The Bankruptcy Code
With the recent global economic crisis, the term "bankruptcy" has become increasingly common. Although most individuals understand the term as simply going out of business, there are many factors involved in this process. Additionally, contrary to popular belief, bankruptcy may mean that a corporation is seeking bank protection from creditors in order to reorganize their assets and to pay out some debts while operating the company. The common term of bankruptcy refers to liquidation of a corporation. This means that the company has become insolvent, cannot pay its long-term debts, and has thus sought the protection of the bank in order to liquidate, pay off some suppliers and creditors and to then stop all operations and dissipate the corporation.
Bankruptcy is an interest aspect of business and has many implications and requirements that are not understood by the average population. However, financial experts, accountants and those in the legal profession must understand the intricacies of this form of protection as it has many logistical and legal implications.
As a legal researcher, I plan on using this topic for my legal research project and to understand the details of this process that is becoming increasingly popular. The legal issue of bankruptcy in the United States of America is a federal matter.
By choosing the internet as a medium to conduct my legal research on the topic of bankruptcy in the US, I was presented with an overwhelming amount of information, from educational resources to government legal matters. In order to narrow down the information to credible and reliable source, I chose to complete a scholarly search as the library. I narrowed the electronic findings to strictly scholarly or reputable sources and was thus presented with a number of legal research databases which provided me with court cases, statutes,