What is bankruptcy? Section 102 of the bankruptcy code

What is bankruptcy?

Section 102 – Rules of Construction

This section assists readers of the bankruptcy code in understanding the rules behind terms that are used in the code. If the phrases, explanation, or terms in this section appear elswhere in the bankruptcy code, and a reader is not sure what they mean, they should refer to this section. The bankruptcy code has certain explanation, terms, and phrases that are explained in this section. The following is a summary or overview of the nine rules of construction in the bankruptcy code, they are not repeated verbatim and readers should refer to the bankruptcy code for the full rules :

1. After Notice and a Hearing: Means after appropriate notice and an appropriate opportunity for a hearing, but authorizes an act without a hearing if notice is properly given and no part requests a hearing or an act is ordered by the court and there is no time for a hearing

2. Claim Against the Debtor: Includes claim against the debtor's property.

3. Includes; and Including: Are not limiting.

4. May not: Is prohibitive, not permissive.

5. Or: Is not exclusive.

6. Order for Relief: Means entry of an order for relief.

7. The singular includes the plural.

8. A definition, contained in a section of the bankruptcy code that refers to another section of the bankruptcy code, does not affect the meaning of a term used in such other section.

9. United States Trustee: Includes a designee of the United States trustee.

For more information on the bankruptcy code, contact the Rashid Law Firm for a free consultation with a Houston bankruptcy lawyer at 832-209-8833.