Chapter 15 Bankruptcy

Chapter 15 bankruptcy is a legal process in the United States designed for cases involving cross-border insolvency. It allows a foreign debtor or business that is facing bankruptcy in their home country to seek recognition and assistance from U.S. courts. This helps coordinate the debtor's assets and liabilities across different countries, ensuring that creditors are treated fairly and that the debtor can restructure their debts more effectively. Essentially, it provides a framework for managing financial difficulties that span multiple jurisdictions, facilitating international cooperation in resolving bankruptcy issues.