Rules of Bankruptcy Procedure
The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor's assets are measured and evaluated, and the assets may be used to repay a portion of the outstanding debt.
The Federal Rules of Bankruptcy Procedure govern
procedures for bankruptcy proceedings. For many years, such
proceedings were governed by the General Orders and Forms in Bankruptcy
promulgated by the Supreme Court. By order dated April 24, 1973, effective
October 1, 1973, the Supreme Court prescribed, pursuant to 28 U.S.C.
§ 2075, the Bankruptcy Rules and Official Bankruptcy Forms, which
abrogated previous rules and forms. The Bankruptcy Rules and Official
Forms were last amended in 2021. Please refer to House Document
117-31 for the text of the amended rules and accompanying committee
notes effective December 1, 2021.
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