Bankruptcy Code

A federal law (11 U.S.C.A.) for the benefit and relief of creditors and their debtors in cases in which the latter are unable or unwilling to pay their debts.
The Bankruptcy Code of 1978 substantially revised and replaced the Bankruptcy Act of 1898. Straight bankruptcy is in the nature of a liquidation proceeding and involves the collection and distribution to creditors of all the bankrupt's non-exempt property by the trustee in the manner provided by the Code (Chapter 7). The debtor rehabilitation provisions of the Code (Chapters 11, 12 and 13) differ, however, from the straight bankruptcy in that the debtor looks to rehabilitation and reorganization, rather than liquidation, and the creditor looks to future earnings of the bankrupt, rather than property held by the bankrupt to satisfy their claims; see, e.g., bankruptcy proceedings (business reorganizations, wage earner's plan)

Black's law dictionary. . 1990.

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