Bankruptcy is a process where a business or an individual can declare themselves unable to pay their debts. Although Congress itself cannot declare bankruptcy, it formulates the laws that govern it.
Bankruptcy laws allow Congress to establish a framework for individuals and businesses to seek relief from overwhelming debt by offering various forms of bankruptcy protection. Congress can create laws that determine the eligibility requirements, the process of filing for bankruptcy, and the rights and obligations of debtors and creditors involved in the proceedings.
The United States Congress has the authority to establish the laws and regulations governing bankruptcy through the Bankruptcy Code. Congress shapes the bankruptcy laws, including eligibility criteria, debt discharge rules, and the procedures for filing and resolving bankruptcy cases. Additionally, Congress provides oversight of the bankruptcy system, regularly reviewing and amending bankruptcy laws as necessary.
The Congress.
In 2005 the U.S. Congress enacted profound changes to the Bankruptcy Reform Act of 1978. Known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,
No, the only mention of bankruptcy is that Congress shall have the power to enforce uniform bankruptcy laws.
Bankruptcy
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You cant have both concurrently. I know most servicers and Fannie guidelines for loan modifications do not allow a loan modification while in Bankruptcy. There is a bill floating around congress that would allow Bankruptcy judges to do cram downs and modifications of loan term in Bankruptcy court. This would be the most practiable way, However there is a huge lobby for the banks that dont want this bill passed. Do the mod, then file the BK. I'm assuming your filing a Chapter 13? You did not specify in your question.
Yes, but the court may not allow the bankruptcy to be used to release the co-signer from the financial obligation.
Depends on the type of bankruptcy you are filing. Generally a personal bankruptcy does not effect your business, and vise versa. However, if your business is filing bankruptcy, a Chapter 11 reorganization will allow you to stay in business.
When you filed for the bankruptcy, you are also declaring total surrender of the business to the hands of creditor. Although, you can still maintain rights of the company, for the sake of proper decorum, it is advised to allow the bankruptcy trustee to work on the survival of the company.
Allows congress to officaly declair war.
court can pass by congress to be uncontitutional