Federal Bankruptcy Rule

Federal Bankruptcy Rules are regulations that govern the process of filing for bankruptcy in the United States. They outline the procedures that individuals and businesses must follow when declaring bankruptcy, including how to file petitions, manage debts, and distribute assets. These rules ensure fairness and transparency in bankruptcy cases, guiding both debtors (those seeking relief) and creditors (those owed money) through the legal process. Essentially, they provide a framework to help reorganize or discharge debts, allowing individuals or companies to gain a fresh financial start while balancing the interests of all parties involved.