Title 11 of the United States Code

Title 11 of the United States Code is the legal framework that governs bankruptcy in the U.S.. It provides procedures for individuals, businesses, and organizations to either reorganize their debts or liquidate their assets to settle debts fairly. The goal is to give distressed debtors a fresh start while ensuring creditors receive equitable treatment. The law outlines different types of bankruptcy cases, processes for filing, the roles of courts and trustees, and rules for handling claims and assets. Essentially, it aims to balance debt relief with creditor rights, enabling economic reorganization and financial stability.