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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).

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RELATED PRACTICE AREAS

Real Estate Law
Family Law
Criminal Law
Business & Commercial Law

BUZZWORDS

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

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