United States bankruptcy law
E71435
United States bankruptcy law is the federal legal framework that governs how individuals and businesses resolve or discharge their debts through court-supervised proceedings.
Aliases (2)
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
bankruptcy law
→
federal law → legal system → |
| administeredBy |
United States bankruptcy courts
→
United States federal courts → |
| amendedBy |
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
→
|
| appliesTo |
business debtors
→
individual debtors → municipalities → |
| chapter11Purpose |
reorganization of businesses
→
|
| chapter12Purpose |
adjustment of debts of family farmers and fishermen
→
|
| chapter13Purpose |
adjustment of debts of individuals with regular income
→
|
| chapter15Purpose |
cross-border insolvency
→
|
| chapter7Purpose |
liquidation of nonexempt assets
→
|
| chapter9Purpose |
adjustment of debts of municipalities
→
|
| coreStatute |
Bankruptcy Code
→
|
| country |
United States
→
|
| governs |
bankruptcy proceedings
→
debt discharge → reorganization of debt → |
| implementedBy |
Title 11 of the United States Code
→
|
| includesChapter |
Chapter 11
→
Chapter 12 → Chapter 13 → Chapter 15 → Chapter 7 → Chapter 9 → |
| interactsWith |
state exemption laws
→
state property law → |
| jurisdiction |
exclusive federal jurisdiction
→
|
| keyConcept |
automatic stay
→
bankruptcy estate → creditors committee → debtor in possession → discharge of debts → exempt property → means test → plan of reorganization → priority claims → reaffirmation agreements → secured claims → trustee → unsecured claims → |
| legalBasis |
United States Constitution Article I Section 8 Clause 4
→
|
| overseenBy |
Department of Justice
→
United States Trustee Program → |
| policyGoal |
equitable distribution to creditors
→
fresh start for honest debtors → |
| requires |
good faith in filing and plan proposals
→
|
| sourceOfProcedure |
Federal Rules of Bankruptcy Procedure
→
|
Referenced by (4)
| Subject (surface form when different) | Predicate |
|---|---|
|
United States bankruptcy courts
→
|
appliesLaw |
|
United States bankruptcy law
("Bankruptcy Code")
→
|
coreStatute |
|
Bankruptcy Reform Act of 1978
("United States Bankruptcy Code")
→
|
created |
|
Title 11 of the United States Code
("Bankruptcy Code")
→
|
shortName |