Property In Colorado

What Happens To Unclaimed Property In Colorado

Benjamin Locke

Thumbnail for Blog Article: The Definitive Guide to Chapter 7 Bankruptcy

The Definitive Guide to Chapter 7 Bankruptcy

Andrew Latham

Thumbnail for Blog Article: The Definitive Guide to Chapter 11 Bankruptcy

The Definitive Guide to Chapter 11 Bankruptcy

Andrew Latham

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.