The United States Bankruptcy Code is a federal law that governs bankruptcy proceedings in the U.S. It provides a legal framework for individuals and businesses to either eliminate or repay their debts under the protection of the federal court system. The code outlines different types of bankruptcy, such as Chapter 7 for liquidation and Chapter 13 for reorganization. This code aims to give debtors a fresh start while ensuring fair treatment for creditors. It establishes the rights and responsibilities of all parties involved, including the bankruptcy trustee, who oversees the process and manages the debtor's assets.