Title 11 of the United States Code or what is commonly referred to as the “Bankruptcy Code” sets forth the bankruptcy laws of the United States. Chapter 7 of the Bankruptcy Code governs the process used to liquidate a debtor’s non-exempt assets to satisfy creditors. In contrast, Chapters 11 and 13 govern the process used to reorganize a debtor’s assets and debts. Chapter 7 is the most common form of bankruptcy in the United States.
