Legal Dictionary: Bankruptcy Law

DEFINITION

• Bankruptcy is a statutory procedure initiated by an insolvent individual, an insolvent business, or creditors seeking to have debts discharged or reorganized by the courts.

• Bankruptcy law is primarily federal law, but states retain jurisdiction over certain issues.

• The three most frequent types of bankruptcy petitions are Chapter 7 (Individual Bankruptcy), Chapter 11 (Business Reorganization) and Chapter 13 (Wage Earner's Plan).

FIND A BANKRUPTCY LAWYER IN YOUR AREA.

Learn more about BANKRUPTCY & DEBT.

RELATED PRACTICE AREAS

Real Estate Law
Family Law
Criminal Law
Business & Commercial Law

BUZZWORDS

• Bankruptcy Petition
• Chapter 7 (Individual Bankruptcy)
• Chapter 11 (Business Reorganization)
• Chapter 13 (Wage Earner's Plan)
• Discharge
• Insolvent

For more bankruptcy definitions, visit the Bankruptcy and Deb Law Glossary in the FindLaw Legal Dictionary.