West Palm Beach Bankruptcy Attorneys

United States Bankruptcy Code

The United States legal code is a complicated system governing all aspects of life, and it governs business as well. One area relating to business that it governs is bankruptcy filings. The laws governing the filing of bankruptcies in the United States are collectively known as the United States Bankruptcy Code.

The United States Bankruptcy Code is the set of laws governing and regulating the various types of bankruptcy in the United States, how each bankruptcy is to proceed, and what each bankruptcy entails. In total, the United States Bankruptcy Code consists of nine types of Bankruptcy. Each type of bankruptcy’s name consists of the word “Chapter” and then a number identifying the specific type of bankruptcy. The types of bankruptcy are Chapters 1, 3, 5, 7, 9, 11, 12, 13, and 15.

Each chapter of the bankruptcy code is subdivided into subchapters, each of which deals with a certain aspect of that type (chapter) of bankruptcy. Furthermore, each section is further divided into sections so that the process of bankruptcy is very precise.

Although in total there are nine types of bankruptcy, some are more common than others. The more common ones are Chapter 7 (“Liquidation”) and Chapter 11 (“Reorganization”). Ultimately, however, each type of bankruptcy is meant to make a failing business transition more smoothly to a relatively advantageous situation.

Speak with a West Palm Beach Bankruptcy Lawyer

If you are considering any type of bankruptcy, filing for bankruptcy yourself can be a daunting task, especially if you are not familiar with the United States Bankruptcy Code. For help in filing for bankruptcy, whichever type that may be, contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800.