When an individual files for bankruptcy, he gets the benefit to discharge most of his debts. Alternatively, if they file under chapter 7, they can discharge their debts by repaying the creditors equally by selling the assets. This way, if the full due value is not paid back also, at least the creditors get their dues equally.
Under certain bankruptcy proceedings, the court asks the debtor to continue his business and generate revenue to pay off their debts. Alternatively, the debtor can completely free themselves of any debts by selling off their assets and using the funds so acquired to pay off the creditors equally.
These federal rules lay down the procedure and process for the bankruptcy courts to follow under bankruptcy codes. Title 11 of the United States Code is a federal statutory law.
For more details on title 11 of the united states code, you must consult an attorney who can guide you with all the details as well as help you in filing for bankruptcy. You can log on to – https://recoverylawgroup.com/bankruptcy/ or call 888-297-6203 to book an appointment.