This report examines the legal procedures for effecting either a liquidation or a business or consumer reorganization under one of three of the five operative chapters of the United States Bankruptcy Code, 11 U.S.C. § 101 et seq . Chapter 7 of the Code governs liquidation of the debtor's estate and is often referred to as a "straight bankruptcy." Chapter 11 of the Code governs business reorganizations, and chapter 13 governs consumer reorganizations which conform to prescribed statutory debt limits. Chapters 1, 3, and 5 govern general procedures involving management and administration of the bankruptcy estate which are applicable, as specified, to the operative chapters. 1. 5. Chapter 7—Liquidation

		A. 11 U.S.C. 3.
This report examines the legal procedures for effecting either a liquidation or a business or consumer reorganization under the United States Bankruptcy Code, 11 U.S.C. § 101 et seq., through an analysis of its individual sections.
The Code, in chapters 1, 3, and 5, establishes general procedures that are applicable to the operative chapters. Chapter 7 governs liquidation of the debtor's estate; chapter 11 governs business reorganization; and, chapter 13 addresses reorganization of an individual with regular income.
This report presents an overview of the Code's legislative history, its procedural chapters 1, 3, and 5, and operative chapters 7, 11, and 13. Reference is made to the impact of major U.S. Supreme Court decisions and the effect of recent legislative amendments.