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Legal Definitions - bankruptcy court
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Definition of bankruptcy court
A bankruptcy court is a federal court that handles bankruptcy cases. There are 94 federal judicial districts, and each district has its own bankruptcy court. Bankruptcy cases cannot be filed in state court.
Bankruptcy laws help people who cannot pay their debts start over. This can be done by liquidating their assets to pay their debts or creating a repayment plan. Bankruptcy laws also help troubled businesses by providing protection and distributing assets to creditors in an orderly manner through reorganization or liquidation.
Most bankruptcy cases are filed under three main chapters of the Bankruptcy Code: Chapter 7, Chapter 11, and Chapter 13. For example, In re Marciano was a bankruptcy case filed under Chapter 11 of the Bankruptcy Code.
Overall, bankruptcy court is a specialized court that helps individuals and businesses get a fresh start when they are struggling with debt.
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Simple Definition
Bankruptcy court: Bankruptcy court is a special court that helps people who can't pay their debts. There are 94 of these courts in the United States. They only hear cases about bankruptcy, which is when someone owes a lot of money and can't pay it back. Bankruptcy laws help people start over by selling their things to pay their debts or making a plan to pay back what they owe. Businesses can also use bankruptcy court to reorganize or sell their assets. Most cases are filed under three main chapters of the Bankruptcy Code: Chapter 7, Chapter 11, and Chapter 13.
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