Bankruptcy Proceedings in the United States (Updated)

International Lawyers Network

General Overview of the Primary Protection Granted to a Debtor Under the United States Bankruptcy Code -

The United States Bankruptcy Code, through its various chapters, governs bankruptcy and reorganization for individuals, corporations, limited liability companies, partnerships, farmers, and municipalities in the United States of America. The Bankruptcy Code is federal law and it applies in all States of the United States. There are no separate “bankruptcy” laws in the individual States. Most States have their own insolvency, receivership, and assignment-forthe-benefit-of-creditors laws, but they are not as widely used.

Upon the filing of a bankruptcy petition by or against a person or entity (the “Debtor”), section 362 of the Bankruptcy Code automatically creates an injunction (“Automatic Stay”) that enjoins all creditors and other parties from commencing or continuing any actions against Debtor to enforce claims and obligations that arose prior to the filing of the bankruptcy petition. The Automatic Stay also enjoins action against property of the Debtor’s estate.

Please see full Chapter below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

International Lawyers Network

International Lawyers Network on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.