nThe U.S. Constitution (Art. 1, § 8) grants Congress the power to establish uniform bankruptcy laws.
nBankruptcy laws are designed (1) to afford debtors whose assets exceed their liabilities
an opportunity to
make a fresh start; and (2) to provide a fair method of distributing the bankrupt debtor’s assets among creditors.
nBankruptcy proceedings are usually identified
under the chapter of the
bankruptcy act that they take place, e.g., Chapter 7.