is to have a "fresh start" by permitting them to end their overwhelming debt and begin anew to rebuild their credit and engage in day-to-day activities without fear of creditors seizing their assets and imposing liens on their salaries.
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.
Does corporate bankruptcy affect personal credit?
In the USA the bankruptcy law is regulated by the Federal governs.
In the USA the bankruptcy law is regulated by the Federal governs.
In the USA the bankruptcy law is regulated by the Federal governs.
There are General Federal Laws that govern Bankruptcy. Each state may have additional laws regarding bankruptcy. So Is Best to consult an attorney or financial adviser in your state.
The Congress.
No. No state has ever filed for bankruptcy. States are not coverd by current U.S. bankruptcy laws.
No, the only mention of bankruptcy is that Congress shall have the power to enforce uniform bankruptcy laws.
Bankruptcy laws are complex. You will need to get correct answers from a competent attorney.
The Arizona bankruptcy laws are too long and complex to include in this answer. One can find the complete information at the website for the US Courts Arizona District or at the site called Arizona Bankruptcy Law.
One can research business bankruptcy laws at sites like NYU and Georgetown University libraries that are online. They have a whole array of laws and cases to research.