The rules for filing for bankruptcy in the United States were amended in 2007. The amendments make the rules more efficient to meet the challenges of the present system. These rules protect the rights of both debtors and creditors.
After amendments in 2007, the rules of bankruptcy in the United States were separated into ten categories:
This part consists of the rules and regulations that are related to bankruptcy petition filing, filing fees, hearing on the petition, and death of the debtor. Rule 1002-1020 are kept under this category.
This category of bankruptcy rules of the US is concerned with the appointment of trustees, carrying out the bankruptcy procedure, arranging meetings of the creditors and debtors, keeping records of the procedure and so on. The part consists of Rule 2001-2020.
Rules about dealing with claims made by the creditors are kept in this part. At the same time, it also deals with the claims of equity interest holders, valuation of security, etc. Rules 3001-3022 are kept in this part.
It describes the benefits provided to the debtors. It also describes their duties, discharge etc. Rules 4001-4008 are in this part.
It describes the bankruptcy courts as well as the officials related to the courts. Case reopening procedure and many more are included in this part. It includes Rules 5001-5011.
Rules regarding taking possession of the debtor’s property and its liquidation process are described here. Rules 6001-6010 are kept in this category.
This category consists of the rules related to adversary proceedings and consists of Rule 7001-7087.
Provides regulations and guidelines for the process of making bankruptcy appeals in the district courts as well as in several bankruptcy appellate panels. Rules 8001-8020 are kept in this part.
General definitions of the legal terms, requirements for filling up the forms, oaths and affirmations, disability of judges and other general provisions are kept in this part. Rules 9001-9037 falls in this part.
This part is related to the United States trustees.
Last Updated on : 10th July 2013