The Bankruptcy Code is broken down in chapters.Chapter 7 and Chapter 13 each refer to a particular type of bankruptcy.
The Main Players
The Debtor
The debtor is the person or entity that files for bankruptcy. Only in the case of spouses may more than one person or entity be in the same bankruptcy.
Creditors
Creditors are either persons or entities that have a claim against the debtor that primarily arose prior to the filing of the bankruptcy. Creditors can be secured (houses, vehicles, furniture, etc.) or unsecured (credit cards, medical bills, etc.).
The Judge
The bankruptcy judge hears and decides all disputes within the bankruptcy case.
The Trustee
A trustee is appointed to take over the debtor’s estate (assets) and mange them for the interested parties in the bankruptcy.
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