Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Bankruptcy law provides for the development of a plan that allows a debtor to resolve his debts through the division of his assets among his creditors.

Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full.

Bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts. These courts are a part of the District Courts of The United States.

There are two basic types of Bankruptcy proceedings. A filing under Chapter 7 is called liquidation. It is the most common type of bankruptcy proceeding. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Bankruptcy proceedings under Chapters 11, 12, and 13 involve the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors. Under Chapter 7, 12, 13, and some 11 proceedings, a trustee is appointed to supervise the assets of the debtor.

A bankruptcy proceeding can either be entered into voluntarily by a debtor or initiated by creditors. After a bankruptcy proceeding is filed, creditors, for the most part, may not seek to collect their debts outside of the proceeding. The debtor is not allowed to transfer property that has been declared part of the estate subject to proceedings. Furthermore, certain pre-proceeding transfers of property, secured interests, and liens may be delayed or invalidated. Various provisions of the Bankruptcy Code also establish the priority of creditors' interests.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 makes it more difficult to file for bankruptcy (by requiring counseling classes), more expensive to file for bankruptcy (more paperwork equals higher attorneys fees), and set the eligibility requirements higher for Chapter 7, ensuring that many debtors have to pay back some or all of their debt over a period of time.

A history of bankruptcy law unveils in three distinct phases. The first phase was a phase of basic debt collection. In 450 BC, the Roman Law of the Twelve Tables provided a fairly persuasive method for dealing with individuals who did not appear to be able to pay their debts when they fell due.

Table III dealt with the process to follow. First, the debtor is given 30 days to pay, or find someone else to pay for him. If payment is not made, the creditor can take a better home and:

“Fasten him in stocks or fetters. He shall fasten him with not less than fifteen pounds of weight or, if he choose, with more. If the prisoner choose, he may furnish his own food. If he does not, the creditor must give him a pound of meal daily; if he choose he may give him more.”

Three “market days” later, the creditors were entitled to divide the debtor's body amongst them. Table III was careful to clarify that “if they cut more or less than each one's share it shall be no crime”.

Roman law eventually evolved, but not by much. The Roman debtor no longer had to worry about being cut up into proportionate pieces but instead, should he become insolvent, was merely imprisoned for life or, at his creditors option, sold, along with his wife and children, to perpetual foreign slavery.

Roman expansion into the territory presently held by modern-day Europe brought this law with them. The concept of imprisonment for debts was emulated in the ancient law of some parts of India, with a little twist.

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