What Rules Govern the Bankruptcy Process?

Cite this article as:"What Rules Govern the Bankruptcy Process?," in The Business Professor, updated January 21, 2015, last accessed November 26, 2020, https://thebusinessprofessor.com/lesson/what-rules-govern-the-bankruptcy-process/.

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What rules govern the bankruptcy process?

The rules governing the bankruptcy process are contained in Title 11 of the US Code of Statutes. The relevant sections of the bankruptcy code are organized as follows:

•    Chapter 1 – General Provisions – Definitions, Powers of Court

•    Chapter 3 – Case Administration

⁃    Note: Chapters 1, 3, and 5 are generally applicable to all bankruptcy cases

•    Chapter 5 – Creditors and Claims

•    Chapter 7 – Liquidation

•    Chapter 9 – Municipal Bankruptcy

•    Chapter 11 – Reorganization

•    Chapter 13 – Individual Reorganization

Bankruptcy law is augmented by common law interpretation of statutes and regulations by federal bankruptcy courts. Further, state priority laws and exemptions are integrated into the bankruptcy process.

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