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This is what a company files their local court in order to protect themselves against creditors or show that they have no money to pay their bills.

Chapter 7: Total liquidation of all assets.
Chapter 9: Municipal bankruptcy.
Chapter 11: Reorganization of a corporate entity. Long term payout of outstanding creditors.
Chapter 12: Farm bankruptcy.
Chapter 13: Reorganization of individually owned assets. to
$350,000.00 in secured assets, $100,000.00 unsecured assets.