About Bankruptcy
Bankruptcy is a federally protected program for consumers and businesses to either eliminate their debt or pay back their creditors. Bankruptcy typically falls into two categories: liquidation or reorganization.
Bankruptcy Process
All bankruptcy cases operate under the Bankruptcy Code, which was enacted by Congress. The bankruptcy process is controlled by the Federal Rules of Bankruptcy Procedure in addition to the rules of each local bankruptcy court. Both the Bankruptcy Code and Federal Rules of Bankruptcy Procedure function together to provide legal ramifications and solutions to debt issues.