Most importantly, Bankruptcy Basics should
not substitute for the advice of competent legal counsel or a
financial expert. Neither the Bankruptcy Judges Division nor the
Administrative Office of the United States Courts can provide
legal or financial advice. Such advice may be obtained from a
competent attorney, accountant, or financial adviser.
Article I, Section 8, of the United States
Constitution authorizes Congress to enact “uniform Laws on the
subject of Bankruptcies.” Under this grant of authority,
Congress enacted the “Bankruptcy Code” in 1978. The Bankruptcy
Code, which is codified as title 11 of the United States Code, has
been amended several times since its enactment. It is the uniform
federal law that governs all bankruptcy cases.