You may ask what is bankruptcy? Simply put bankruptcy is a legal process that allows companies and individuals to relieve overburdening and unmanageable debt. There are different types of bankruptcies which are usually referred to by their "chapter."
Chapter 9 Bankruptcy are for municipalities (cities, towns, villages, taxing districts, municipal utilities and school districts.
Chapter 12 Bankruptcy is for farmers and fisherman.
Chapter 15 Bankruptcy is when filings involve parties from more than one country.
All Bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy code.