Who can be a debtor under the Bankruptcy Code?
A person (which by definition includes an individual, partnership and corporation) that resides in the United States or has a residence, a place of business or property in the United States may be a debtor under the Bankruptcy Code. Q: Who can file under Chapter 7 of the Bankruptcy Code? A: An individual, partnership or corporation can file under Chapter 7 (liquidation) unless it is a railroad, an insurance company or a certain type of banking institution. Q: Who can file under Chapter 11 of the Bankruptcy Code? A: Anyone who can file under Chapter 7 can file under Chapter 11 with the exception of a stockbroker or a commodity broker. Although a railroad cannot be a debtor under Chapter 7, it may be a debtor under Chapter 11. Q: Who can file under Chapter 12 of the Bankruptcy Code? A: Only a family farmer (as defined by the Bankruptcy Code) with regular annual income may be a debtor under Chapter 12. Q: Who can file under Chapter 13 of the Bankruptcy Code? A: Only an individual (or an i
