U.S. bankruptcy laws are stated in U.S. Code Title 11 also referred to as the Bankruptcy Code. The code consists of several chapters outlining different bankruptcy categories and procedures. Based on the debtor’s circumstances, the financially distressed debtor can file for bankruptcy under the appropriate chapter. Bankruptcies usually fall into one of two categories. It is either liquidation or reorganization. Furthermore, bankruptcy proceedings take place in Bankruptcy Courts.
Title 11 – Bankruptcy Code
The chapters of U.S. Code Title 11 include the following:
- General Provisions – Chapter 1
- Case Administration – Chapter 3
- Creditors, the Debtor, and the Estate – Chapter 5
- Liquidation – Chapter 7
- Adjustment of Debts of A Municipality – Chapter 9
- Reorganization – Chapter 11
- Adjustment of Debts of A Family Farmer Or Fisherman With Regular Annual Income – Chapter 12
- Adjustment of Debts of An Individual With Regular Income – Chapter 13
- Ancillary and Other Cross-Border Cases – Chapter 15
If you want more details regarding US Code Title 11, then go to: uscode.house.gov
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