Bankruptcy Court
Bankruptcy Court is a specialized court that handles cases related to individuals or businesses that cannot repay their debts. It provides a legal process for debtors to either reorganize their finances or liquidate their assets to pay creditors. The court ensures that the process is fair and follows the laws outlined in the Bankruptcy Code.
In Bankruptcy Court, there are different types of bankruptcy filings, such as Chapter 7 and Chapter 13. Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 allows individuals to create a repayment plan. The court oversees these processes to protect the rights of both debtors and creditors.