What is Bankruptcy? by Brett Bodie Short Version: Bankruptcy has not always been available in the United States. Bankruptcy is a legal process that allows individuals, business entities, and municipalities to address debts they are unable to pay. There are different chapters of bankruptcy. Some chapters (9, 11, 12, and 13) allow the party to.
Chapter 7 by Brett Bodie The bankruptcy code is found in Title 11 of the United States Code (Title 11 is the bankruptcy code). The code is the basis for every rule and power that exists in bankruptcy. The code contains chapters which each address different ways of filing bankruptcy. “Chapter 7” refers to the.