What are the laws governing bankruptcy?

In California, the laws governing bankruptcy are mainly governed by the federal Bankruptcy Code. This set of laws was enacted by Congress in 1978 to help individuals, businesses, and other entities get relief from debt. Individuals filing for bankruptcy in the state must meet certain requirements set forth by the Bankruptcy Code. Those filing must complete credit counseling and obtain a Certificate of Credit Counseling from an approved counseling agency before filing. They have to provide a list of their creditors, their income and expenses, and any available asset information. They must also attend a meeting of creditors, where the court-appointed bankruptcy trustee will ask questions and review the filed paperwork. Businesses filing for bankruptcy in the state must also meet the requirements set by the Bankruptcy Code. These requirements generally include filing articles of organization or partnership, obtaining an Employer Identification Number (EIN) from the Internal Revenue Service, and submitting a statement of business assets and liabilities. In addition, businesses must submit a list of creditors, their assets and liabilities, and any available income and expense information. Overall, filing for bankruptcy can be a complicated process, and it is important to familiarize oneself with all the laws governing bankruptcy in California. It is recommended that individuals and businesses seek professional legal advice before filing for bankruptcy.

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What are the laws governing bankruptcy?

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