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General Overview of the Debtor's Bankruptcy Proceedings

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  • Who is a debtor in a bankruptcy case?

    A debtor is any individual, corporation, partnership, limited liability company (LLC), or municipality that is the subject of a case filed under any chapter of the Bankruptcy Code. There are eligibility requirements that must be satisfied under each chapter.

  • What is the purpose of bankruptcy law?

    The laws are designed to protect both parties in a structured, orderly manner. Bankruptcy law in the United States was codified under federal law in 1978 under Title 11 of the United States Code (referred to herein as the "Bankruptcy Code"), which provides a uniform federal law governing all bankruptcy cases.

  • How did the bankruptcy Judgeship Act affect Chapter 11 bankruptcy?

    Fitzgerald,22 the Court addressed the 2017 Bankruptcy Judgeship Act, which imposed different fee requirements for large Chapter 11 bankruptcies based on the federal district in which a debtor filed a petition.

  • What is a chapter 13 bankruptcy?

    Background A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

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General Overview of the Debtor's Bankruptcy Proceedings