Chapter 15 bankruptcy may be considered by some as the most unique bankruptcy chapter. This is because it is a way for foreign representatives to gain access to a U.S. Bankruptcy Court. Usually, a foreign company or individual will have a bankruptcy proceeding pending in a foreign court, however, there are assets in the United States that need to be dealt with. So, the foreign company can file a Chapter 15 petition. The proceeding in the United States is secondary to the foreign proceeding.

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Chapter 12 bankruptcy is specifically designed for family farmers and fishermen. So, this Chapter has been designed to accommodate the unique financial situations in which family farmers and fishermen find themselves. The process is fairly similar to Chapter 13 bankruptcy.

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Chapter 9 bankruptcy is for "municipalities," which refers to cities, towns, taxing authorities, municipal utilities, and other governmental entities. This type of bankruptcy is usually very contentious, complex, political, and expensive. Right now, the city of Stockton in California is contemplating Chapter 9 bankruptcy. It may be the case that due to the economy, more and more municipalities will be filing for Chapter 9 in the future.

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Bankruptcy in the United States has a very long and perhaps "tortured history. The federal bankruptcy laws were enacted and repealed multiple times since late 18th century, all the while, many individual states had been operating their own bankruptcy systems. Did you know that these systems sometimes provided for imprisonment of debtors?

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