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Business Law: Bankruptcy Law

This research guide will point you to several general resources for conducting business law research with focuses on commercial law, bankruptcy law, and secured transactions. There are also dedicated sub-guides for Asian business and financial news.


In the United States, bankruptcy is a legal process through the federal courts; there is a bankruptcy court in each federal judicial district in the United StatesBankruptcy law is codified at Title 11 of the United States Code. The Federal Rules of Bankruptcy Procedure and local rules of each bankruptcy court govern the bankruptcy process. 

Bankruptcy occurs when people or other entities who cannot repay debts to creditors seek relief from some or all of their debts.  A corporation or partnership can petition for bankruptcy relief under Chapters 7 or 11 of the Bankruptcy Code or the business can file a reorganization plan under Chapter 11, which enables the business to stay afloat and pay its creditors over time.  The debtor's creditors must approve the filed reorganization plan.  Once the reorganization plan is complete, the business can emerge from bankruptcy.

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