Bankruptcy Law – An Outline

Bankruptcy Law - An Outline Bankruptcy law is the governing laws that say what happens in the bankruptcy process, who can file what type of bankruptcy and every other detail involved in filing bankruptcy. It is important that you are serious when filing... More

Bankruptcy Law - An Outline Bankruptcy law is the governing laws that say what happens in the bankruptcy process, who can file what type of bankruptcy and every other detail involved in filing bankruptcy. It is important that you are serious when filing bankruptcy and that you make sure your completely understand the process. An Establishment of Bankruptcy Law The United Bankruptcy Code is the law that regulates and establishes bankruptcy. This is a federal law and bankruptcy is held in federal bankruptcy courts. Federal bankruptcy judges hear bankruptcy cases. States get involved on some level with the process. Each state has one or more bankruptcy courts to hear resident cases. Additionally, exemptions are established under federal law, but states also have exemptions that can be chosen instead of the federal exemptions. Variations of Bankruptcy Law There are many variances in the bankruptcy laws that can be confusing. Here are some top things you should know about: Exemptio Less