Boca Raton Bankruptcy Lawyer

Chapter 15 Bankruptcy

Chapter 15, Title 11 of the United States Code deals with questions of bankruptcy and jurisdiction. It is one of the more recent additions to U.S. financial law, having been established in 2005.

History

Due to the steady increase in business conducted across national boundaries, the U.S. government determined that a greater degree of regulation was in order. Chapter 15, Title 11 replaced an older section of the U.S. code known as Section 304, which had been in effect since 1978.

What it Does

Modeled on a similar measure of the United Nations Commission on International Trade Law, the main aim of Chapter 15 is to make international bankruptcy proceedings more efficient and less costly. This is accomplished by allowing U.S. courts to issue subpoenas, court orders, and directives to relinquish assets, which allows those concerned to avoid the expense and hassle of initiating legal proceedings in two different jurisdictions.

In addition, Chapter 15 makes provisions for methods of cooperation between U.S. and foreign authorities on how to handle a situation involving a single debtor.

Contact Us

The ins-and-outs of any type of bankruptcy law can be difficult to navigate for those unfamiliar with them. This is particularly true with international law, which comes with its own set of unique legal issues. For more information on what to do if you or someone you love is facing bankruptcy, contact the experienced Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A. today by calling 561-353-2800.