Who Can File For Bankruptcy?

What Happens If A Country Goes Bankrupt? http://testu.be/1Irc7xC

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Bankruptcy is a common occurrence in the U.S., with thousands of people filing each year. So, what are the different types of bankruptcy?

Learn More:
Chapter 11 Bankruptcy – Causes & Solutions
https://www.debt.org/bankruptcy/chapter-11/
“Chapter 11 bankruptcy, also called reorganization, is a type of bankruptcy designed to allow companies to restructure their debts.”

Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’
http://www.nytimes.com/2015/06/29/business/dealbook/puerto-ricos-governor-says-islands-debts-are-not-payable.html?_r=1
“Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.”

Insolvency
https://www.debt.org/faqs/insolvency/
“Insolvency is the financial state in which a person or company can no longer pay its bills and other monetary obligations in a timely manner.”

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