11:44
that sucks :(
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Simple English definitions for legal terms
bankruptcy power
Read a random definition: continuity-of-enterprise doctrine
A quick definition of bankruptcy power:
The bankruptcy power is a power given to Congress by the United States Constitution. This power allows Congress to create laws that apply to bankruptcies across the entire country. These laws must be the same for everyone and cannot be different from state to state.
A more thorough explanation:
The bankruptcy power is a power granted to Congress by the United States Constitution. This power allows Congress to create laws that regulate bankruptcies throughout the country. These laws must be consistent across all states and territories.
For example, if a person files for bankruptcy in one state, the laws and procedures for that bankruptcy should be the same as if they filed in another state. This ensures that everyone is treated fairly and that the bankruptcy process is consistent and predictable.
The bankruptcy power is an important tool for managing the financial health of individuals and businesses. By creating a uniform set of laws, Congress can help ensure that people and companies can get back on their feet after a financial setback.