Bankruptcy has been in existence since ancient times. In the United States, the rules and procedures for filing bankruptcy are governed by federal law...

1. David Ford Avon Ct
Bankruptcy

2. Bankruptcy
 A legal proceeding involving a person or business
that is unable to repay outstanding debts
 All of the debtor's assets are measured and
evaluated, whereupon the assets are used to repay a
portion of outstanding debt

3. Types of Bankruptcy
 Voluntary bankruptcy: A bankruptcy petition filed in
federal court by the distressed firm’s management.
 Involuntary bankruptcy: A bankruptcy petition filed
in federal court by the distressed firm’s creditors.

4. Reasons
 Market Conditions
 Financing
 Poor Decision Making
 Other Causes

5. How to Overcome Bankruptcy
 Cut Costs
 Contact Customers and Suppliers
 Contact Creditors
 Consolidate Loans

6. Bankruptcy of Lehman Brothers
 On September 15, 2008, Lehman Brothers
filed for bankruptcy. With $639 billion in
assets and $619 billion in debt
 Lehman was the fourth-largest U.S.
investment bank at the time of its collapse,
with 25,000 employees worldwide
 Lehman's demise also made it the largest
victim, of the U.S. subprime mortgage-
induced financial crisis that swept through
global financial markets in 2008

7. Bankruptcy Law in Usa
 Bankruptcy in the United States. In the United States,
bankruptcy is governed by federal law, commonly referred
to as the "Bankruptcy Code" ("Code"). The United States
Constitution (Article 1, Section 8, Clause 4) authorizes
Congress to enact "uniform Laws on the subject of
Bankruptcies throughout the United States."

8. Chapters Under Bankruptcy Code
Chapter 7: basic liquidation for individuals
and businesses
Chapter 9: municipal bankruptcy
Chapter 11: rehabilitation or
reorganisation, used primarily by business
debtors
Chapter 12: rehabilitation for family
farmers and fishermen
Chapter 13: Individuals
Chapter 15: ancillary and other
international cases