Bankruptcy Code definition: Copy, customize, and use instantly
Introduction
The term "Bankruptcy Code" refers to a set of laws codified under Title 11 of the United States Code that governs bankruptcy proceedings. It provides a legal framework for individuals, businesses, and entities to seek relief from debts through processes like liquidation or reorganization. It is essential for ensuring fair treatment of creditors while offering debtors a fresh start by legally resolving financial distress.
Below are various examples of how "Bankruptcy Code" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Bankruptcy Code" as Title 11 of the United States Code
This definition ties "Bankruptcy Code" to its codification under Title 11 of the United States Code.
"Bankruptcy Code" means Title 11 of the United States Code, which provides the comprehensive legal framework for the filing, administration, and resolution of bankruptcy cases, including provisions for liquidation, reorganization, and debt discharge.
Definition of "Bankruptcy Code" in Chapter 7 bankruptcy
This definition connects "Bankruptcy Code" to Chapter 7, which governs liquidation procedures.
"Bankruptcy Code" refers to Chapter 7 of Title 11 of the United States Code, which outlines the liquidation process for individuals and businesses, allowing assets to be sold off to satisfy debts and discharging remaining unsecured debt.
Definition of "Bankruptcy Code" in Chapter 11 bankruptcy
This definition links "Bankruptcy Code" to Chapter 11, which focuses on business reorganization.
"Bankruptcy Code" means Chapter 11 of Title 11 of the United States Code, which provides the legal procedures for a business to reorganize its debts, continue operations, and propose a debt repayment plan under the oversight of the bankruptcy court.
Definition of "Bankruptcy Code" in Chapter 13 bankruptcy
This definition ties "Bankruptcy Code" to Chapter 13, which involves repayment plans for individuals with regular income.
"Bankruptcy Code" refers to Chapter 13 of Title 11 of the United States Code, which allows individuals with regular income to create a repayment plan over a three-to-five-year period to repay all or part of their debts, while protecting their assets.
Definition of "Bankruptcy Code" as a legal framework for debt relief
This definition connects "Bankruptcy Code" to its general role in providing debt relief.
"Bankruptcy Code" means the body of federal laws under Title 11 of the United States Code that governs bankruptcy cases, offering debt relief mechanisms for debtors while protecting the rights of creditors.
Definition of "Bankruptcy Code" for corporate bankruptcy
This definition links "Bankruptcy Code" to its application in corporate bankruptcies, particularly Chapter 11.
"Bankruptcy Code" refers to the provisions under Title 11 of the United States Code that apply to corporate bankruptcies, enabling businesses to reorganize their debts and operations while continuing to function during the bankruptcy process.
Definition of "Bankruptcy Code" for creditors' rights
This definition connects "Bankruptcy Code" to the protection and enforcement of creditors' rights.
"Bankruptcy Code" refers to the sections of Title 11 of the United States Code that govern the treatment and protection of creditors in bankruptcy, including the order of debt repayment and rights to property or claims.
Definition of "Bankruptcy Code" in liquidation
This definition applies the "Bankruptcy Code" to the liquidation process under Chapter 7.
"Bankruptcy Code" means the legal framework in Title 11 of the United States Code that governs the liquidation of assets to satisfy creditors’ claims, typically under Chapter 7 of the Bankruptcy Code.
Definition of "Bankruptcy Code" for debt discharge
This definition ties the "Bankruptcy Code" to the discharge of certain debts after a bankruptcy case.
"Bankruptcy Code" refers to the provisions under Title 11 of the United States Code that allow for the discharge of certain debts after the successful completion of a bankruptcy case, relieving the debtor from the obligation to repay specific debts.
Definition of "Bankruptcy Code" for the automatic stay
This definition connects the "Bankruptcy Code" to the automatic stay provision.
"Bankruptcy Code" refers to the provisions within Title 11 of the United States Code that impose an automatic stay on creditor actions once a bankruptcy petition is filed, halting lawsuits, collection activities, and foreclosures.
Definition of "Bankruptcy Code" for business debt restructuring
This definition links the "Bankruptcy Code" to debt restructuring provisions for businesses.
"Bankruptcy Code" means the provisions in Title 11 of the United States Code that enable businesses to restructure their debts and operations, typically under Chapter 11, while providing a plan to repay creditors over time.
Definition of "Bankruptcy Code" for a bankruptcy trustee
This definition ties the "Bankruptcy Code" to the role of a bankruptcy trustee.
"Bankruptcy Code" refers to the provisions under Title 11 of the United States Code that establish the role of a bankruptcy trustee, an appointed individual or entity responsible for managing the bankruptcy case, including asset liquidation or debt reorganization.
Definition of "Bankruptcy Code" for bankruptcy hearings
This definition connects the "Bankruptcy Code" to the process of bankruptcy hearings.
"Bankruptcy Code" means the provisions within Title 11 of the United States Code that govern the conduct of bankruptcy hearings, where debtors and creditors present their positions to the court, and the judge decides on the appropriate course of action.
Definition of "Bankruptcy Code" for dischargeable debts
This definition ties the "Bankruptcy Code" to the concept of dischargeable debts.
"Bankruptcy Code" refers to the sections of Title 11 of the United States Code that define which types of debts may be discharged in bankruptcy, relieving the debtor from the obligation to repay these debts.
Definition of "Bankruptcy Code" for bankruptcy petition
This definition links the "Bankruptcy Code" to the filing of a bankruptcy petition.
"Bankruptcy Code" means the provisions in Title 11 of the United States Code that govern the process of filing a bankruptcy petition, initiating legal proceedings for individuals or businesses seeking bankruptcy relief.
Definition of "Bankruptcy Code" for small business bankruptcy
This definition ties the "Bankruptcy Code" to small business bankruptcy relief.
"Bankruptcy Code" refers to the provisions under Title 11 of the United States Code that provide specific guidelines for small businesses to file for bankruptcy, enabling them to reorganize debts under Chapter 11 or seek debt relief under Chapter 13.
Definition of "Bankruptcy Code" for bankruptcy discharge
This definition connects the "Bankruptcy Code" to the discharge of eligible debts after bankruptcy proceedings.
"Bankruptcy Code" means the legal framework under Title 11 of the United States Code that provides for the discharge of certain debts in bankruptcy, relieving debtors of the responsibility to repay specific debts after completing the bankruptcy process.
Definition of "Bankruptcy Code" in the context of bankruptcy exemptions
This definition applies the "Bankruptcy Code" to exemptions, which allow debtors to retain certain assets during bankruptcy.
"Bankruptcy Code" refers to the provisions under Title 11 of the United States Code that specify exemptions, enabling debtors to retain specific assets, such as a primary residence or personal property, during bankruptcy proceedings.
Definition of "Bankruptcy Code" for priority claims
This definition connects the "Bankruptcy Code" to priority claims, which determine the order of debt repayment.
"Bankruptcy Code" means the sections within Title 11 of the United States Code that establish the priority of claims, specifying the order in which creditors are paid during bankruptcy proceedings.
Definition of "Bankruptcy Code" in Chapter 9 bankruptcy
This definition ties the "Bankruptcy Code" to Chapter 9, which applies to municipalities.
"Bankruptcy Code" refers to Chapter 9 of Title 11 of the United States Code, which provides a legal framework for the reorganization of debts by municipalities, including cities, towns, and public utilities.
Definition of "Bankruptcy Code" in Chapter 12 bankruptcy
This definition links the "Bankruptcy Code" to Chapter 12, which is specific to family farmers and fishermen.
"Bankruptcy Code" means Chapter 12 of Title 11 of the United States Code, which offers debt relief and reorganization options tailored for family farmers and fishermen to manage their debts and continue operations.
Definition of "Bankruptcy Code" for involuntary bankruptcy
This definition connects the "Bankruptcy Code" to involuntary bankruptcy cases initiated by creditors.
"Bankruptcy Code" refers to the provisions in Title 11 of the United States Code that govern involuntary bankruptcy, allowing creditors to petition the court to declare a debtor bankrupt when specific criteria are met.
Definition of "Bankruptcy Code" for fraudulent transfers
This definition applies the "Bankruptcy Code" to the recovery of fraudulent transfers made before filing for bankruptcy.
"Bankruptcy Code" means the sections of Title 11 of the United States Code that allow trustees to recover assets that were fraudulently transferred by the debtor prior to filing for bankruptcy, ensuring equitable distribution among creditors.
Definition of "Bankruptcy Code" for executory contracts
This definition ties the "Bankruptcy Code" to its treatment of executory contracts during bankruptcy.
"Bankruptcy Code" refers to the provisions under Title 11 of the United States Code that address executory contracts, allowing the debtor to assume or reject ongoing contractual obligations during bankruptcy proceedings.
Definition of "Bankruptcy Code" for preference payments
This definition links the "Bankruptcy Code" to the treatment of preference payments made before bankruptcy.
"Bankruptcy Code" means the provisions in Title 11 of the United States Code that allow trustees to recover payments made to creditors shortly before bankruptcy filing, which unfairly favor certain creditors over others.
Definition of "Bankruptcy Code" for bankruptcy schedules
This definition connects the "Bankruptcy Code" to the filing of detailed schedules in bankruptcy cases.
"Bankruptcy Code" refers to the requirements under Title 11 of the United States Code that mandate debtors to file detailed schedules listing assets, liabilities, income, and expenses during the bankruptcy process.
Definition of "Bankruptcy Code" for reaffirmation agreements
This definition ties the "Bankruptcy Code" to reaffirmation agreements, which allow debtors to retain certain debts.
"Bankruptcy Code" means the sections in Title 11 of the United States Code that govern reaffirmation agreements, permitting debtors to voluntarily agree to continue paying certain debts after bankruptcy discharge.
Definition of "Bankruptcy Code" for dischargeability of student loans
This definition connects the "Bankruptcy Code" to the dischargeability of student loans in bankruptcy.
"Bankruptcy Code" refers to the provisions under Title 11 of the United States Code that govern the dischargeability of student loans, specifying the circumstances under which these loans may be discharged in bankruptcy.
Definition of "Bankruptcy Code" for post-petition debts
This definition links the "Bankruptcy Code" to the treatment of post-petition debts incurred during the bankruptcy process.
"Bankruptcy Code" means the provisions in Title 11 of the United States Code that govern the treatment of post-petition debts, which are debts incurred after a bankruptcy petition is filed, ensuring they are handled separately from pre-petition debts.
Definition of "Bankruptcy Code" for debtor-in-possession financing
This definition ties the "Bankruptcy Code" to debtor-in-possession (DIP) financing in Chapter 11 cases.
"Bankruptcy Code" refers to the provisions under Title 11 of the United States Code that allow for debtor-in-possession (DIP) financing, providing funding to a business debtor for continued operations during Chapter 11 reorganization.
Definition of "Bankruptcy Code" for eligibility requirements
This definition applies the "Bankruptcy Code" to eligibility requirements for filing bankruptcy.
"Bankruptcy Code" means the criteria outlined in Title 11 of the United States Code that determine eligibility for filing under various chapters of bankruptcy, including individual and business requirements.
Definition of "Bankruptcy Code" for the means test
This definition connects the "Bankruptcy Code" to the means test, which determines eligibility for Chapter 7 bankruptcy.
"Bankruptcy Code" refers to the provisions in Title 11 of the United States Code that include the means test, a formula used to determine whether an individual debtor qualifies for Chapter 7 bankruptcy based on income and expenses.
Definition of "Bankruptcy Code" for bankruptcy fraud
This definition ties the "Bankruptcy Code" to fraudulent activities during bankruptcy proceedings.
"Bankruptcy Code" means the sections in Title 11 of the United States Code that address bankruptcy fraud, making it a crime to provide false information or conceal assets during bankruptcy proceedings.
Definition of "Bankruptcy Code" for adversary proceedings
This definition links the "Bankruptcy Code" to adversary proceedings, which are lawsuits within bankruptcy cases.
"Bankruptcy Code" refers to the provisions in Title 11 of the United States Code that govern adversary proceedings, which are legal actions filed within a bankruptcy case to resolve disputes between parties involved.
Definition of "Bankruptcy Code" for eligibility for Chapter 13
This definition applies the "Bankruptcy Code" to the eligibility criteria for Chapter 13 bankruptcy.
"Bankruptcy Code" refers to the eligibility requirements outlined in Title 11 of the United States Code for individuals seeking bankruptcy relief under Chapter 13, including income levels and types of debts.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.