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Ohiolaws.com > Practices
Bankruptcy-
Bankruptcy
law provides for the development of a plan that allows a
debtor, who is unable to pay his creditors, to resolve his
debts through the division of his assets among his
creditors. This supervised division also allows the
interests of all creditors to be treated with some measure
of equality. Certain bankruptcy proceedings allow a debtor
to stay in business and use revenue generated to resolve his
or her debts. An additional purpose of bankruptcy law is to
allow certain debtors to free themselves (to be discharged)
of the financial obligations they have accumulated, after
their assets are distributed, even if their debts have not
been paid in full. Bankruptcy
proceedings are supervised by and litigated in the United
States Bankruptcy Courts. These courts are a part of the
District Courts of The United States.
Business Law - the area of law
which involves the creation and needs of "business". Business
can be any activity or enterprise entered into for profit,
usually a company, a corporation, partnership, or any such
formal organization.
Civil Law -
dealing with all areas of the law that are not classified as
criminal.
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