Bankruptcy court is a specialised court that handles cases related to bankruptcy proceedings. These courts oversee the process of bankruptcy, which involves individuals or entities who are unable to repay their debts seeking relief from some or all of their financial obligations. Bankruptcy courts determine whether to discharge debts, restructure repayment plans, or liquidate assets to satisfy creditors. They also ensure that the bankruptcy process is conducted fairly and in accordance with bankruptcy laws and regulations.
n. the specialised federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one’s territory covers several counties. The office of a court clerk, where petitions can be filed, is located next to each court.
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This glossary post was last updated: 29th March, 2024.
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