What is the U.S. Bankruptcy Code?

The U.S. Bankruptcy Code is a federal law that is applicable to all citizens of the United States. It is the most comprehensive source of federal bankruptcy law and it is contained in Title 11 of the U.S. Code. In Oklahoma, the Bankruptcy Code is found in Title 11 of the Oklahoma Statutes and Title 11 of the Code of Federal Regulations. The Bankruptcy Code offers individuals and businesses a legal process to get relief from their debts. It allows for the reorganization and liquidation of debt under either federal bankruptcy law or state laws. A person or business can file for bankruptcy under either Chapter 7 or Chapter 13 (or in some cases a Chapter 11 reorganization). Chapter 7, also known as a “liquidation,” is the most common type of bankruptcy in Oklahoma. It eliminates most forms of debt and can be used to stop foreclosure, repossession and wage garnishment. Chapter 13, also known as a “reorganization,” is designed for debtors who have enough money to pay back some, though not all, of their debts. Under Chapter 13, the debtor must come up with a repayment plan that is approved by the court. The Bankruptcy Code provides the system by which individuals and businesses can resolve their debts. In Oklahoma, filing for bankruptcy is governed by the Bankruptcy Code and the local court rules. Anyone considering filing for bankruptcy should consult with an experienced attorney to make sure they understand all of their options and to ensure that they are filing correctly.

Related FAQs

What are the general principles of banking law?
What is the Federal Deposit Insurance Corporation Improvement Act?
What is banking law?
What is the Community Reinvestment Modernization Act?
What is the Home Affordable Foreclosure Alternatives Program?
What is the Cash Management Improvement Act?
What is the Fair Credit Reporting Act?
What is the Federal Banking Agency Regulatory Relief Act?
What is the Community Reinvestment Act?
What is the Credit Card Accountability Responsibility and Disclosure Act?

What is the U.S. Bankruptcy Code?

Related FAQs

Related Blog Posts