General Bankruptcy Information
Bankruptcy law was designed to provide an elimination or reduction of certain debts, as well as to create a new timeline to repay certain nondischargeable debts over an extended period of time. Bankruptcy law also allows companies and individuals the ability to repay secured debts on terms that may be more favorable to the debtor.
Federal bankruptcy law is found in Title 11 of the U.S. Code. Congress passed the Bankruptcy Code pursuant to its constitutional authority granted to it in Article I, Section 8 of the U.S. Constitution; congress shall have the authority to "establish... uniform laws on the subject of Bankruptcy throughout the United States." The majority of the laws pertaining to debtor-creditor relations are found in the Bankruptcy Code and under nonbankruptcy laws such as Article 9 of the Uniform Commercial Code (UCC) and various other state laws.
Bankruptcy proceedings are held in a Bankruptcy Court, which is part of the Federal District Court system. Congress established the U.S. Trustee Program to administer and oversee bankruptcy proceedings. The U.S. Supreme court has promulgated the Federal Rules of Bankruptcy Procedure.
The Smith Law Firm LLC practices three types of Bankruptcy.