Bankruptcy Law
US Bankruptcy is a legal proceeding that allows a debtor to temporarily or permanently avoid paying some or all of their debts. The US Constitution authorized Congress to enact uniform national bankruptcy laws. Congress enacted the current US Bankruptcy Code in 1978, and it has been amended several times since.
You can therefore think of bankruptcy as a federally guaranteed right to obtain a fresh start, free from a crushing burden of debts that you can't possibly pay.
Bankruptcy Rules
Bankruptcy cases are governed by Title 11 of the United States Code, by the US Bankruptcy Rules, and by local rules promulgated by the court where your petition is filed. Cornell University maintains a current copy of the United States Bankruptcy Code at http://www4.law.cornell.edu/uscode/.
The US bankruptcy court web sites generally have links to the Bankruptcy Rules and to the relevant local rules. Clerks in the bankruptcy courts will not give debtors, or even attorneys for debtors, legal advice, and that includes advice about which bankruptcy rules apply to a given case.
Since US Bankruptcy Code and Bankruptcy Rules are very technical, and since the case load in the US Bankruptcy Courts makes judges very unforgiving of mistakes or missed deadlines, it's generally necessary to seek advice of an experienced US Bankruptcy Attorney and Credit Councelor.
The most recent changes to the Bankruptcy Code and Bankruptcy Rules came about on April 20, 2005 as President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act.
Learn more about the 25 Most Recent Changes to Personal Bankruptcy Law and how they may affect You!
