Introduction
Filing for bankruptcy is a difficult and time-consuming process. In life people can find themselves overwhelmed by finances, or unable to cope with bills because of injury or loss of employment. Bankruptcy is not an easy path, and one that should never be considered lightly.
Bankruptcy actions are done in the federal courts, so it it important to recognize that U.S. Code governs these matters. Every state has a federal court that specifically handles bankruptcy cases. Knowledge of the what issues lie ahead is very important to make the most informed decision in your life.
The legal structure of bankruptcy is contained within Title 11 of the United States Code. Grouped into chapters with subsections, having a grasp on these statutory concepts is crucial. The purpose of this site is to display the sections most relevant to laypeople, and then try to provide commentary on the general meaning.
This website is an ongoing project, as we will be updating periodically and converting each page to Bankruptcy Code.
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Organization of Title 11
Title 11 is grouped into 9 chapters, which are numbered 1, 3, 5, 7, 9, 11, 12, 13, and 15 respectively. Within each chapter are sections of United States Code that form the body of bankruptcy law. Each chapter contains an overarching topic that is filled with various subsections.
For example Chapter 1 is referred to as "General Provisions". This chapter is largely filled with subsections dedicated to explaining who the law applies to, the court's jurisdiction to handle a matter, and the general reach of the bankruptcy code.
Here is the list of the Titles:
- Chapter 1 - General Provisions
- Chapter 3- Case Administration
- Chapter 5- Creditors, the Debtor, and the Estate
- Chapter 7 - Liquidation
- Chapter 9 - Adjustment of Debts of a Municipality
- Chapter 11 - Reorganization
- Chapter 12 - Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income
- Chapter 13 - Adjustment of Debts of an Individual with Regular Income
- Chapter 15 - Ancillary and other Cross-Border Cases
Bankruptcy Information
It is crucial to recognize that bankruptcy does not eliminate all of your debts. Rather it will help your restructure your financial burdens, and not face the immediate pressure of losing your home. Some obligations like child support can never be removed. Also note that bankruptcy will appear on your credit report for years after.
If you feel that bankruptcy is a serious option, don't panic. There is a set process, and a wealth of informative resources out there. For example the U.S. Courts provide a website about "Bankruptcy Facts". Many lenders are also willing to work with you if you get into trouble. Don't be afraid to ask.
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Resources Available
As noted earlier the internet is full of resources that can help you make informed decisions about bankruptcy. Always be careful about any online schemes offering to get you out of a debt or perform "bargain" bankruptcies. It is a major decision, and you need to make sure that the site is not seeking to take advantage of you.
If you have detailed questions about the law, think about consulting an attorney. Remember that it's your choice; if you choose the services of a bankruptcy lawyer, take the time to find someone who is reputable and knowledgeable in your community. Bankruptcy filings are composed heavily of numerous administrative procedures. An attorney can guide you through this, and provide relevant advice.
Please understand that this website is not designed to act as an attorney or give you legal advice. Rather we are seeking to be an available resource to provide helpful information.
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