Buisness Law
Inessa Babayeva
Business Law 3
BANKRUPTCY, DECLINING OR SOARING?
Bankruptcy law is federal statutory law contained in Title 11 of the United States Code. Congress passed the Bankruptcy Code to “establish… uniform laws on the subject of bankruptcy throughout the United States.” States cannot regulate bankruptcy but they can pass laws that govern other aspects of the debtor-creditor relationship. Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. An additional purpose of bankruptcy law is to allow certain debtors to free themselves of the financial obligations that they have accumulated even if their debts have not been paid in full.
There are two basic types of Bankruptcy proceedings. A filing under Chapter 7 is called liquidation which is the most common type of bankruptcy proceeding. It involves the appointment of a trustee who......
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Approximate Word Count: 1107
Approximate Pages: 5 (250 words per double-spaced page)
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