Federal Bankruptcy Rules

Federal Bankruptcy Rules are regulations that govern the legal process for individuals or organizations that cannot pay their debts. These rules outline how bankruptcy cases are filed, processed, and resolved in federal courts. They aim to ensure fair treatment for debtors and creditors, providing a structured way for individuals to discharge or reorganize their debts. The rules cover various types of bankruptcy, with Chapter 7 offering liquidation of assets, and Chapter 13 allowing for a repayment plan. Ultimately, they help people regain financial stability while balancing the rights of those owed money.