Title 11 of the U.S. Code

Title 11 of the U.S. Code is the section of federal law that governs bankruptcy. It outlines the processes for individuals and businesses to restructure or eliminate their debts when they can no longer pay them. The main types of bankruptcy under Title 11 include Chapter 7 (liquidation) and Chapter 13 (reorganization for individuals). It provides a legal framework to protect debtors from their creditors while allowing them a fresh start, ensuring fair treatment for all parties involved. Overall, it balances the interests of debtors seeking relief and creditors seeking repayment.