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The United States Bankruptcy Court
The United States Bankruptcy Court takes cognizance of cases involving the
inability of individuals or businesses to pay their obligations. This tribunal
has been formed under the provisions of the Bankruptcy Code and is categorized
as a court of special jurisdiction.
The federal court that deals with or has jurisdiction over cases involving
bankruptcy is the United States Bankruptcy Court. But just what is a federal
court in the first place?
Federal courts are, in essence, courts that are established based on the U.S.
constitution. There are two types:
(1) General Jurisdiction Courts are tribunals that are primarily established by
the US Congress based on Article III of the constitution. The Supreme Court is
among the tribunals established under this category.
(2) Specific-Matter Jurisdiction Courts are courts that are primarily
established by the US Congress based on Article I of the constitution
The U.S. Bankruptcy Court is just one of these specialized courts. It is a fact
that General Jurisdiction Courts are more “powerful” than the Specific-Matter
Jurisdiction courts. This is to maintain a certain balance as regards the
exercising of power among the US Government’s branches. The U.S. Congress is
permitted by Article III to establish these specialized courts. To offset this
power, these specialized courts cannot exceed the capabilities or “reach” of the
General Jurisdiction Courts.
The United States Bankruptcy Court and the Bankruptcy Code
The United States Bankruptcy Court was established based on the provisions of
the Bankruptcy Code. The U.S. government’s own court-related website (www.uscourts.gov)
defines bankruptcy as “A legal procedure for dealing with debt problems of
individuals and businesses”. It is sound to infer that any legal disputes that
arise from the basic tenet of debt and the inability of an individual or
business to pay for this debt are therefore relegated to the U.S. Bankruptcy
Court.
There are 6 essential chapters in the Bankruptcy Code that define 6
corresponding types of bankruptcy:
(1) Chapter 7 deals with an individual or business bankruptcy and sets up
guidelines on how assets should be liquidated to settle most, if not all of the
debt.
(2) Chapter 9 deals with municipal bankruptcy.
(3) Chapter 11 deals with businesses mainly but individuals may be classified
under such as long as the amounts owed are substantially high.
(4) Chapter 12 is for farmers and fishermen.
(5) Chapter 13 contains guidelines for the establishment of a payment plan for
individuals with some form of steady income.
(6) Chapter 15 deals with cases of bankruptcy where foreign businesses are the
ones burdened with debt.
By filing for bankruptcy, the (bankruptcy) code allows for such individual or
business the chance to relieve oneself of their debts, normally through a
complete write-out of the debt and/or establishing a payment plan that would be
convenient to the debtor. This, of course, pre-supposes that the individual or
business honestly declares the inability to pay off such debt and it is up to
the United States Bankruptcy Court to determine whether or not that this claim
is indeed true.
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