Bankruptcy Basics

The Federal Bankruptcy Code lays out the rules with regards to bankruptcy cases. Chapters 1, 3, and 5 are applicable to all bankruptcies. Code sections that start with 3 deal with case administration. Those that begin with 5 deal with creditors, debtors, and the bankruptcy estate. Chapters 7, 9, 11, 12, and 13 are specific provisions that govern particular types of debtors and/or financial situations.

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