Bankruptcy is a legal proceeding that allows a debtor (someone who owes money) to temporarily or permanently avoid paying some or all of his/her debts. The US Constitution authorized Congress to enact uniform national bankruptcy laws. Congress enacted a Bankruptcy Code in 1978, and it has been amended several times since, most recently with the Bankruptcy Abuse Prevention & Consumer Protection Act (or BAPCPA for short), effective October 17, 2005. You can therefore think of bankruptcy as a federally guaranteed right to obtain a fresh start, free from a crushing burden of debts that you can’t possibly pay.
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