1. What is Bankruptcy www.MySimpleAccountant.com

2. Bankruptcy Code Divided into several chapters, each with specific goals

3. The most commonly filed Are chapters 7, 13, and 11

4. From 2012 to 2013 Decrease in the total number of filed bankruptcies: -12.2% Number of business Chapter 7 Bankruptcies filed in 2013: 753,995 Number of business Chapter 11 bankruptcies filed in 2013: 9,564

5. Even very large and popular companies are not safe from bankruptcy

6. Chapter 7 Main Points 1. Provides a fresh start 2. No repayment plan 3. Assets are liquidated to pay creditors 4. Liquidation and distribution are done by court 5. Not all debts are able to be discharged.

7. Chapter 11 is one that is unique to the U.S

8. Chapter 11 Main Points 1. Reorganization Bankruptcy 2. Does not discharge all debts 3. Done for firms worth saving 4. Creditors have to agree on reorganization plan

9. www.MySimpleAccountant.com/bankruptcy find more information at