Chapter 15 Bankruptcy – The Basics

Chapter 15 Bankruptcy: The Basics is an article designed to provide information on a particular area of bankruptcy law. Chapter 15 of the U.S. Bankruptcy Code, enacted in 2005, enables foreign debtors and creditors to reorganize or liquidate their assets in a manner that is efficient for both parties under the protection of the U.S. Bankruptcy Court. This type of bankruptcy filing is beneficial for international businesses, allowing them to access all necessary resources while providing a uniform system for settling disputes between debtors and creditors from different countries around the world.

Under Chapter 15, foreign debtors are required to identify assets located within the United States as well as those held abroad, in order to compute their total debts and liabilities before seeking relief under this chapter's provisions. Creditors also have certain rights that are protected by U.S.

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