Bankruptcy Laws

Bankruptcy laws for US citizens are outlined by the United States Constitution. Under this grant of authority, Congress enacted the bankruptcy code in 1978. These bankruptcy laws also known as ‘codes’ have been amended several times since their inception. The federal bankruptcy laws are the rules that govern all bankruptcy cases filed within the US.

Bankruptcy laws and procedures are governed by Federal Bankruptcy Courts. Each court follows local bankruptcy rules and processes as well as the federally mandated bankruptcy laws. The rules and laws contain a set of official bankruptcy forms to use in bankruptcy cases. These forms set in motion legal proceedings dealing with debt problems of individuals and businesses.

There is a bankruptcy court for each of the 90 judicial districts across the country. Each bankruptcy court has their own clerk’s office which you can contact to ask questions about bankruptcy laws and procedures if needed. The clerk’s office will handle all your official paperwork and notify the courts of your impending bankruptcy. Federal Bankruptcy laws are overseen by bankruptcy judge in district court. The bankruptcy judge will decide upon matters connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge of debts.

Much of the bankruptcy process is administrative and is conducted away from the courthouse. In cases of Chapter 7 bankruptcy, chapter 12, chapter 11 and chapter 13 bankruptcy, the process is carried out by a court appointed trustee. The trustee makes sure all bankruptcy laws and processes are followed to the letter.

In most cases, a debtor will not be directly involved with the bankruptcy judge. A typical chapter 7 debtor will not be required to appear in court. Usually the only formal proceeding that a debtor may have to appear for is the meeting of creditors, as mandated by the bankruptcy laws. This meeting, informally called ‘341 meeting’ because section 341 of the bankruptcy law code, requires the debtor attend so that creditors can question the debtor about their debts and property. But, I’ve been told that most of the time the creditors never show up. The primary goal of federal bankruptcy laws is to give debtors a financial fresh start. The Supreme Court made this point about the purpose of the bankruptcy law in 1934. If you are drowning in credit card debt and need to seek debt relief, read some free bankruptcy resources provided below, they will help guide you though the process and give you some facts about how you can perhaps avoid bankruptcy.

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