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cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle By country subsection</span> </button> <ul id="toc-By_country-sublist" class="vector-toc-list"> <li id="toc-Argentina" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Argentina"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Argentina</span> </div> </a> <ul id="toc-Argentina-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Armenia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Armenia"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Armenia</span> </div> </a> <ul id="toc-Armenia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Australia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Australia"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Australia</span> </div> </a> <ul id="toc-Australia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Brazil" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Brazil"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.4</span> <span>Brazil</span> </div> </a> <ul id="toc-Brazil-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Canada" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Canada"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.5</span> <span>Canada</span> </div> </a> <ul id="toc-Canada-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#China"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.6</span> <span>China</span> </div> </a> <ul id="toc-China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ireland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ireland"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.7</span> <span>Ireland</span> </div> </a> <ul id="toc-Ireland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Israel" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Israel"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.8</span> <span>Israel</span> </div> </a> <ul id="toc-Israel-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-India" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#India"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.9</span> <span>India</span> </div> </a> <ul id="toc-India-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_Netherlands" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_Netherlands"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.10</span> <span>The Netherlands</span> </div> </a> <ul id="toc-The_Netherlands-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Russia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Russia"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.11</span> <span>Russia</span> </div> </a> <ul id="toc-Russia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Africa" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Africa"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.12</span> <span>South Africa</span> </div> </a> <ul id="toc-South_Africa-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Spain" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Spain"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.13</span> <span>Spain</span> </div> </a> <ul id="toc-Spain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Switzerland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Switzerland"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.14</span> <span>Switzerland</span> </div> </a> <ul id="toc-Switzerland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sweden" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sweden"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.15</span> <span>Sweden</span> </div> </a> <ul id="toc-Sweden-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Arab_Emirates" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Arab_Emirates"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.16</span> <span>United Arab Emirates</span> </div> </a> <ul id="toc-United_Arab_Emirates-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.17</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.18</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> <li id="toc-Debts_and_exemptions" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Debts_and_exemptions"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.18.1</span> <span>Debts and exemptions</span> </div> </a> <ul id="toc-Debts_and_exemptions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Chapters" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Chapters"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.18.2</span> <span>Chapters</span> </div> </a> <ul id="toc-Chapters-sublist" class="vector-toc-list"> <li id="toc-Chapter_7" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Chapter_7"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.18.2.1</span> <span>Chapter 7</span> </div> </a> <ul id="toc-Chapter_7-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Chapter_11" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Chapter_11"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.18.2.2</span> <span>Chapter 11</span> </div> </a> <ul id="toc-Chapter_11-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Chapter_13" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Chapter_13"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.18.2.3</span> <span>Chapter 13</span> </div> </a> <ul id="toc-Chapter_13-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-European_Union" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#European_Union"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.19</span> <span>European Union</span> </div> </a> <ul id="toc-European_Union-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Effective_sovereign_bankruptcy" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Effective_sovereign_bankruptcy"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Effective sovereign bankruptcy</span> </div> </a> <ul id="toc-Effective_sovereign_bankruptcy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Bankruptcy</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 74 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-74" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">74 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A5%D9%81%D9%84%D8%A7%D8%B3" title="إفلاس – Arabic" lang="ar" hreflang="ar" data-title="إفلاس" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/M%C3%BCflisl%C9%99%C5%9Fm%C9%99" title="Müflisləşmə – Azerbaijani" lang="az" hreflang="az" data-title="Müflisləşmə" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D8%A7%DB%8C%D9%81%D9%84%D8%A7%D8%B3" title="ایفلاس – South Azerbaijani" lang="azb" hreflang="azb" data-title="ایفلاس" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%A6%E0%A7%87%E0%A6%89%E0%A6%B2%E0%A6%BF%E0%A6%AF%E0%A6%BC%E0%A6%BE" title="দেউলিয়া – Bangla" lang="bn" hreflang="bn" data-title="দেউলিয়া" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Ph%C3%B2-s%C3%A1n" title="Phò-sán – Minnan" lang="nan" hreflang="nan" data-title="Phò-sán" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D1%80%D1%83%D1%86%D1%82%D0%B2%D0%B0" title="Банкруцтва – Belarusian" lang="be" hreflang="be" data-title="Банкруцтва" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D1%80%D1%83%D1%86%D1%82%D0%B2%D0%B0" title="Банкруцтва – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Банкруцтва" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D1%80%D1%83%D1%82" title="Банкрут – Bulgarian" lang="bg" hreflang="bg" data-title="Банкрут" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Ste%C4%8Daj" title="Stečaj – Bosnian" lang="bs" hreflang="bs" data-title="Stečaj" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-bxr mw-list-item"><a href="https://bxr.wikipedia.org/wiki/%D0%9F%D0%B0%D0%BD%D1%85%D0%B0%D1%80%D1%83%D1%83%D0%B4%D1%82%D0%B0%D0%BB%D0%B3%D0%B0" title="Панхаруудталга – Russia Buriat" lang="bxr" hreflang="bxr" data-title="Панхаруудталга" data-language-autonym="Буряад" data-language-local-name="Russia Buriat" class="interlanguage-link-target"><span>Буряад</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Fallida" title="Fallida – Catalan" lang="ca" hreflang="ca" data-title="Fallida" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/%C3%9Apadek" title="Úpadek – Czech" lang="cs" hreflang="cs" data-title="Úpadek" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Konkurs" title="Konkurs – Danish" lang="da" hreflang="da" data-title="Konkurs" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Bankrott" title="Bankrott – German" lang="de" hreflang="de" data-title="Bankrott" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Pankrot" title="Pankrot – Estonian" lang="et" hreflang="et" data-title="Pankrot" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A0%CF%84%CF%8E%CF%87%CE%B5%CF%85%CF%83%CE%B7" title="Πτώχευση – Greek" lang="el" hreflang="el" data-title="Πτώχευση" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Quiebra" title="Quiebra – Spanish" lang="es" hreflang="es" data-title="Quiebra" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Bankroto" title="Bankroto – Esperanto" lang="eo" hreflang="eo" data-title="Bankroto" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Porrot_(erakundea)" title="Porrot (erakundea) – Basque" lang="eu" hreflang="eu" data-title="Porrot (erakundea)" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%88%D8%B1%D8%B4%DA%A9%D8%B3%D8%AA%DA%AF%DB%8C" title="ورشکستگی – Persian" lang="fa" hreflang="fa" data-title="ورشکستگی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Banqueroute" title="Banqueroute – French" lang="fr" hreflang="fr" data-title="Banqueroute" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%8C%8C%EC%82%B0" title="파산 – Korean" lang="ko" hreflang="ko" data-title="파산" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8D%D5%B6%D5%A1%D5%B6%D5%AF%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Սնանկություն – Armenian" lang="hy" hreflang="hy" data-title="Սնանկություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%A6%E0%A4%BF%E0%A4%B5%E0%A4%BE%E0%A4%B2%E0%A4%BE" title="दिवाला – Hindi" lang="hi" hreflang="hi" data-title="दिवाला" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Ste%C4%8Daj" title="Stečaj – Croatian" lang="hr" hreflang="hr" data-title="Stečaj" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Kebangkrutan" title="Kebangkrutan – Indonesian" lang="id" hreflang="id" data-title="Kebangkrutan" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Gjald%C3%BErot" title="Gjaldþrot – Icelandic" lang="is" hreflang="is" data-title="Gjaldþrot" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Bancarotta" title="Bancarotta – Italian" lang="it" hreflang="it" data-title="Bancarotta" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A4%D7%A9%D7%99%D7%98%D7%AA_%D7%A8%D7%92%D7%9C" title="פשיטת רגל – Hebrew" lang="he" hreflang="he" data-title="פשיטת רגל" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%A6%E0%B2%BF%E0%B2%B5%E0%B2%BE%E0%B2%B3%E0%B2%BF%E0%B2%A4%E0%B2%A8" title="ದಿವಾಳಿತನ – Kannada" lang="kn" hreflang="kn" data-title="ದಿವಾಳಿತನ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%92%E1%83%90%E1%83%99%E1%83%9D%E1%83%A2%E1%83%A0%E1%83%94%E1%83%91%E1%83%90" title="გაკოტრება – Georgian" lang="ka" hreflang="ka" data-title="გაკოტრება" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D1%80%D0%BE%D1%82%D1%82%D1%8B%D2%9B" title="Банкроттық – Kazakh" lang="kk" hreflang="kk" data-title="Банкроттық" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Bankrots" title="Bankrots – Latvian" lang="lv" hreflang="lv" data-title="Bankrots" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Faillite" title="Faillite – Luxembourgish" lang="lb" hreflang="lb" data-title="Faillite" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target"><span>Lëtzebuergesch</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Bankrotas" title="Bankrotas – Lithuanian" lang="lt" hreflang="lt" data-title="Bankrotas" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Cs%C5%91d" title="Csőd – Hungarian" lang="hu" hreflang="hu" data-title="Csőd" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A1%D1%82%D0%B5%D1%87%D0%B0%D1%98" title="Стечај – Macedonian" lang="mk" hreflang="mk" data-title="Стечај" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D8%A7%D9%81%D9%84%D8%A7%D8%B3" title="افلاس – Egyptian Arabic" lang="arz" hreflang="arz" data-title="افلاس" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target"><span>مصرى</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Kemuflisan" title="Kemuflisan – Malay" lang="ms" hreflang="ms" data-title="Kemuflisan" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-my mw-list-item"><a href="https://my.wikipedia.org/wiki/%E1%80%92%E1%80%B1%E1%80%9D%E1%80%AB%E1%80%9C%E1%80%AE%E1%80%81%E1%80%B6%E1%80%81%E1%80%BC%E1%80%84%E1%80%BA%E1%80%B8" title="ဒေဝါလီခံခြင်း – Burmese" lang="my" hreflang="my" data-title="ဒေဝါလီခံခြင်း" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target"><span>မြန်မာဘာသာ</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Faillissement" title="Faillissement – Dutch" lang="nl" hreflang="nl" data-title="Faillissement" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%A6%E0%A4%BE%E0%A4%AE%E0%A4%BE%E0%A4%B8%E0%A4%BE%E0%A4%B9%E0%A5%80" title="दामासाही – Nepali" lang="ne" hreflang="ne" data-title="दामासाही" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E7%A0%B4%E7%94%A3" title="破産 – Japanese" lang="ja" hreflang="ja" data-title="破産" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Konkurs" title="Konkurs – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Konkurs" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Konkurs" title="Konkurs – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Konkurs" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Bankrotlik" title="Bankrotlik – Uzbek" lang="uz" hreflang="uz" data-title="Bankrotlik" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%AF%DB%90%D9%88%D8%A7%D9%84%D9%8A" title="دېوالي – Pashto" lang="ps" hreflang="ps" data-title="دېوالي" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Upad%C5%82o%C5%9B%C4%87" title="Upadłość – Polish" lang="pl" hreflang="pl" data-title="Upadłość" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Fal%C3%AAncia" title="Falência – Portuguese" lang="pt" hreflang="pt" data-title="Falência" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Faliment" title="Faliment – Romanian" lang="ro" hreflang="ro" data-title="Faliment" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9D%D0%B5%D1%81%D0%BE%D1%81%D1%82%D0%BE%D1%8F%D1%82%D0%B5%D0%BB%D1%8C%D0%BD%D0%BE%D1%81%D1%82%D1%8C" title="Несостоятельность – Russian" lang="ru" hreflang="ru" data-title="Несостоятельность" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Falimentimi" title="Falimentimi – Albanian" lang="sq" hreflang="sq" data-title="Falimentimi" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B6%B6%E0%B6%82%E0%B6%9A%E0%B7%9C%E0%B6%BD%E0%B7%9C%E0%B6%AD%E0%B7%8A%E0%B6%B6%E0%B7%80" title="බංකොලොත්බව – Sinhala" lang="si" hreflang="si" data-title="බංකොලොත්බව" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target"><span>සිංහල</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Bankruptcy" title="Bankruptcy – Simple English" lang="en-simple" hreflang="en-simple" data-title="Bankruptcy" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sd mw-list-item"><a href="https://sd.wikipedia.org/wiki/%DA%8F%D9%8A%D9%88%D8%A7%D9%84%D9%88" title="ڏيوالو – Sindhi" lang="sd" hreflang="sd" data-title="ڏيوالو" data-language-autonym="سنڌي" data-language-local-name="Sindhi" class="interlanguage-link-target"><span>سنڌي</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Bankrot" title="Bankrot – Slovak" lang="sk" hreflang="sk" data-title="Bankrot" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Ste%C4%8Daj" title="Stečaj – Slovenian" lang="sl" hreflang="sl" data-title="Stečaj" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Ste%C4%8Daj" title="Stečaj – Serbian" lang="sr" hreflang="sr" data-title="Stečaj" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Bankrot" title="Bankrot – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Bankrot" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Konkurssi" title="Konkurssi – Finnish" lang="fi" hreflang="fi" data-title="Konkurssi" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Konkurs" title="Konkurs – Swedish" lang="sv" hreflang="sv" data-title="Konkurs" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Pagkabangkarote" title="Pagkabangkarote – Tagalog" lang="tl" hreflang="tl" data-title="Pagkabangkarote" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%A4%E0%AE%BF%E0%AE%B5%E0%AE%BE%E0%AE%B2%E0%AE%BE_%E0%AE%A8%E0%AE%BF%E0%AE%B2%E0%AF%88" title="திவாலா நிலை – Tamil" lang="ta" hreflang="ta" data-title="திவாலா நிலை" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%A5%E0%B9%89%E0%B8%A1%E0%B8%A5%E0%B8%B0%E0%B8%A5%E0%B8%B2%E0%B8%A2" title="การล้มละลาย – Thai" lang="th" hreflang="th" data-title="การล้มละลาย" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/%C4%B0flas_hukuku" title="İflas hukuku – Turkish" lang="tr" hreflang="tr" data-title="İflas hukuku" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D1%80%D1%83%D1%82%D1%81%D1%82%D0%B2%D0%BE" title="Банкрутство – Ukrainian" lang="uk" hreflang="uk" data-title="Банкрутство" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%AF%DB%8C%D9%88%D8%A7%D9%84%DB%81" title="دیوالہ – Urdu" lang="ur" hreflang="ur" data-title="دیوالہ" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="https://ug.wikipedia.org/wiki/%DB%8B%DB%95%D9%8A%D8%B1%D8%A7%D9%86_%D8%A8%D9%88%D9%84%DB%87%D8%B4" title="ۋەيران بولۇش – Uyghur" lang="ug" hreflang="ug" data-title="ۋەيران بولۇش" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="Uyghur" class="interlanguage-link-target"><span>ئۇيغۇرچە / Uyghurche</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ph%C3%A1_s%E1%BA%A3n" title="Phá sản – Vietnamese" lang="vi" hreflang="vi" data-title="Phá sản" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E7%A0%B4%E4%BA%A7" title="破产 – Wu" lang="wuu" hreflang="wuu" data-title="破产" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-yi badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://yi.wikipedia.org/wiki/%D7%91%D7%90%D7%A0%D7%A7%D7%A8%D7%90%D7%98%D7%99%D7%A8%D7%95%D7%A0%D7%92" title="באנקראטירונג – Yiddish" lang="yi" hreflang="yi" data-title="באנקראטירונג" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target"><span>ייִדיש</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E7%A0%B4%E7%94%A2" title="破產 – Cantonese" lang="yue" hreflang="yue" data-title="破產" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E7%A0%B4%E7%94%A2" title="破產 – Chinese" lang="zh" hreflang="zh" data-title="破產" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li><li class="interlanguage-link interwiki-bew mw-list-item"><a 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screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1202158006">.mw-parser-output .law-sidebar .sidebar-heading{background:#aaddff;color:#000}.mw-parser-output .law-sidebar .sidebar-above{font-weight:normal}.mw-parser-output .law-sidebar .sidebar-below{padding:0.4em;border-top:1px #aaa solid;font-weight:normal;font-size:smaller}</style><table class="sidebar nomobile nowraplinks hlist law-sidebar"><tbody><tr><th class="sidebar-title"><a href="/wiki/Insolvency" title="Insolvency">Insolvency</a></th></tr><tr><td class="sidebar-image"><figure class="mw-halign-center" typeof="mw:File"><a href="/wiki/File:Peter_Paul_Rubens_(1577-1640)_(style_of)_-_A_Hand_Holding_an_Empty_Purse,_The_Emblem_of,_%E2%80%98No_suffering_can_compare%27_(with_that_of_the_bankrupt_spendthrift)_-_1298194_-_National_Trust.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/100px-thumbnail.jpg" decoding="async" width="100" height="131" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/150px-thumbnail.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/200px-thumbnail.jpg 2x" data-file-width="915" data-file-height="1200" /></a><figcaption></figcaption></figure></td></tr><tr><th class="sidebar-heading"> Processes</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Administration_(law)" title="Administration (law)">Administration</a></li> <li><a class="mw-selflink selflink">Bankruptcy</a></li> <li><a href="/wiki/Chapter_7,_Title_11,_United_States_Code" title="Chapter 7, Title 11, United States Code">Chapter 7 (US)</a></li> <li><a href="/wiki/Company_voluntary_arrangement" title="Company voluntary arrangement">CVA</a></li> <li><a href="/wiki/Conservatorship" title="Conservatorship">Conservatorship</a></li> <li><a href="/wiki/Dissolution_(law)" title="Dissolution (law)">Dissolution</a></li> <li><a href="/wiki/Examinership" title="Examinership">Examinership</a></li> <li><a href="/wiki/Individual_voluntary_arrangement" title="Individual voluntary arrangement">IVA</a></li> <li><a href="/wiki/Liquidation" title="Liquidation">Liquidation</a></li> <li><a href="/wiki/Provisional_liquidation" title="Provisional liquidation">Provisional liquidation</a></li> <li><a href="/wiki/Receivership" title="Receivership">Receivership</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Officials</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Insolvency_practitioner" title="Insolvency practitioner">Insolvency practitioner</a></li> <li><a href="/wiki/Tribunal" title="Tribunal">Tribunal</a></li> <li><a href="/wiki/Regulatory_agency" title="Regulatory agency">Regulatory agency</a></li> <li><a href="/wiki/Liquidator_(law)" title="Liquidator (law)">Liquidator</a></li> <li><a href="/wiki/Referee_in_Bankruptcy" title="Referee in Bankruptcy">Referee in Bankruptcy</a></li> <li><a href="/wiki/Trustee_in_bankruptcy" title="Trustee in bankruptcy">Trustee in bankruptcy</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Claimants</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Creditor" title="Creditor">Creditor</a></li> <li><a href="/wiki/Preferential_creditor" title="Preferential creditor">Preferential creditor</a></li> <li><a href="/wiki/Secured_creditor" title="Secured creditor">Secured creditor</a></li> <li><a href="/wiki/Unsecured_creditor" title="Unsecured creditor">Unsecured creditor</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Restructuring</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Administration_in_United_Kingdom_law" title="Administration in United Kingdom law">Administration (UK)</a></li> <li><a href="/wiki/Chapter_11,_Title_11,_United_States_Code" title="Chapter 11, Title 11, United States Code">Chapter 11 (US)</a></li> <li><a href="/wiki/Cram_down" title="Cram down">Cram down</a></li> <li><a href="/wiki/Restructuring" title="Restructuring">Restructuring</a></li> <li><a href="/wiki/Scheme_of_arrangement" title="Scheme of arrangement">Scheme of arrangement</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Avoidance regimes</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Fraudulent_conveyance" title="Fraudulent conveyance">Fraudulent conveyance</a></li> <li><a href="/wiki/Undervalue_transaction" title="Undervalue transaction">Undervalue transaction</a></li> <li><a href="/wiki/Unfair_preference" title="Unfair preference">Unfair preference</a></li> <li><a href="/wiki/Voidable_floating_charge" title="Voidable floating charge">Voidable floating charge</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Offences</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Fraudulent_trading" title="Fraudulent trading">Fraudulent trading</a></li> <li><a href="/wiki/Misfeasance" title="Misfeasance">Misfeasance</a></li> <li><a href="/wiki/Trading_while_insolvent" title="Trading while insolvent">Trading while insolvent</a></li> <li><a href="/wiki/Wrongful_trading" title="Wrongful trading">Wrongful trading</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Security</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Floating_charge" title="Floating charge">Floating charge</a></li> <li><a href="/wiki/Lien" title="Lien">Lien</a></li> <li><a href="/wiki/Mortgage" title="Mortgage">Mortgage</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien loan</a></li> <li><a href="/wiki/Security_interest" title="Security interest">Security interest</a></li></ul></td> </tr><tr><th class="sidebar-heading"> International</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Chapter_15,_Title_11,_United_States_Code" title="Chapter 15, Title 11, United States Code">Chapter 15 (US)</a></li> <li><a href="/wiki/Cross-border_insolvency" title="Cross-border insolvency">Cross-border insolvency</a></li> <li><a href="/wiki/Insolvency_Regulation" title="Insolvency Regulation">Insolvency Regulation</a></li> <li><a href="/wiki/UNCITRAL_Model_Law_on_Cross-Border_Insolvency" title="UNCITRAL Model Law on Cross-Border Insolvency">UNCITRAL Model Law</a></li></ul></td> </tr><tr><th class="sidebar-heading"> By country</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Anguillan_bankruptcy_law" title="Anguillan bankruptcy law">Anguilla</a></li> <li><a href="/wiki/Australian_insolvency_law" title="Australian insolvency law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_bankruptcy_law" title="British Virgin Islands bankruptcy law">BVI</a></li> <li><a href="/wiki/Insolvency_law_of_Canada" title="Insolvency law of Canada">Canada</a></li> <li><a href="/wiki/Cayman_Islands_bankruptcy_law" title="Cayman Islands bankruptcy law">Cayman</a></li> <li><a href="/wiki/Bankruptcy_in_China" title="Bankruptcy in China">China</a></li> <li><a href="/wiki/Hong_Kong_insolvency_law" title="Hong Kong insolvency law">Hong Kong</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Code" class="mw-redirect" title="Insolvency and Bankruptcy Code">India</a></li> <li><a href="/wiki/Bankruptcy_Law_in_the_Republic_of_Ireland" title="Bankruptcy Law in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Insolvency_law_of_Russia" title="Insolvency law of Russia">Russia</a></li> <li><a href="/wiki/South_African_insolvency_law" title="South African insolvency law">South Africa</a></li> <li><a href="/wiki/Insolvency_law_of_Switzerland" title="Insolvency law of Switzerland">Switzerland</a></li> <li><a href="/wiki/United_Kingdom_insolvency_law" title="United Kingdom insolvency law">United Kingdom</a></li> <li><a href="/wiki/Bankruptcy_in_the_United_States" title="Bankruptcy in the United States">United States</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Other</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Anti-deprivation_rule" title="Anti-deprivation rule">Anti-deprivation rule</a></li> <li><a href="/wiki/Bankruptcy_alternatives" title="Bankruptcy alternatives">Bankruptcy alternatives</a></li> <li><a href="/wiki/Creditors%27_rights" class="mw-redirect" title="Creditors' rights">Creditors' rights</a></li> <li><a href="/wiki/Chapter_9,_Title_11,_United_States_Code" title="Chapter 9, Title 11, United States Code">Chapter 9 (US)</a></li> <li><a href="/wiki/Debtor" title="Debtor">Debtor</a></li> <li><a href="/wiki/Default_(finance)" title="Default (finance)">Default</a></li> <li><a href="/wiki/Financial_distress" title="Financial distress">Financial distress</a></li> <li><a href="/wiki/History_of_bankruptcy_law" title="History of bankruptcy law">History of bankruptcy law</a></li> <li><a href="/wiki/List_of_bankrupts" title="List of bankrupts">List of bankrupts</a></li> <li><i><a href="/wiki/Pari_passu" title="Pari passu">Pari passu</a></i></li> <li><a href="/wiki/Pre-packaged_insolvency" title="Pre-packaged insolvency">Pre-packaged insolvency</a></li> <li><a href="/wiki/Sovereign_default" title="Sovereign default">Sovereign default</a></li> <li><a href="/wiki/Subordination_(finance)" title="Subordination (finance)">Subordination</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Insolvency" title="Template:Insolvency"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Insolvency" title="Template talk:Insolvency"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Insolvency" title="Special:EditPage/Template:Insolvency"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Bankruptcy</b> is a legal process through which people or other entities who cannot repay debts to <a href="/wiki/Creditor" title="Creditor">creditors</a> may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a <a href="/wiki/Court_order" title="Court order">court order</a>, often initiated by the <a href="/wiki/Debtor" title="Debtor">debtor</a>. </p><p>Bankrupt is not the only legal status that an insolvent person may have, and the term <i>bankruptcy</i> is therefore not a synonym for <a href="/wiki/Insolvency" title="Insolvency">insolvency</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Etymology">Etymology</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=1" title="Edit section: Etymology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The word <i>bankruptcy</i> is derived from <a href="/wiki/Italian_language" title="Italian language">Italian</a> <span title="Italian-language text"><i lang="it">banca rotta</i></span>, literally meaning <span class="gloss-quot">'</span><span class="gloss-text">broken bank</span><span class="gloss-quot">'</span>. The term is often described as having originated in <a href="/wiki/Renaissance_Italy" class="mw-redirect" title="Renaissance Italy">Renaissance Italy</a>, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted.<sup id="cite_ref-Loveland1912_1-0" class="reference"><a href="#cite_note-Loveland1912-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=2" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_bankruptcy_law" title="History of bankruptcy law">History of bankruptcy law</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/History_of_debt_relief" title="History of debt relief">History of debt relief</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Het_Groote_Tafereel_der_Dwaasheid,_Wie_redeneeren_wil_is_mis,_men_vind_de_Lapis_by_de_gis.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ac/Het_Groote_Tafereel_der_Dwaasheid%2C_Wie_redeneeren_wil_is_mis%2C_men_vind_de_Lapis_by_de_gis.jpg/180px-Het_Groote_Tafereel_der_Dwaasheid%2C_Wie_redeneeren_wil_is_mis%2C_men_vind_de_Lapis_by_de_gis.jpg" decoding="async" width="180" height="276" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ac/Het_Groote_Tafereel_der_Dwaasheid%2C_Wie_redeneeren_wil_is_mis%2C_men_vind_de_Lapis_by_de_gis.jpg/270px-Het_Groote_Tafereel_der_Dwaasheid%2C_Wie_redeneeren_wil_is_mis%2C_men_vind_de_Lapis_by_de_gis.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ac/Het_Groote_Tafereel_der_Dwaasheid%2C_Wie_redeneeren_wil_is_mis%2C_men_vind_de_Lapis_by_de_gis.jpg/360px-Het_Groote_Tafereel_der_Dwaasheid%2C_Wie_redeneeren_wil_is_mis%2C_men_vind_de_Lapis_by_de_gis.jpg 2x" data-file-width="3241" data-file-height="4969" /></a><figcaption>Failure of <a href="/wiki/John_Law_(economist)" title="John Law (economist)">John Law</a>'s <a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi Company</a> led to French national bankruptcy in 1720.</figcaption></figure> <p>In <a href="/wiki/Ancient_Greece" title="Ancient Greece">Ancient Greece</a>, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "<a href="/wiki/Debt_slavery" class="mw-redirect" title="Debt slavery">debt slavery</a>" until the creditor recouped losses through their <a href="/wiki/Manual_labour" title="Manual labour">physical labour</a>. Many city-states in ancient Greece limited debt slavery to a period of five years; debt slaves had protection of life and limb, which regular slaves did not have. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. An exception to this rule was <a href="/wiki/Ancient_Athens" class="mw-redirect" title="Ancient Athens">Athens</a>, which by the <a href="/wiki/Solonian_constitution" title="Solonian constitution">laws of Solon</a> forbade enslavement for debt; as a consequence, most Athenian slaves were foreigners (Greek or otherwise). </p><p>The <a href="/wiki/Statute_of_Bankrupts_Act_1542" class="mw-redirect" title="Statute of Bankrupts Act 1542">Statute of Bankrupts</a> of 1542 was the first statute under <a href="/wiki/English_law" title="English law">English law</a> dealing with bankruptcy or <a href="/wiki/Insolvency" title="Insolvency">insolvency</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Bankruptcy is also documented in <a href="/wiki/East_Asia" title="East Asia">East Asia</a>. According to <a href="/wiki/Al-Maqrizi" title="Al-Maqrizi">al-Maqrizi</a>, the <a href="/wiki/Yassa" title="Yassa">Yassa</a> of <a href="/wiki/Genghis_Khan" title="Genghis Khan">Genghis Khan</a> contained a provision that mandated the <a href="/wiki/Capital_punishment" title="Capital punishment">death penalty</a> for anyone who became bankrupt three times. </p><p>A failure of a nation to meet bond repayments has been seen on many occasions. In a similar way, <a href="/wiki/Philip_II_of_Spain" title="Philip II of Spain">Philip II of Spain</a> had to declare four <a href="/wiki/Sovereign_default" title="Sovereign default">state bankruptcies</a> in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of <a href="/wiki/France" title="France">France</a>, <a href="/wiki/Portugal" title="Portugal">Portugal</a>, <a href="/wiki/Prussia" title="Prussia">Prussia</a>, <a href="/wiki/Spain" title="Spain">Spain</a>, and the early Italian city-states. At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well."<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Modern_law_and_debt_restructuring">Modern law and debt restructuring</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=3" title="Edit section: Modern law and debt restructuring"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The principal focus of modern insolvency legislation and business <a href="/wiki/Debt_restructuring" title="Debt restructuring">debt restructuring</a> practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing <a href="/wiki/Financial_distress" title="Financial distress">financial distress</a> so as to permit the rehabilitation and continuation of the business. </p><p>For private households, it is important to assess the underlying problems and to minimize the risk of financial distress to recur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve the management of household expenditures must be equally provided during this period of rehabilitation (Refiner <i>et al.</i>, 2003; Gerhardt, 2009; Frade, 2010). In most EU member States, debt discharge is conditioned by a partial payment obligation and by a number of requirements concerning the debtor's behavior. In the United States (US), discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system (Reifner et al., 2003; Gerhardt, 2009; Frade, 2010). The Other Member States do not provide the option of a debt discharge. Spain, for example, passed a bankruptcy law (<i>ley concurs</i>) in 2003 which provides for debt settlement plans that can result in a reduction of the debt (maximally half of the amount) or an extension of the payment period of maximally five years (Gerhardt, 2009), but it does not foresee debt discharge.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>In the US, it is very difficult to discharge federal or federally guaranteed student loan debt by filing bankruptcy.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Unlike most other debts, those student loans may be discharged only if the person seeking discharge establishes specific grounds for discharge under the <i>Brunner</i> test,<sup id="cite_ref-brunner_7-0" class="reference"><a href="#cite_note-brunner-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> under which the court evaluates three factors: </p> <ul><li>If required to repay the loan, the borrower cannot maintain a minimal standard of living;</li> <li>The borrower's financial situation is likely to continue for most or all of the repayment period; and</li> <li>The borrower has made a good faith effort to repay the student loans.<sup id="cite_ref-brunner_7-1" class="reference"><a href="#cite_note-brunner-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li></ul> <p>Even if a debtor proves all three elements, a court may permit only a partial discharge of the student loan. Student loan borrowers may benefit from restructuring their payments through a <a href="/wiki/Chapter_13,_Title_11,_United_States_Code" title="Chapter 13, Title 11, United States Code">Chapter 13</a> bankruptcy repayment plan, but few qualify for discharge of part or all of their student loan debt.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Fraud">Fraud</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=4" title="Edit section: Fraud"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Bankruptcy <a href="/wiki/Fraud" title="Fraud">fraud</a> is a <a href="/wiki/White-collar_crime" title="White-collar crime">white-collar crime</a> most typically involving concealment of assets by a debtor to avoid <a href="/wiki/Liquidation" title="Liquidation">liquidation</a> in bankruptcy proceedings. It may include filing of false information, multiple filings in different jurisdictions, bribery, and other acts.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and <a href="/wiki/Fee_fixing_scandal" class="mw-redirect" title="Fee fixing scandal">fee fixing</a> or redistribution arrangements. Falsifications on bankruptcy forms often constitute <a href="/wiki/Perjury" title="Perjury">perjury</a>. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U.S., bankruptcy fraud statutes are particularly focused on the <a href="/wiki/Mens_rea" title="Mens rea">mental state</a> of particular actions.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Bankruptcy fraud is a <a href="/wiki/Federal_crime" class="mw-redirect" title="Federal crime">federal crime</a> in the United States.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Bankruptcy fraud should be distinguished from <i><a href="/wiki/Strategic_bankruptcy" title="Strategic bankruptcy">strategic bankruptcy</a></i>, which is not a <a href="/wiki/Crime" title="Crime">criminal</a> act since it creates a real (not a fake) bankruptcy state. However, it may still work against the filer. </p><p>All assets must be disclosed in bankruptcy schedules whether or not the debtor believes the asset has a <a href="/wiki/Net_value" class="mw-redirect" title="Net value">net value</a>. This is because once a bankruptcy petition is filed, it is for the creditors, not the debtor, to decide whether a particular asset has value. The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. In the United States, a closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if a debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy. The trustee may then seize the asset and liquidate it for the benefit of the (formerly discharged) creditors. Whether or not a concealment of such an asset should also be considered for prosecution as fraud or <a href="/wiki/Perjury" title="Perjury">perjury</a> would then be at the discretion of the judge or U.S. Trustee. </p> <div class="mw-heading mw-heading2"><h2 id="By_country">By country</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=5" title="Edit section: By country"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In some countries, such as the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, bankruptcy is limited to individuals; other forms of insolvency proceedings (such as <a href="/wiki/Liquidation" title="Liquidation">liquidation</a> and <a href="/wiki/Administration_(law)" title="Administration (law)">administration</a>) are applied to companies. In the <a href="/wiki/United_States" title="United States">United States</a>, <i>bankruptcy</i> is applied more broadly to formal insolvency proceedings. In some countries, such as in Finland, bankruptcy is limited only to companies and individuals who are insolvent are condemned to de facto indentured servitude or minimum social benefits until their debts are paid in full, with accrued interest except when the court decides to show rare clemency by accepting a <a href="/wiki/Debtor" title="Debtor">debtors</a> application for <a href="/wiki/Debt_restructuring" title="Debt restructuring">debt restructuring</a>, in which case an individual may have the amount of remaining debt reduced or be released from the debt.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Argentina">Argentina</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=6" title="Edit section: Argentina"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In Argentina the national Act "24.522 de Concursos y Quiebras" regulates the Bankruptcy and the Reorganization of the individuals and companies, public entities are not included. </p> <div class="mw-heading mw-heading3"><h3 id="Armenia">Armenia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=7" title="Edit section: Armenia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A person may be declared bankrupt with an application submitted to the court by the creditor or with an application to recognize his own bankruptcy. Legal and natural persons, including individual entrepreneurs, who have an indisputable payment obligation exceeding 60 days and amounting to more than one million AMD can be declared bankrupt. All creditors, including the state and municipalities, to whom the person has an obligation that meets the above-mentioned minimum criteria can submit an application to declare a person bankrupt by compulsory procedure. Basically, these obligations are derived from the legal acts of the court, transactions, the obligation of the debtor to pay taxes, duties, and other fees defined by law. </p><p>At the same time, when being declared bankrupt with a voluntary bankruptcy application, the applicant bears the obligation to prove the fact that the value of his assets is less than his assets by one million AMD or more.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Australia">Australia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=8" title="Edit section: Australia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Australian_insolvency_law" title="Australian insolvency law">Australian insolvency law</a></div> <p>In Australia, bankruptcy is a status which applies to individuals and is governed by the federal <i>Bankruptcy Act 1966</i>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Companies do not go bankrupt but rather go into <a href="/wiki/Liquidation" title="Liquidation">liquidation</a> or <a href="/wiki/Administration_(insolvency)" class="mw-redirect" title="Administration (insolvency)">administration</a>, which is governed by the federal <i><a href="/wiki/Corporations_Act_2001" title="Corporations Act 2001">Corporations Act 2001</a></i>.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>If a person commits an act of bankruptcy, then a creditor can apply to the <a href="/wiki/Federal_Circuit_Court_of_Australia" title="Federal Circuit Court of Australia">Federal Circuit Court</a> or the <a href="/wiki/Federal_Court_of_Australia" title="Federal Court of Australia">Federal Court</a> for a <a href="/wiki/Sequestration_(law)" title="Sequestration (law)">sequestration order</a>.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Acts of bankruptcy are defined in the legislation, and include the failure to comply with a bankruptcy notice.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> A bankruptcy notice can be issued where, among other cases, a person fails to pay a <a href="/wiki/Judgment_debtor" title="Judgment debtor">judgment debt</a> of at least $5,000.<sup id="cite_ref-:0_20-0" class="reference"><a href="#cite_note-:0-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> A person can also seek to have themselves declared bankrupt for any amount of debt by lodging a debtor's petition with the "Official Receiver",<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> which is the Australian Financial Security Authority (AFSA).<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>All bankrupts must lodge a Statement of Affairs document, also known as a Bankruptcy Form, with AFSA, which includes important information about their assets and liabilities. A bankruptcy cannot be discharged until this document has been lodged. </p><p>Ordinarily, a bankruptcy lasts three years from the filing of the Statement of Affairs with AFSA.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>A Bankruptcy Trustee (in most cases, the Official Trustee at AFSA) is appointed to deal with all matters regarding the administration of the bankrupt estate. The Trustee's job includes notifying creditors of the estate and dealing with creditor inquiries; ensuring that the bankrupt complies with their obligations under the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate is entitled under the Bankruptcy Act and distributing dividends to creditors if sufficient funds become available. </p><p>For the duration of their bankruptcy, all bankrupts have certain restrictions placed upon them. For example, a bankrupt must obtain the permission of their trustee to travel overseas. Failure to do so may result in the bankrupt being stopped at the airport by the Australian Federal Police. Additionally, a bankrupt is required to provide their trustee with details of income and assets. If the bankrupt does not comply with the Trustee's request to provide details of income, the trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further three or five years depending on the type of Objection. </p><p>The realisation of funds usually comes from two main sources: the bankrupt's assets and the bankrupt's wages. There are certain assets that are protected, referred to as <i>protected assets</i>. These include household furniture and appliances, tools of the trade and vehicles up to a certain value. All other assets of value can be sold. If a house, including the main residence, or car is above a certain value, a third party can buy the interest from the estate in order for the bankrupt to utilise the asset. If this is not done, the interest vests in the estate and the trustee is able to take possession of the asset and sell it. </p><p>The bankrupt must pay income contributions if their income is above a certain threshold. If the bankrupt fails to pay, the trustee can ask the Official Receiver to issue a notice to garnishee the bankrupt's wages. If that is not possible, the Trustee may seek to extend the bankruptcy for a further three or five years. </p><p>Bankruptcies can be annulled, and the bankrupt released from bankruptcy, prior to the expiration of the normal three-year period if all debts are paid out in full. Sometimes a bankrupt may be able to raise enough funds to make an Offer of Composition to creditors, which would have the effect of paying the creditors some of the money they are owed. If the creditors accept the offer, the bankruptcy can be annulled after the funds are received. </p><p>After the bankruptcy is annulled or the bankrupt has been automatically discharged, the bankrupt's credit report status is shown as "discharged bankrupt" for some years. The maximum number of years this information can be held is subject to the retention limits under the Privacy Act. How long such information is on a credit report may be shorter, depending on the issuing company, but the report must cease to record that information based on the criteria in the Privacy Act. </p> <div class="mw-heading mw-heading3"><h3 id="Brazil">Brazil</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=9" title="Edit section: Brazil"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Brazil" title="Brazil">Brazil</a>, the Bankruptcy Law (11.101/05) governs court-ordered or out-of-court receivership and bankruptcy and only applies to public companies (publicly traded companies) with the exception of financial institutions, credit cooperatives, consortia, supplementary scheme entities, companies administering health care plans, equity companies and a few other legal entities. It does not apply to state-run companies. </p><p>Current law covers three legal proceedings. The first one is bankruptcy itself ("Falência"). Bankruptcy is a court-ordered liquidation procedure for an insolvent business. The final goal of bankruptcy is to liquidate company assets and pay its creditors. </p><p>The second one is Court-ordered Restructuring (<i>Recuperação Judicial</i>). The goal is to overcome the business crisis situation of the debtor in order to allow the continuation of the producer, the employment of workers and the interests of creditors, leading, thus, to preserving company, its corporate function and develop economic activity. It is a court procedure required by the debtor which has been in business for more than two years and requires approval by a judge. </p><p>The Extrajudicial Restructuring (<i>Recuperação Extrajudicial</i>) is a private negotiation that involves creditors and debtors and, as with court-ordered restructuring, also must be approved by courts.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Canada">Canada</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=10" title="Edit section: Canada"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Insolvency_law_of_Canada" title="Insolvency law of Canada">Insolvency law of Canada</a></div> <p>Bankruptcy, also referred to as insolvency in Canada, is governed by the <a href="/wiki/Bankruptcy_and_Insolvency_Act" title="Bankruptcy and Insolvency Act">Bankruptcy and Insolvency Act</a> and is applicable to businesses and individuals. For example, <a href="/wiki/Target_Canada" title="Target Canada">Target Canada</a>, the Canadian subsidiary of the <a href="/wiki/Target_Corporation" title="Target Corporation">Target Corporation</a>, the second-largest <a href="/wiki/Discount_store" title="Discount store">discount retailer</a> in the United States filed for bankruptcy on January 15, 2015, and closed all of its stores by April 12. The office of the <a href="/wiki/Superintendent_of_Bankruptcy" title="Superintendent of Bankruptcy">Superintendent of Bankruptcy</a>, a <a href="/wiki/Federal_government_of_Canada" class="mw-redirect" title="Federal government of Canada">federal agency</a>, is responsible for ensuring that bankruptcies are administered in a fair and orderly manner by all licensed Trustees in Canada. </p><p>Trustees in bankruptcy, 1041 individuals licensed to administer insolvencies, bankruptcy and proposal estates are governed by the <a href="/wiki/Bankruptcy_and_Insolvency_Act" title="Bankruptcy and Insolvency Act">Bankruptcy and Insolvency Act</a> of Canada. </p><p>Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due and if they have at least $1,000 in debt. </p><p>In 2011, the Superintendent of Bankruptcy reported that trustees in Canada filed 127,774 insolvent estates. Consumer estates were the vast majority, with 122 999 estates.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> The consumer portion of the 2011 volume is divided into 77,993 bankruptcies and 45,006 consumer proposals. This represented a reduction of 8.9% from 2010. Commercial estates filed by Canadian trustees in 2011 4,775 estates, 3,643 bankruptcies and 1,132 Division 1 proposals.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> This represents a reduction of 8.6% over 2010. </p> <dl><dt>Duties of trustees</dt> <dd></dd></dl> <p>Some of the duties of the trustee in bankruptcy are to: </p> <ul><li>Review the file for any fraudulent preferences or reviewable transactions</li> <li>Chair meetings of creditors</li> <li>Sell any non-exempt assets</li> <li>Object to the bankrupt's discharge</li> <li>Distribute funds to creditors</li></ul> <dl><dt>Creditors' meetings</dt> <dd></dd></dl> <p>Creditors become involved by attending creditors' meetings. The <a href="/wiki/Trustee" title="Trustee">trustee</a> calls the first meeting of creditors for the following purposes: </p> <ul><li>To consider the affairs of the bankrupt</li> <li>To affirm the appointment of the trustee or substitute another in place thereof</li> <li>To appoint inspectors</li> <li>To give such directions to the trustee as the creditors may see fit with reference to the administration of the estate.</li></ul> <dl><dt>Consumer proposals</dt> <dd></dd></dl> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Consumer_bankruptcy_in_Canada" title="Consumer bankruptcy in Canada">Consumer bankruptcy in Canada</a></div> <p>In Canada, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors. </p><p>A typical proposal would involve a debtor making monthly payments for a maximum of five years, with the funds distributed to their creditors. Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors accept the deal—because if they do not, the next alternative may be personal bankruptcy, in which the creditors get even less money. The creditors have 45 days to accept or reject the consumer proposal. Once the proposal is accepted by both the creditors and the Court, the debtor makes the payments to the Proposal Administrator each month (or as otherwise stipulated in their proposal), and the general creditors are prevented from taking any further legal or collection action. If the proposal is rejected, the debtor is returned to his prior insolvent state and may have no alternative but to declare personal bankruptcy. </p><p>A consumer proposal can only be made by a debtor with debts to a maximum of $250,000 (not including the mortgage on their principal residence). If debts are greater than $250,000, the proposal must be filed under Division 1 of Part III of the <a href="/wiki/Bankruptcy_and_Insolvency_Act_(Canada)" class="mw-redirect" title="Bankruptcy and Insolvency Act (Canada)">Bankruptcy and Insolvency Act</a>. An Administrator is required in the Consumer Proposal, and a Trustee in the Division I Proposal (these are virtually the same although the terms are not interchangeable). A Proposal Administrator is almost always a licensed <a href="/wiki/Trustee" title="Trustee">trustee</a> in bankruptcy, although the <a href="/wiki/Superintendent_of_Bankruptcy" title="Superintendent of Bankruptcy">Superintendent of Bankruptcy</a> may appoint other people to serve as administrators. </p><p>In 2006, there were 98,450 personal insolvency filings in Canada: 79,218 bankruptcies and 19,232 consumer proposals.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <dl><dt>Commercial restructuring</dt> <dd></dd></dl> <p>In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debt load and a more positive financial future. While not technically a form of bankruptcy, businesses with $5M or more in debt may make use of the <a href="/wiki/Companies%27_Creditors_Arrangement_Act" title="Companies' Creditors Arrangement Act">Companies' Creditors Arrangement Act</a> to halt all debt recovery efforts against the company while they formulate a plan to restructure. </p> <div class="mw-heading mw-heading3"><h3 id="China">China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=11" title="Edit section: China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Bankruptcy_in_China" title="Bankruptcy in China">Bankruptcy in China</a></div> <p><a href="/wiki/The_People%27s_Republic_of_China" class="mw-redirect" title="The People's Republic of China">The People's Republic of China</a> legalized bankruptcy in 1986, and a revised law that was more expansive and complete was enacted in 2007. </p> <div class="mw-heading mw-heading3"><h3 id="Ireland">Ireland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=12" title="Edit section: Ireland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Bankruptcy_in_the_Republic_of_Ireland" class="mw-redirect" title="Bankruptcy in the Republic of Ireland">Bankruptcy in Ireland</a> applies only to <a href="/wiki/Natural_person" title="Natural person">natural persons</a>. Other insolvency processes including <a href="/wiki/Liquidation" title="Liquidation">liquidation</a> and <a href="/wiki/Examinership" title="Examinership">examinership</a> are used to deal with corporate insolvency. </p><p>Irish bankruptcy law has been the subject of significant comment, from both government sources and the media, as being in need of reform. Part 7 of the Civil Law (Miscellaneous Provisions) Act 2011<sup id="cite_ref-ACTOF2011_28-0" class="reference"><a href="#cite_note-ACTOF2011-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> has started this process and the government has committed to further reform. </p> <div class="mw-heading mw-heading3"><h3 id="Israel">Israel</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=13" title="Edit section: Israel"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Bankruptcy in Israel is governed by the Insolvency and Rehabilitation Law, 2018. Insolvency proceedings below NIS 150,000 will be administered entirely by the Enforcement and Collection Authority. Insolvency proceedings above NIS 150,000 individual debtors file the documents will be conducted before the official receiver (the Insolvency Commissioner) and, if a creditor want to file against a debtor, he needs to open process, before the magistrate's court that hears in the district. Company bankruptcy will be conducted before District Court. Simultaneously, with the issue of the order for the commencement of insolvency proceedings, the Insolvency Commissioner shall appoint a trustee for the debtor and an audit will be carried out, in which the debtor's economic capability and his conduct will be examined (lasting approximately 12 months). At the end of this audit a payment plan is established, at the end of which the debtor will receive a discharge. The default scenario is a payment period of three years; however, the court reserves the right to increase or decrease the period depending upon the circumstances of the case. If the debtor has no proven financial ability to pay the creditors, he may be granted an immediate discharge.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Since 1996, Israeli personal bankruptcy law has shifted to a relatively debtor-friendly regime, not unlike the American model.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="India">India</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=14" title="Edit section: India"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Update plainlinks metadata ambox ambox-content ambox-Update" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/42px-Ambox_current_red.svg.png" decoding="async" width="42" height="34" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/63px-Ambox_current_red.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/84px-Ambox_current_red.svg.png 2x" data-file-width="360" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section needs to be <b>updated</b>.<span class="hide-when-compact"> Please help update this article to reflect recent events or newly available information.</span> <span class="date-container"><i>(<span class="date">December 2016</span>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Insolvency_and_Bankruptcy_Code" class="mw-redirect" title="Insolvency and Bankruptcy Code">Insolvency and Bankruptcy Code</a></div> <p>In May 2016, the <a href="/wiki/Parliament_of_India" title="Parliament of India">Parliament of India</a> passed the Insolvency and Bankruptcy Code (IBC), updating outdated corporate insolvency laws. The IBC streamlined the process, reducing delays from a decade to 180 days, and replaced the <a href="/wiki/Board_for_Industrial_and_Financial_Reconstruction" title="Board for Industrial and Financial Reconstruction">Board for Industrial and Financial Reconstruction</a> (BIFR) with a market-driven approach. </p> <div class="mw-heading mw-heading3"><h3 id="The_Netherlands">The Netherlands</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=15" title="Edit section: The Netherlands"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Dutch bankruptcy law is governed by the Dutch Bankruptcy Code (<i>Faillissementswet</i>). The code covers three separate legal proceedings. </p> <ul><li>The first is the bankruptcy (<i>faillissement</i>). The goal of the bankruptcy is the liquidation of the assets of the company. The bankruptcy applies only to companies.</li> <li>The second legal proceeding in the <i>Faillissementswet</i> is the <i>surseance van betaling</i>. The <i>surseance van betaling</i> only applies to companies. Its goal is to reach an agreement with the creditors of the company. It is comparable to filing for protection against creditors.</li> <li>The third proceeding is the <i>schuldsanering</i>. This proceeding is designed for individuals only and is the result of a court ruling. The judge appoints a monitor. The monitor is an independent third party who monitors the individual's ongoing business and decides about financial matters during the period of the <i>schuldsanering</i>. The individual can travel out of the country freely after the judge's decision on the case.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Russia">Russia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=16" title="Edit section: Russia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Insolvency_law_of_Russia" title="Insolvency law of Russia">Insolvency law of Russia</a></div> <p>Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) (the "Bankruptcy Act"), replacing the previous law in 1998, to better address the above problems and a broader failure of the action. Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state-owned enterprises, government agencies, political parties and religious organizations. There are also special rules for insurance companies, professional participants of the securities market, agricultural organizations and other special laws for financial institutions and companies in the <a href="/wiki/Natural_monopoly" title="Natural monopoly">natural monopolies</a> in the energy industry. Federal Law No. 40-FZ "On Insolvency (Bankruptcy)" dated 25 February 1999 (as amended) (the "Insolvency Law of Credit Institutions") contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company. Insolvency Provisions Act, credit organizations used in conjunction with the provisions of the Bankruptcy Act. </p><p>Bankruptcy law provides for the following stages of insolvency proceedings: </p> <ul><li>Monitoring procedure or Supervision (nablyudeniye);</li> <li>The economic recovery (finansovoe ozdorovleniye);</li> <li>External control (vneshneye upravleniye);</li> <li>Liquidation (konkursnoye proizvodstvo) and</li> <li>Amicable Agreement (mirovoye soglasheniye).</li></ul> <p>The main face of the bankruptcy process is the insolvency officer (trustee in bankruptcy, bankruptcy manager). At various stages of bankruptcy, he must be determined: the temporary officer in monitoring procedure, external manager in external control, the receiver or administrative officer in the economic recovery, the liquidator. During the bankruptcy trustee in bankruptcy (insolvency officer) has a decisive influence on the movement of assets (property) of the debtor - the debtor and has a key influence on the economic and legal aspects of its operations. </p> <div class="mw-heading mw-heading3"><h3 id="South_Africa">South Africa</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=17" title="Edit section: South Africa"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/South_African_insolvency_law" title="South African insolvency law">South African insolvency law</a></div> <div class="mw-heading mw-heading3"><h3 id="Spain">Spain</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=18" title="Edit section: Spain"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In Spain, people who cannot repay their home mortgages may declare bankruptcy.<sup id="cite_ref-:62_31-0" class="reference"><a href="#cite_note-:62-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page: 219">: 219 </span></sup> Bankruptcy and foreclosure discharges the obligation to pay mortgage interest, but not mortgage principal.<sup id="cite_ref-:62_31-1" class="reference"><a href="#cite_note-:62-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page: 219">: 219 </span></sup> If mortgage principal is not paid, the debtor is placed on a list of untrustworthy people.<sup id="cite_ref-:62_31-2" class="reference"><a href="#cite_note-:62-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page: 219">: 219 </span></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Switzerland">Switzerland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=19" title="Edit section: Switzerland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Insolvency_law_of_Switzerland" title="Insolvency law of Switzerland">Insolvency law of Switzerland</a></div> <p>Under <a href="/wiki/Switzerland" title="Switzerland">Swiss</a> law, bankruptcy can be a consequence of <a href="/wiki/Insolvency" title="Insolvency">insolvency</a>. It is a court-ordered form of debt enforcement proceedings that applies, in general, to registered commercial entities only. In a bankruptcy, all assets of the debtor are liquidated under the administration of the creditors, although the law provides for debt restructuring options similar to those under Chapter 11 of the U.S. Bankruptcy code. </p> <div class="mw-heading mw-heading3"><h3 id="Sweden">Sweden</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=20" title="Edit section: Sweden"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In Sweden, bankruptcy (Swedish: konkurs) is a formal process that may involve a company or individual. It is not the same as <a href="/wiki/Insolvency" title="Insolvency">insolvency</a>, which is inability to pay debts that should have been paid. A creditor or the company itself can apply for bankruptcy. An external bankruptcy manager takes over the company or the assets of the person, and tries to sell as much as possible. A person or a company in bankruptcy cannot access its assets (with some exceptions). </p><p>The formal bankruptcy process is rarely carried out for individuals.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Creditors can claim money through the <a href="/wiki/Enforcement_Administration_(Sweden)" class="mw-redirect" title="Enforcement Administration (Sweden)">Enforcement Administration</a> anyway, and creditors do not usually benefit from the bankruptcy of individuals because there are costs of a <a href="/wiki/Trustee_in_bankruptcy" title="Trustee in bankruptcy">bankruptcy manager</a> which has priority. Unpaid debts remain after bankruptcy for individuals. People who are deeply in debt can obtain a debt arrangement procedure (Swedish: skuldsanering). On application, they obtain a payment plan under which they pay as much as they can for five years, and then all remaining debts are cancelled. Debts that derive from a ban on business operations (issued by court, commonly for tax fraud or fraudulent business practices) or owed to a crime victim as compensation for damages, are exempted from this—and, as before this process was introduced in 2006, remain lifelong.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> Debts that have not been claimed during a 3-10 year period are cancelled. Often crime victims stop their claims after a few years since criminals often do not have job incomes and might be hard to locate, while banks make sure their claims are not cancelled. The most common reasons for personal insolvency in Sweden are illness, unemployment, divorce or company bankruptcy. </p><p>For companies, formal bankruptcy is a normal effect of insolvency, even if there is a reconstruction mechanism where the company can be given time to solve its situation, e.g. by finding an investor. The government can pay salaries to employees in insolvent companies which do not pay them, but only if the company is declared bankrupt. Therefore, it is normal that trade union do the application for bankruptcy if a supplier hasn't already. <br />The formal bankruptcy involves contracting a bankruptcy manager, who makes certain that assets are sold and money divided by the priority the law claims, and no other way. Banks have such a priority. After a finished bankruptcy for a company, it is terminated. The activities might continue in a new company which has bought important assets from the bankrupted company. </p> <div class="mw-heading mw-heading3"><h3 id="United_Arab_Emirates">United Arab Emirates</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=21" title="Edit section: United Arab Emirates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The United Arab Emirates Bankruptcy Law came into force on 29 December 2016,<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> and created a single law governing bankruptcy procedures, which had previously been spread across multiple sources. There are two court procedures: first, a procedure for a company that is not yet insolvent, known as a protective composition, and second, a formal bankruptcy that is split into a rescue process (similar to protective composition) or liquidation.<sup id="cite_ref-LW_35-0" class="reference"><a href="#cite_note-LW-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>Directors of a company can be held personally liable for its debts.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>The Bankruptcy Law does not apply to government bodies, or to companies trading in <a href="/wiki/Free_economic_zone" title="Free economic zone">free zones</a> such as the <a href="/wiki/Dubai_International_Financial_Centre" title="Dubai International Financial Centre">Dubai International Financial Centre</a> or the <a href="/wiki/Abu_Dhabi_Global_Market" title="Abu Dhabi Global Market">Abu Dhabi Global Market</a>, which have their own insolvency laws.<sup id="cite_ref-LW_35-1" class="reference"><a href="#cite_note-LW-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=22" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/UK_insolvency_law" class="mw-redirect" title="UK insolvency law">UK insolvency law</a>, <a href="/wiki/Liquidation" title="Liquidation">Liquidation</a>, and <a href="/wiki/Administration_(insolvency)" class="mw-redirect" title="Administration (insolvency)">Administration (insolvency)</a></div> <p><a href="/wiki/Bankruptcy_in_the_United_Kingdom" title="Bankruptcy in the United Kingdom">Bankruptcy in the United Kingdom</a> (in a strict legal sense) relates only to individuals (including <a href="/wiki/Sole_Trader_Insolvency" class="mw-redirect" title="Sole Trader Insolvency">sole proprietors</a>) and <a href="/wiki/Partnership" title="Partnership">partnerships</a>. Companies and other <a href="/wiki/Corporation" title="Corporation">corporations</a> enter into differently named legal insolvency procedures: <a href="/wiki/Liquidation" title="Liquidation">liquidation</a> and <a href="/wiki/Administration_(law)" title="Administration (law)">administration</a> (<a href="/wiki/Administration_order" class="mw-redirect" title="Administration order">administration order</a> and <a href="/wiki/Administrative_receivership" class="mw-redirect" title="Administrative receivership">administrative receivership</a>). However, the term 'bankruptcy' is often used when referring to companies in the media and in general conversation. Bankruptcy in Scotland is referred to as <a href="/wiki/Sequestration_(law)" title="Sequestration (law)">sequestration</a>. To apply for bankruptcy in Scotland, an individual must have more than £1,500 of debt. </p><p>A <a href="/wiki/Trustee_in_bankruptcy" title="Trustee in bankruptcy">trustee in bankruptcy</a> must be either an <a href="/wiki/Official_Receiver" class="mw-redirect" title="Official Receiver">Official Receiver</a> (a civil servant) or a licensed <a href="/wiki/Insolvency_practitioner" title="Insolvency practitioner">insolvency practitioner</a>. Current law in England and Wales derives in large part from the <a href="/wiki/Insolvency_Act_1986" title="Insolvency Act 1986">Insolvency Act 1986</a>. Following the introduction of the <a href="/wiki/Enterprise_Act_2002" title="Enterprise Act 2002">Enterprise Act 2002</a>, a UK bankruptcy now normally lasts no longer than 12 months, and may be less if the Official Receiver files in court a certificate that investigations are complete. It was expected that the UK Government's liberalisation of the UK bankruptcy regime would increase the number of bankruptcy cases; initially, cases increased, as the Insolvency Service statistics appear to bear out. Since 2009, the introduction of the <a href="/wiki/Debt_Relief_Order" class="mw-redirect" title="Debt Relief Order">Debt Relief Order</a> has resulted in a dramatic fall in bankruptcies, the latest estimates for year 2014/15 being significantly less than 30,000 cases. </p> <table class="wikitable"> <caption>UK Bankruptcy statistics </caption> <tbody><tr> <th>Year</th> <th>Bankruptcies</th> <th>IVAs</th> <th>Total </th></tr> <tr> <td>2004</td> <td>35,989</td> <td>10,752</td> <td>46,741 </td></tr> <tr> <td>2005</td> <td>47,291</td> <td>20,293</td> <td>67,584 </td></tr> <tr> <td>2006</td> <td>62,956</td> <td>44,332</td> <td>107,288 </td></tr> <tr> <td>2007</td> <td>64,480</td> <td>42,165</td> <td>106,645 </td></tr> <tr> <td>2008</td> <td>67,428</td> <td>39,116</td> <td>106,544 </td></tr></tbody></table> <dl><dt>Pensions</dt> <dd></dd></dl> <p>The UK bankruptcy law was changed in May 2000, effective May 29, 2000.<sup id="cite_ref-gov.uk_38-0" class="reference"><a href="#cite_note-gov.uk-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Debtors may now retain occupational <a href="/wiki/Pension" title="Pension">pensions</a> while in bankruptcy, except in rare cases.<sup id="cite_ref-gov.uk_38-1" class="reference"><a href="#cite_note-gov.uk-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <dl><dt>Proposed reform</dt> <dd></dd></dl> <p>The Government have updated legislation (2016) to streamline the application process for UK bankruptcy. UK residents now need to apply online for bankruptcy - there is an upfront fee of £680. The process for residents of Northern Ireland differs - applicants must follow the older process of applying through the courts.<sup id="cite_ref-gov.uk_38-2" class="reference"><a href="#cite_note-gov.uk-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=23" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Bankruptcy_in_the_United_States" title="Bankruptcy in the United States">Bankruptcy in the United States</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Detroit,_USA_Taken_From_Windsor,_Canada.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Detroit%2C_USA_Taken_From_Windsor%2C_Canada.jpg/220px-Detroit%2C_USA_Taken_From_Windsor%2C_Canada.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Detroit%2C_USA_Taken_From_Windsor%2C_Canada.jpg/330px-Detroit%2C_USA_Taken_From_Windsor%2C_Canada.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ec/Detroit%2C_USA_Taken_From_Windsor%2C_Canada.jpg/440px-Detroit%2C_USA_Taken_From_Windsor%2C_Canada.jpg 2x" data-file-width="6016" data-file-height="4000" /></a><figcaption>In 2013, Detroit filed the <a href="/wiki/Detroit_bankruptcy" title="Detroit bankruptcy">largest municipal bankruptcy case</a> in U.S. history.</figcaption></figure> <p>Bankruptcy in the United States is a matter placed under <a href="/wiki/Law_of_the_United_States" title="Law of the United States">federal jurisdiction</a> by the <a href="/wiki/United_States_Constitution" class="mw-redirect" title="United States Constitution">United States Constitution</a> (in Article 1, Section 8, Clause 4), which empowers <a href="/wiki/United_States_Congress" title="United States Congress">Congress</a> to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has enacted <a href="/wiki/Statutory_law" class="mw-redirect" title="Statutory law">statutes</a> governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the <a href="/wiki/United_States_Code" title="United States Code">United States Code</a>.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>A debtor declares bankruptcy to obtain relief from debt, and this is normally accomplished either through a discharge of the debt or through a restructuring of the debt. When a debtor files a voluntary petition, their bankruptcy case commences.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Debts_and_exemptions">Debts and exemptions</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=24" title="Edit section: Debts and exemptions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>While bankruptcy cases are always filed in <a href="/wiki/United_States_Bankruptcy_Court" class="mw-redirect" title="United States Bankruptcy Court">United States Bankruptcy Court</a> (an adjunct to the <a href="/wiki/U.S._District_Courts" class="mw-redirect" title="U.S. District Courts">U.S. District Courts</a>), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often dependent upon State law.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> A Bankruptcy Exemption defines the property a debtor may retain and preserve through bankruptcy. Certain real and personal property can be exempted on "Schedule C"<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> of a debtor's bankruptcy forms, and effectively be taken outside the debtor's bankruptcy estate. Bankruptcy exemptions are available only to individuals filing bankruptcy.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>There are two alternative systems that can be used to "exempt" property from a bankruptcy estate, federal exemptions<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> (available in some states but not all), and state exemptions (which vary widely between states). For example, Maryland and Virginia, which are adjoining states, have different personal exemption amounts that cannot be seized for payment of debts. This amount is the first $6,000 in property or cash in Maryland,<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> but normally only the first $5,000 in Virginia.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> State law therefore plays a major role in many bankruptcy cases, such that there may be significant differences in the outcome of a bankruptcy case depending upon the state in which it is filed. </p><p>After a bankruptcy petition is filed, the court schedules a hearing called a <i>341 meeting</i> or <i>meeting of creditors</i>, at which the bankruptcy trustee and creditors review the petitioner's petition and supporting schedules, question the petitioner, and can challenge exemptions they believe are improper.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Chapters">Chapters</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=25" title="Edit section: Chapters"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are six types of bankruptcy under the <a href="/wiki/Title_11_of_the_United_States_Code" title="Title 11 of the United States Code">Bankruptcy Code</a>, located at Title 11 of the <a href="/wiki/United_States_Code" title="United States Code">United States Code</a>: </p> <ul><li><a href="/wiki/Chapter_7,_Title_11,_United_States_Code" title="Chapter 7, Title 11, United States Code">Chapter 7</a>: basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available</li> <li><a href="/wiki/Chapter_9,_Title_11,_United_States_Code" title="Chapter 9, Title 11, United States Code">Chapter 9</a>: municipal bankruptcy; a federal mechanism for the resolution of municipal debts</li> <li><a href="/wiki/Chapter_11,_Title_11,_United_States_Code" title="Chapter 11, Title 11, United States Code">Chapter 11</a>: rehabilitation or reorganization, used primarily by business debtors but sometimes by individuals with substantial debts and assets; known as corporate bankruptcy, it is a form of corporate financial reorganization that typically allows companies to continue to function while they follow debt repayment plans</li> <li><a href="/wiki/Chapter_12,_Title_11,_United_States_Code" title="Chapter 12, Title 11, United States Code">Chapter 12</a>: rehabilitation for family farmers and fishermen;</li> <li><a href="/wiki/Chapter_13,_Title_11,_United_States_Code" title="Chapter 13, Title 11, United States Code">Chapter 13</a>: rehabilitation with a payment plan for individuals with a regular source of income; enables individuals with regular income to develop a plan to repay all or part of their debts; also known as Wage Earner Bankruptcy</li> <li><a href="/wiki/Chapter_15,_Title_11,_United_States_Code" title="Chapter 15, Title 11, United States Code">Chapter 15</a>: ancillary and other international cases; provides a mechanism for dealing with bankruptcy debtors and helps foreign debtors clear debts</li></ul> <p>An important feature applicable to all types of bankruptcy filings is the <a href="/wiki/Automatic_stay" title="Automatic stay">automatic stay</a>.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> The automatic stay means that the mere request for bankruptcy protection automatically halts most lawsuits, repossessions, foreclosures, evictions, garnishments, attachments, utility shut-offs, and debt collection activity. </p><p>The most common types of <a href="/wiki/Personal_bankruptcy" title="Personal bankruptcy">personal bankruptcy</a> for individuals are Chapter 7 and Chapter 13. Chapter 7, known as a "straight bankruptcy", involves the discharge of certain debts without repayment. Chapter 13 involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined by income.<sup id="cite_ref-C7Basics_49-0" class="reference"><a href="#cite_note-C7Basics-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> As many as 65% of all US consumer bankruptcy filings are Chapter 7 cases. </p><p>Before a consumer may obtain bankruptcy relief under either Chapter 7 or Chapter 13, the debtor is to undertake <a href="/wiki/Credit_counseling" title="Credit counseling">credit counseling</a> with approved counseling agencies prior to filing a bankruptcy petition and to undertake education in personal financial management from approved agencies prior to being granted a discharge of debts under either Chapter 7 or Chapter 13. Some studies of the operation of the credit counseling requirement suggest that it provides little benefit to debtors who receive the counseling because the only realistic option for many is to seek relief under the Bankruptcy Code.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>Corporations and other business forms normally file under Chapters 7 or 11. </p> <div class="mw-heading mw-heading5"><h5 id="Chapter_7">Chapter 7</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=26" title="Edit section: Chapter 7"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Chapter_7,_Title_11,_United_States_Code" title="Chapter 7, Title 11, United States Code">Chapter 7, Title 11, United States Code</a></div> <p>Often called "straight bankruptcy" or "simple bankruptcy", a Chapter 7 bankruptcy potentially allows debtors to eliminate most or all of their debts over a period of as little as three or four months. In a typical consumer bankruptcy, the only debts that survive a Chapter 7 are <a href="/wiki/Student_loan" title="Student loan">student loans</a>, <a href="/wiki/Child_support" title="Child support">child support</a> obligations, some tax bills, and criminal fines. Credit cards, pay day loans, personal loans, medical bills, and just about all other bills are discharged. </p><p>In Chapter 7, a debtor surrenders non-exempt property to a bankruptcy trustee, who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors. In exchange, the debtor is entitled to a discharge of some debt. However, the debtor is not granted a discharge if guilty of certain types of inappropriate behavior (e.g., concealing records relating to financial condition) and certain debts (e.g., spousal and child support and most student loans). Some taxes are not discharged even though the debtor is generally discharged from debt. Many individuals in financial distress own only exempt property (e.g., clothes, household goods, an older car, or the tools of their trade or profession) and do not have to surrender any property to the trustee.<sup id="cite_ref-C7Basics_49-1" class="reference"><a href="#cite_note-C7Basics-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> The amount of property that a debtor may exempt varies from state to state (as noted above, Virginia and Maryland have a $1,000 difference.) Chapter 7 relief is available only once in any eight-year period. Generally, the rights of secured creditors to their collateral continues, even though their debt is discharged. For example, absent some arrangement by a debtor to surrender a car or "reaffirm" a debt, the creditor with a <a href="/wiki/Security_interest" title="Security interest">security interest</a> in the debtor's car may repossess the car even if the debt to the creditor is discharged. </p><p>Ninety-one percent of US individuals who petition for relief under Chapter 7 hire an attorney to file their petitions.<sup id="cite_ref-uscourts.gov_52-0" class="reference"><a href="#cite_note-uscourts.gov-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> The typical cost of an attorney is $1,170.00.<sup id="cite_ref-uscourts.gov_52-1" class="reference"><a href="#cite_note-uscourts.gov-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> Alternatives to filing with an attorney are: filing pro se,<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> hiring a non-lawyer petition preparer,<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> or using online software to generate the petition. </p><p>To be eligible to file a consumer bankruptcy under Chapter 7, a debtor must qualify under a statutory "means test".<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> The means test was intended to make it more difficult for a significant number of financially distressed individual debtors whose debts are primarily consumer debts to qualify for relief under Chapter 7 of the Bankruptcy Code. The "means test" is employed in cases where an individual with primarily consumer debts has more than the average annual income for a household of equivalent size, computed over a 180-day period prior to filing. If the individual must "take" the "means test", their average monthly income over this 180-day period is reduced by a series of allowances for living expenses and secured debt payments in a very complex calculation that may or may not accurately reflect that individual's actual monthly budget. If the results of the means test show no disposable income (or in some cases a very small amount) then the individual qualifies for Chapter 7 relief. An individual who fails the means test will have their Chapter 7 case dismissed, or may have to convert the case to a Chapter 13 bankruptcy. </p><p>If a debtor does not qualify for relief under Chapter 7 of the Bankruptcy Code, either because of the Means Test or because Chapter 7 does not provide a permanent solution to delinquent payments for secured debts, such as mortgages or vehicle loans, the debtor may still seek relief under Chapter 13 of the Code. </p><p>Generally, a trustee sells most of the debtor's assets to pay off creditors. However, certain debtor assets will be protected to some extent by bankruptcy exemptions. These include Social Security payments, unemployment compensation, limited equity in a home, car, or truck, household goods and appliances, trade tools, and books. However, these exemptions vary from state to state. </p> <div class="mw-heading mw-heading5"><h5 id="Chapter_11">Chapter 11</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=27" title="Edit section: Chapter 11"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Chapter_11,_Title_11,_United_States_Code" title="Chapter 11, Title 11, United States Code">Chapter 11, Title 11, United States Code</a></div> <p>In Chapter 11 bankruptcy, the debtor retains ownership and control of assets and is re-termed a <a href="/wiki/Debtor_in_possession" title="Debtor in possession">debtor in possession</a> (DIP).<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> The debtor in possession runs the day-to-day operations of the business while creditors and the debtor work with the Bankruptcy Court in order to negotiate and complete a plan. Upon meeting certain requirements (e.g., fairness among creditors, priority of certain creditors) creditors are permitted to vote on the proposed plan.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> If a plan is confirmed, the debtor continues to operate and pay debts under the terms of the confirmed plan. If a specified majority of creditors do not vote to confirm a plan, additional requirements may be imposed by the court in order to confirm the plan. Debtors filing for Chapter 11 protection a second time are known informally as "Chapter 22" filers.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p><p>In a corporate or business bankruptcy, an indebted company is typically recapitalized so that it emerges from bankruptcy with more equity and less debt, with potential for dispute over the valuation of the reorganized business.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Chapter_13">Chapter 13</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=28" title="Edit section: Chapter 13"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Chapter_13,_Title_11,_United_States_Code" title="Chapter 13, Title 11, United States Code">Chapter 13, Title 11, United States Code</a></div> <p>In Chapter 13, debtors retain ownership and possession of all their assets but must devote some portion of future income to repaying creditors, generally over three to five years.<sup id="cite_ref-ABA_60-0" class="reference"><a href="#cite_note-ABA-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> The amount of payment and period of the repayment plan depend upon a variety of factors, including the value of the debtor's property and the amount of a debtor's income and expenses.<sup id="cite_ref-bbasics_61-0" class="reference"><a href="#cite_note-bbasics-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> Under this chapter, the debtor can propose a repayment plan in which to pay creditors over three to five years. If the monthly income is less than the state's median income, the plan is for three years, unless the court finds "just cause" to extend the plan for a longer period. If the debtor's monthly income is greater than the median income for individuals in the debtor's state, the plan must generally be for five years. A plan cannot exceed the five-year limit.<sup id="cite_ref-bbasics_61-1" class="reference"><a href="#cite_note-bbasics-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> </p><p>Relief under Chapter 13 is available only to individuals with regular income whose debts do not exceed prescribed limits.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> If the debtor is an individual or a sole proprietor, the debtor is allowed to file for a Chapter 13 bankruptcy to repay all or part of the debts. Secured creditors may be entitled to greater payment than unsecured creditors.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> </p><p>In contrast to Chapter 7, the debtor in Chapter 13 may keep all property, whether or not exempt. If the plan appears feasible and if the debtor complies with all the other requirements, the bankruptcy court typically confirms the plan and the debtor and creditors are bound by its terms. Creditors have no say in the formulation of the plan, other than to object to it, if appropriate, on the grounds that it does not comply with one of the Code's statutory requirements.<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> Generally, the debtor makes payments to a trustee who disburses the funds in accordance with the terms of the confirmed plan. </p><p>When the debtor completes payments pursuant to the terms of the plan, the court formally grant the debtor a discharge of the debts provided for in the plan.<sup id="cite_ref-bbasics_61-2" class="reference"><a href="#cite_note-bbasics-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> However, if the debtor fails to make the agreed upon payments or fails to seek or gain court approval of a modified plan, a bankruptcy court will normally dismiss the case on the motion of the trustee.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> After a dismissal, creditors may resume pursuit of state law remedies to recover the unpaid debt. </p> <div class="mw-heading mw-heading3"><h3 id="European_Union">European Union</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=29" title="Edit section: European Union"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Bankruptcy" title="Special:EditPage/Bankruptcy">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">May 2007</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>In 2004, the number of insolvencies reached record highs in many European countries. In <a href="/wiki/France" title="France">France</a>, company insolvencies rose by more than 4%, in <a href="/wiki/Austria" title="Austria">Austria</a> by more than 10%, and in <a href="/wiki/Greece" title="Greece">Greece</a> by more than 20%. The increase in the number of insolvencies, however, does not indicate the total financial impact of insolvencies in each country because there is no indication of the size of each case. An increase in the number of bankruptcy cases does not necessarily entail an increase in bad debt write-off rates for the economy as a whole. </p><p>Bankruptcy statistics are also a trailing indicator. There is a time delay between financial difficulties and bankruptcy. In most cases, several months or even years pass between the financial problems and the start of bankruptcy proceedings. Legal, tax, and cultural issues may further distort bankruptcy figures, especially when comparing on an international basis. Two examples: </p> <ul><li>In <a href="/wiki/Austria" title="Austria">Austria</a>, more than half of all potential bankruptcy proceedings in 2004 were not opened, due to insufficient funding.</li> <li>In <a href="/wiki/Spain" title="Spain">Spain</a>, it is not economically profitable to open insolvency/bankruptcy proceedings against certain types of businesses, and therefore the number of insolvencies is quite low. For comparison: In <a href="/wiki/France" title="France">France</a>, more than 40,000 insolvency proceedings were opened in 2004, but under 600 were opened in Spain. At the same time the average bad debt write-off rate in France was 1.3% compared to Spain with 2.6%.</li></ul> <p>The insolvency numbers for private individuals also do not show the whole picture. Only a fraction of heavily indebted households file for insolvency. Two of the main reasons for this are the stigma of declaring themselves insolvent and the potential business disadvantage. </p><p>Following the soar in insolvencies in the last decade, a number of European countries, such as France, Germany, Spain and Italy, began to revamp their bankruptcy laws in 2013. They modelled these new laws on Chapter 11 of the U.S. Bankruptcy Code. Currently, the majority of insolvency cases have ended in liquidation in Europe rather than the businesses surviving the crisis. These new law models are meant to change this; lawmakers are hoping to turn bankruptcy into a chance for restructuring rather than a death sentence for the companies.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> </p><p>EU policy aims to ensure that "honest entrepreneurs" are afforded a second chance at business development. A faster start-up programme for people affected by bankruptcy operating in <a href="/wiki/Denmark" title="Denmark">Denmark</a> and a scheme to support <a href="/wiki/Belgium" title="Belgium">Belgian</a> business owners and self-employed persons were highlighted in a 2008 <a href="/wiki/European_Commission" title="European Commission">European Commission</a> <i>Communication</i> as good practice examples in this field.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Effective_sovereign_bankruptcy">Effective sovereign bankruptcy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=30" title="Edit section: Effective sovereign bankruptcy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Technically, states do not collapse directly due to a <a href="/wiki/Sovereign_default" title="Sovereign default">sovereign default</a> event itself. However, the tumultuous events that follow may bring down the state, so in common language, states would be described as being bankrupted. </p><p>An example of this is when a Korean state bankrupted Imperial China causing its destruction, or more specifically, when <a href="/wiki/Chang%27an" title="Chang'an">Chang'an</a>'s (<a href="/wiki/Sui_dynasty" title="Sui dynasty">Sui dynasty</a>) war with <a href="/wiki/Pyongyang" title="Pyongyang">Pyongyang</a> (<a href="/wiki/Goguryeo" title="Goguryeo">Goguryeo</a>) in 614 A.D. ended in the former's disintegration within 4 years, although the latter also seemingly entered into decline and fell some 56 years later.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=31" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Economy" class="mw-redirect" title="Portal:Economy">Economy portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Balance,_by_David.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Balance%2C_by_David.svg/30px-Balance%2C_by_David.svg.png" decoding="async" width="30" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Balance%2C_by_David.svg/46px-Balance%2C_by_David.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/17/Balance%2C_by_David.svg/61px-Balance%2C_by_David.svg.png 2x" data-file-width="606" data-file-height="558" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Law" title="Portal:Law">Law portal</a></span></li></ul> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 22em;"> <ul><li><a href="/wiki/Bankruptcy_Act" title="Bankruptcy Act">Bankruptcy Act</a></li> <li><a href="/wiki/Bankruptcy_alternatives" title="Bankruptcy alternatives">Bankruptcy alternatives</a></li> <li><a href="/wiki/Creditor%27s_rights" class="mw-redirect" title="Creditor's rights">Creditor's rights</a></li> <li><a href="/wiki/Debt_consolidation" title="Debt consolidation">Debt consolidation</a></li> <li><a href="/wiki/Debt_relief" title="Debt relief">Debt relief</a></li> <li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor_in_possession" title="Debtor in possession">Debtor in possession</a></li> <li><a href="/wiki/Default_(finance)" title="Default (finance)">Default</a></li> <li><a href="/wiki/DIP_Financing" class="mw-redirect" title="DIP Financing">DIP Financing</a></li> <li><a href="/wiki/Distressed_securities" title="Distressed securities">Distressed securities</a></li> <li><a href="/wiki/Financial_distress" title="Financial distress">Financial distress</a></li> <li><a href="/wiki/Individual_voluntary_arrangement" title="Individual voluntary arrangement">Individual voluntary arrangement</a></li> <li><a href="/wiki/Insolvency" title="Insolvency">Insolvency</a></li> <li><a href="/wiki/Judicial_estoppel" title="Judicial estoppel">Judicial estoppel</a></li> <li><a href="/wiki/Liquidation" title="Liquidation">Liquidation</a></li> <li><a href="/wiki/Protected_trust_deed" title="Protected trust deed">Protected trust deed</a></li> <li><a href="/wiki/Sole_Trader_Insolvency" class="mw-redirect" title="Sole Trader Insolvency">Sole Trader Insolvency</a> (UK)</li> <li><a href="/wiki/Stalking_Horse_Agreement" class="mw-redirect" title="Stalking Horse Agreement">Stalking Horse Agreement</a></li> <li><a href="/wiki/Tools_of_trade" title="Tools of trade">Tools of trade</a></li> <li><a href="/wiki/Turnaround_ADR" title="Turnaround ADR">Turnaround ADR</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=32" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-Loveland1912-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Loveland1912_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFFrank_Olds_Loveland1912" class="citation book cs1">Frank Olds Loveland (1912). <a rel="nofollow" class="external text" href="https://archive.org/details/atreatiseonlawa00lovegoog"><i>A treatise on the law and proceedings in bankruptcy</i></a>. The W. H. 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In <a href="/wiki/Hugh_Chisholm" title="Hugh Chisholm">Chisholm, Hugh</a> (ed.). <i><a href="/wiki/Encyclop%C3%A6dia_Britannica_Eleventh_Edition" title="Encyclopædia Britannica Eleventh Edition">Encyclopædia Britannica</a></i>. Vol. 3 (11th ed.). Cambridge University Press. p. 322.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Bankruptcy&rft.btitle=Encyclop%C3%A6dia+Britannica&rft.pages=322&rft.edition=11th&rft.pub=Cambridge+University+Press&rft.date=1911&rft.aulast=Manson&rft.aufirst=Edward+William+Donoghue&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Carmen M. Reinhart, Kenneth S. Rogoff (2009). "<a rel="nofollow" class="external text" href="https://books.google.com/books?id=ak5fLB24ircC">This time is different: eight centuries of financial folly</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160414003250/https://books.google.com/books?id=ak5fLB24ircC&pg=&dq=&dq&hl=en">Archived</a> 2016-04-14 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>". Princeton University Press. p. 30. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-691-14216-5" title="Special:BookSources/0-691-14216-5">0-691-14216-5</a>.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Dubois & Anderson (2010) Managing household debts: Social service provision in the EU. Working paper. Dublin: European Foundation for the Improvement of Living and Working Conditions. <a rel="nofollow" class="external text" href="http://www.eurofound.europa.eu/areas/socialprotection/householdebts.htm">euro found.europa.eu</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131107145903/http://www.eurofound.europa.eu/areas/socialprotection/householdebts.htm">Archived</a> 2013-11-07 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFerral2017" class="citation news cs1">Ferral, Katelyn (28 December 2017). <a rel="nofollow" class="external text" href="https://host.madison.com/ct/news/local/govt-and-politics/narrow-bankruptcy-laws-make-it-nearly-impossible-to-discharge-student/article_927360b1-48c0-5f4c-978b-fcffe910f490.html">"Narrow bankruptcy laws make it nearly impossible to discharge student debt"</a>. Madison.com. The Cap Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180313214310/http://host.madison.com/ct/news/local/govt-and-politics/narrow-bankruptcy-laws-make-it-nearly-impossible-to-discharge-student/article_927360b1-48c0-5f4c-978b-fcffe910f490.html">Archived</a> from the original on 13 March 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">13 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Narrow+bankruptcy+laws+make+it+nearly+impossible+to+discharge+student+debt&rft.date=2017-12-28&rft.aulast=Ferral&rft.aufirst=Katelyn&rft_id=http%3A%2F%2Fhost.madison.com%2Fct%2Fnews%2Flocal%2Fgovt-and-politics%2Fnarrow-bankruptcy-laws-make-it-nearly-impossible-to-discharge-student%2Farticle_927360b1-48c0-5f4c-978b-fcffe910f490.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-brunner-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-brunner_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-brunner_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTreff2012" class="citation web cs1">Treff, Leslie (29 October 2012). <a rel="nofollow" class="external text" href="https://www.lexisnexis.com/legalnewsroom/bankruptcy/b/bankruptcy-law-blog/archive/2012/08/30/quot-undue-hardship-quot-under-section-523-a-8-can-the-debtor-s-student-loans-be-discharged.aspx">"<span class="cs1-kern-left"></span>"Undue Hardship" Under Section 523(a)(8): Can the Debtor's Student Loans Be Discharged?"</a>. <i>LexisNexis Legal Newsroom</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180314042415/https://www.lexisnexis.com/legalnewsroom/bankruptcy/b/bankruptcy-law-blog/archive/2012/08/30/quot-undue-hardship-quot-under-section-523-a-8-can-the-debtor-s-student-loans-be-discharged.aspx">Archived</a> from the original on 14 March 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">13 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=LexisNexis+Legal+Newsroom&rft.atitle=%22Undue+Hardship%22+Under+Section+523%28a%29%288%29%3A+Can+the+Debtor%27s+Student+Loans+Be+Discharged%3F&rft.date=2012-10-29&rft.aulast=Treff&rft.aufirst=Leslie&rft_id=https%3A%2F%2Fwww.lexisnexis.com%2Flegalnewsroom%2Fbankruptcy%2Fb%2Fbankruptcy-law-blog%2Farchive%2F2012%2F08%2F30%2Fquot-undue-hardship-quot-under-section-523-a-8-can-the-debtor-s-student-loans-be-discharged.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGerson1995" class="citation journal cs1">Gerson, Seth J. (January 1995). <a rel="nofollow" class="external text" href="http://openscholarship.wustl.edu/law_lawreview/vol73/iss1/5">"Separate Classification of Student Loans in Chapter 13"</a>. <i>Washington University Law Quarterly</i>. <b>73</b> (1): 269. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170223001445/http://openscholarship.wustl.edu/law_lawreview/vol73/iss1/5/">Archived</a> from the original on 2017-02-23.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Washington+University+Law+Quarterly&rft.atitle=Separate+Classification+of+Student+Loans+in+Chapter+13&rft.volume=73&rft.issue=1&rft.pages=269&rft.date=1995-01&rft.aulast=Gerson&rft.aufirst=Seth+J.&rft_id=http%3A%2F%2Fopenscholarship.wustl.edu%2Flaw_lawreview%2Fvol73%2Fiss1%2F5&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.law.cornell.edu/wex/bankruptcy_fraud">"Bankruptcy fraud | Wex | US Law"</a>. <i>Legal Information Institute</i>. Cornell University. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110829073637/https://www.law.cornell.edu/wex/bankruptcy_fraud">Archived</a> from the original on 29 August 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">22 June</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Legal+Information+Institute&rft.atitle=Bankruptcy+fraud+%7C+Wex+%7C+US+Law&rft_id=https%3A%2F%2Fwww.law.cornell.edu%2Fwex%2Fbankruptcy_fraud&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><i>See</i> 140 Cong. Rec. S14, 461 (daily ed. Oct. 6, 1994).</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><i>See</i> 18 U.S.C. sec 152. <a rel="nofollow" class="external text" href="http://trac.syr.edu/laws/18USC152.html">trac.syr.edu</a>. <a href="/wiki/Transactional_Records_Access_Clearinghouse" title="Transactional Records Access Clearinghouse">Transactional Records Access Clearinghouse</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080725123135/http://www.trac.syr.edu/laws/18USC152.html">Archived</a> 2008-07-25 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gpo.gov/fdsys/pkg/USCODE-2011-title18/html/USCODE-2011-title18-partI-chap9-sec157.htm">"18 U.S. Code § 157"</a>. <i>GPO</i>. U.S. Government Publishing Office. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180507212528/https://www.gpo.gov/fdsys/pkg/USCODE-2011-title18/html/USCODE-2011-title18-partI-chap9-sec157.htm">Archived</a> from the original on 7 May 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">14 May</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=GPO&rft.atitle=18+U.S.+Code+%C2%A7+157&rft_id=https%3A%2F%2Fwww.gpo.gov%2Ffdsys%2Fpkg%2FUSCODE-2011-title18%2Fhtml%2FUSCODE-2011-title18-partI-chap9-sec157.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gov.uk/government/publications/guide-to-bankruptcy/guide-to-bankruptcy">"Guide to Bankruptcy"</a>. <i>Gov UK</i><span class="reference-accessdate">. Retrieved <span class="nowrap">July 14,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Gov+UK&rft.atitle=Guide+to+Bankruptcy&rft_id=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fpublications%2Fguide-to-bankruptcy%2Fguide-to-bankruptcy&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">(57/1993), section 25. <a rel="nofollow" class="external autonumber" href="https://www.finlex.fi/en/laki/kaannokset/1993/en19930057_20000714.pdf">[1]</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200226021457/https://www.finlex.fi/en/laki/kaannokset/1993/en19930057_20000714.pdf">Archived</a> 2020-02-26 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.counsel.am/bankruptcy?lang=hy">"Սնանկություն"</a>. <i>counsel.am</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">2017-01-19</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=austlii.edu.au&rft.atitle=BANKRUPTCY+ACT+1966+%E2%80%93+SECT+43+Jurisdiction+to+make+sequestration+orders&rft_id=http%3A%2F%2Fwww.austlii.edu.au%2Fau%2Flegis%2Fcth%2Fconsol_act%2Fba1966142%2Fs43.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.austlii.edu.au/au/legis/cth/consol_act/ba1966142/s40.html">"BANKRUPTCY ACT 1966 – SECT 40 Acts of bankruptcy"</a>. <i>www.austlii.edu.au</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170131191822/http://www.austlii.edu.au/au/legis/cth/consol_act/ba1966142/s40.html">Archived</a> from the original on 2017-01-31<span class="reference-accessdate">. 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Dismissal or Conversion of Case; Suspension"</a>. <i>Legal Information Institute</i>. Cornell Law School. 30 November 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171020032229/https://www.law.cornell.edu/rules/frbp/rule_1017">Archived</a> from the original on 20 October 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">19 October</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Legal+Information+Institute&rft.atitle=Federal+Rules+of+Bankruptcy+Procedure%2C+Rule+1017.+Dismissal+or+Conversion+of+Case%3B+Suspension&rft.date=2011-11-30&rft_id=https%3A%2F%2Fwww.law.cornell.edu%2Frules%2Ffrbp%2Frule_1017&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-66"><span class="mw-cite-backlink"><b><a href="#cite_ref-66">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBall2013" class="citation news cs1">Ball, Deborah (2013-04-05). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424127887323296504578398612178796882">"Europe Builds Own Chapter 11"</a>. <i>Wall Street Journal</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0099-9660">0099-9660</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161122222544/http://www.wsj.com/articles/SB10001424127887323296504578398612178796882">Archived</a> from the original on 2016-11-22<span class="reference-accessdate">. Retrieved <span class="nowrap">2016-11-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Wall+Street+Journal&rft.atitle=Europe+Builds+Own+Chapter+11&rft.date=2013-04-05&rft.issn=0099-9660&rft.aulast=Ball&rft.aufirst=Deborah&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424127887323296504578398612178796882&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></span> </li> <li id="cite_note-67"><span class="mw-cite-backlink"><b><a href="#cite_ref-67">^</a></b></span> <span class="reference-text">Commission of the European Communities, <a rel="nofollow" class="external text" href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52008DC0394">"Think Small First: A "Small Business Act for Europe"</a>, COM(2008)394 final, page 19, published on 25 June 2008, accessed on 14 July 2024</span> </li> <li id="cite_note-68"><span class="mw-cite-backlink"><b><a href="#cite_ref-68">^</a></b></span> <span class="reference-text">"Koguryo". Encyclopædia Britannica. Retrieved October 15, 2013.</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=33" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBalleisen2001" class="citation book cs1"><a href="/wiki/Edward_J._Balleisen" title="Edward J. Balleisen">Balleisen, Edward</a> (2001). <i>Navigating Failure: Bankruptcy and Commercial Society in Antebellum America</i>. Chapel Hill: University of North Carolina Press. p. 322. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-8078-2600-6" title="Special:BookSources/0-8078-2600-6"><bdi>0-8078-2600-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Navigating+Failure%3A+Bankruptcy+and+Commercial+Society+in+Antebellum+America&rft.place=Chapel+Hill&rft.pages=322&rft.pub=University+of+North+Carolina+Press&rft.date=2001&rft.isbn=0-8078-2600-6&rft.aulast=Balleisen&rft.aufirst=Edward&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDePamphilis2009" class="citation book cs1">DePamphilis, Donald M. (2009). <i>Mergers, Acquisitions, and Other Restructurings, 5th Edition</i>. Elsevier, Academic Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-12-374878-2" title="Special:BookSources/978-0-12-374878-2"><bdi>978-0-12-374878-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Mergers%2C+Acquisitions%2C+and+Other+Restructurings%2C+5th+Edition&rft.pub=Elsevier%2C+Academic+Press&rft.date=2009&rft.isbn=978-0-12-374878-2&rft.aulast=DePamphilis&rft.aufirst=Donald+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMańko" class="citation web cs1">Mańko, Rafał. <a rel="nofollow" class="external text" href="http://www.europarl.europa.eu/RegData/bibliotheque/briefing/2013/130476/LDM_BRI(2013)130476_REV1_EN.pdf">"Cross-border insolvency law in the EU"</a> <span class="cs1-format">(PDF)</span>. <i>Library Briefing</i>. Library of the European Parliament. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131228193157/http://www.europarl.europa.eu/RegData/bibliotheque/briefing/2013/130476/LDM_BRI(2013)130476_REV1_EN.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 28 December 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">21 February</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Library+Briefing&rft.atitle=Cross-border+insolvency+law+in+the+EU&rft.aulast=Ma%C5%84ko&rft.aufirst=Rafa%C5%82&rft_id=http%3A%2F%2Fwww.europarl.europa.eu%2FRegData%2Fbibliotheque%2Fbriefing%2F2013%2F130476%2FLDM_BRI%282013%29130476_REV1_EN.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSandage2006" class="citation book cs1">Sandage, Scott A. (2006). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/bornlosers00scot"><i>Born Losers: A History of Failure in America</i></a></span>. Cambridge, Massachusetts: Harvard University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-674-02107-X" title="Special:BookSources/0-674-02107-X"><bdi>0-674-02107-X</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Born+Losers%3A+A+History+of+Failure+in+America&rft.place=Cambridge%2C+Massachusetts&rft.pub=Harvard+University+Press&rft.date=2006&rft.isbn=0-674-02107-X&rft.aulast=Sandage&rft.aufirst=Scott+A.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fbornlosers00scot&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bankruptcy&action=edit&section=34" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/34px-Wikiquote-logo.svg.png" decoding="async" width="34" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/51px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/68px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></span></span></div> <div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Bankruptcy" class="extiw" title="q:Bankruptcy">Bankruptcy</a></b></i>.</div></div> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1235681985"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237033735"><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <span style="font-weight: bold; font-style: italic;"><a href="https://commons.wikimedia.org/wiki/Category:Bankruptcy" class="extiw" title="commons:Category:Bankruptcy">Bankruptcy</a></span>.</div></div> </div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation encyclopaedia cs1"><span class="cs1-ws-icon" title="s:1911 Encyclopædia Britannica/Bankruptcy"><a class="external text" href="https://en.wikisource.org/wiki/1911_Encyclop%C3%A6dia_Britannica/Bankruptcy">"Bankruptcy" </a></span>. <i><a href="/wiki/Encyclop%C3%A6dia_Britannica_Eleventh_Edition" title="Encyclopædia Britannica Eleventh Edition">Encyclopædia Britannica</a></i>. Vol. 3 (11th ed.). 1911.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Bankruptcy&rft.btitle=Encyclop%C3%A6dia+Britannica&rft.edition=11th&rft.date=1911&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABankruptcy" class="Z3988"></span></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20081217025425/http://www.uscourts.gov/bankruptcycourts.html">U.S. Federal Bankruptcy Courts</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20081219112318/http://www.uscourts.gov/bnkrpctystats/bankruptcystats.htm">Official U.S. Bankruptcy Statistics</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090804091256/http://www.uscourts.gov/bankruptcycourts/bankruptcybasics.html">US Courts Bankruptcy Law</a></li> <li><a rel="nofollow" class="external text" href="https://www.usdoj.gov/ust/index.htm">Executive Office for United States Bankruptcy Trustees</a></li> <li><a rel="nofollow" class="external text" href="https://www.law.cornell.edu/topics/bankruptcy.html">Cornell Bankruptcy Laws</a></li> <li><a rel="nofollow" class="external text" href="http://nacba.org">National Association of Consumer Bankruptcy Attorneys</a></li> <li><a rel="nofollow" class="external text" href="http://lopucki.law.ucla.edu/">Bankruptcy Research Database (WebBRD)</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090429115235/http://www.insolvency.gov.uk/">Website of the Insolvency Service in the UK</a></li> <li><a rel="nofollow" class="external text" href="http://www.oro.gov.hk/cgi-bin/oro/stat.cgi">Bankruptcy Statistics in Hong Kong</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100909095549/http://www.oro.gov.hk/cgi-bin/oro/stat.cgi">Archived</a> 2010-09-09 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li><a rel="nofollow" class="external text" href="https://www.justice.gov/ust/eo/bapcpa/meanstesting.htm">Official Means Testing Information</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output 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template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Debt" title="Template talk:Debt"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Debt" title="Special:EditPage/Template:Debt"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Debt" style="font-size:114%;margin:0 4em"><a href="/wiki/Debt" title="Debt">Debt</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Instruments</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bonds</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debenture" title="Debenture">Debenture</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Loan" title="Loan">Loans</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Business_loan" title="Business loan">Business loan</a></li> <li><a href="/wiki/Credit" title="Credit">Consumer lending</a></li> <li><a href="/wiki/Loan_shark" title="Loan shark">Loan shark</a></li> <li><a href="/wiki/Payday_loan" title="Payday loan">Payday loan</a></li> <li><a href="/wiki/Predatory_lending" title="Predatory lending">Predatory lending</a></li> <li><a href="/wiki/Usury" title="Usury">Usury</a></li> <li><a href="/wiki/Vendor_finance" title="Vendor finance">Vendor finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Management</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Bankruptcy</a></li> <li><a href="/wiki/Debt_consolidation" title="Debt consolidation">Consolidation</a></li> <li><a href="/wiki/Debt_management_plan" title="Debt management plan">Management plan</a></li> <li><a href="/wiki/Debt_relief" title="Debt relief">Relief</a> (<a href="/wiki/History_of_debt_relief" title="History of debt relief">history</a>)</li> <li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Restructuring</a></li> <li><a href="/wiki/Debt_snowball_method" title="Debt snowball method">Debt snowball method</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession (DIP) financing</a></li> <li><a href="/wiki/Loan_guarantee" title="Loan guarantee">Loan guarantee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Debt_collection" title="Debt collection">Collection</a> <b>·</b> <a href="/wiki/Debt_evasion" title="Debt evasion">Evasion</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Charge-off" title="Charge-off">Charge-off</a></li> <li><a href="/wiki/Debt_compliance" title="Debt compliance">Compliance</a></li> <li><a href="/wiki/Debt_bondage" title="Debt bondage">Debt bondage</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Distraint" title="Distraint">Distraint</a></li> <li><a href="/wiki/Garnishment" title="Garnishment">Garnishment</a></li> <li><a href="/wiki/Phantom_debt" title="Phantom debt">Phantom debt</a></li> <li><a href="/wiki/Strategic_default" title="Strategic default">Strategic default</a></li> <li><a href="/wiki/Tax_refund_interception" title="Tax refund interception">Tax refund interception</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_market" title="Bond market">Markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_debt" title="Consumer debt">Consumer</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debt-trap_diplomacy" title="Debt-trap diplomacy">Diplomacy</a></li> <li><a href="/wiki/Government_debt" title="Government debt">Government</a> <ul><li><a href="/wiki/Government_budget_balance" title="Government budget balance">Government budget balance</a></li></ul></li> <li><a href="/wiki/Medical_debt" title="Medical debt">Medical</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture</a></li> <li><a href="/wiki/Debt_buyer_(United_States)" title="Debt buyer (United States)">Buyer</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Money_market" title="Money market">Money market</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_leverage_ratio" title="Consumer leverage ratio">Consumer leverage ratio</a></li> <li><a href="/wiki/Debt_levels_and_flows" title="Debt levels and flows">Debt levels and flows</a></li> <li><a href="/wiki/External_debt" title="External debt">External</a> / <a href="/wiki/Internal_debt" title="Internal debt">Internal</a> / <a href="/wiki/Odious_debt" title="Odious debt">Odious debt</a></li> <li><a href="/wiki/Debt-to-GDP_ratio" title="Debt-to-GDP ratio">Debt-to-GDP ratio</a></li> <li><a href="/wiki/List_of_countries_by_government_debt" title="List of countries by government debt">List of countries by government debt</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><a href="/wiki/Default_(finance)" title="Default (finance)">Default</a></li> <li><a href="/wiki/Insolvency" title="Insolvency">Insolvency</a></li> <li><a href="/wiki/Interest" title="Interest">Interest</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Promissory_note" title="Promissory note">Promissory note</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q152074#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q152074#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q152074#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Bankrott"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/4137804-0">Germany</a></span></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Bankruptcy"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/sh85011601">United States</a></span></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="破産"><a rel="nofollow" class="external text" href="https://id.ndl.go.jp/auth/ndlna/00562988">Japan</a></span></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="פשיטת רגל"><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007283162905171">Israel</a></span></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://catalog.archives.gov/id/10638823">NARA</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://esu.com.ua/search_articles.php?id=40290">Encyclopedia of Modern Ukraine</a></span></li></ul></div></td></tr></tbody></table></div>    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