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== Definition ==
 
 
 
'''Bankruptcy''' is a federal legal proceeding available to both individuals and organizations, which permit relief from or restructuring of debts under specific circumstances.
 
'''Bankruptcy''' is a federal legal proceeding available to both individuals and organizations, which permit relief from or restructuring of debts under specific circumstances.
 
== Overview ==
 
   
 
U.S. bankruptcy laws favor the debtor over creditors and others with whom the debtor has dealt. The debtor generally has the right to confirm, assign, or reject any [[executory contract]]. A contract is considered executory if the “obligations of both the bankrupt and the other party to the [[contract]] are so far unperformed that the failure of either to complete the performance would constitute a [[material breach]] excusing the performance of the other.”
 
U.S. bankruptcy laws favor the debtor over creditors and others with whom the debtor has dealt. The debtor generally has the right to confirm, assign, or reject any [[executory contract]]. A contract is considered executory if the “obligations of both the bankrupt and the other party to the [[contract]] are so far unperformed that the failure of either to complete the performance would constitute a [[material breach]] excusing the performance of the other.”
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[[Category:Legislation]]
 
[[Category:Legislation]]
 
[[Category:Legislation-U.S.-Federal]]
 
[[Category:Legislation-U.S.-Federal]]
[[Category:Definition]]
 

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