Bankruptcy Court

  

Established in 1978 with the Bankruptcy Reform Act, it is a specialized court created to resolve corporate and personal bankruptcy cases.

Unlike most civil, family, and criminal cases, all bankruptcies are handled at the federal level, as the laws governing them are federal, rather than state laws. Why a whole separate Thing for it? Well, myriad complex laws require expert knowledge that is deep and extensive...and in many cases, courts get directly involved in trying to get those harmed... paid.

Understanding the banking system and how to negotiate with vendors is a skill acquired over time. Vastly different vibe than the old great TV series Night Court, which only required a judge's expertise in card tricks, weird sexual fetishes, and zombies.

Find other enlightening terms in Shmoop Finance Genius Bar(f)