| Bankruptcy |
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| (Types of Bankruptcies)More... |
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| An Overview of Bankruptcy |
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| Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate or repay their debts. Federal law, rather than state law, governs bankruptcy proceedings, which take place in United States Bankruptcy Courts.
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| Chapter 7 Creditor Committees |
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| The Bankruptcy Code authorizes creditors to elect a committee to perform certain functions in the administration of a liquidation case. The general unsecured creditors have the option of electing a committee. This committee is to consult with the trustee or the United States Trustee and make recommendations to the trustee regarding the administration of the estate and the performance of the trustee's duties. A creditors' committee under this section is limited to not more than 11 members or fewer than three. More... |
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| Estate Property |
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| The commencement of a voluntary, joint, or involuntary bankruptcy petition automatically creates an "estate." The estate is comprised of all the property that is described in section 541 of the Bankruptcy Code. It includes all legal or equitable interests of the debtor in property, wherever located, as of the commencement of the case. To determine a debtor's rights in property, a court examines state law.More... |
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| Notices in Bankruptcy |
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| Creditors, equity security holders, the United States, and the United States Trustee in a bankruptcy case are entitled to receive various notices.More... |
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