<item>1. Covers bankruptcy cases filed under the Bankruptcy Reform Act of 1978. Bankruptcy:legal recognition that a company or individual is insolvent and must restructure or liquidate. Petitions filed:the commencement of a proceeding through the presentation of a petition to the clerk of the court. Pending: a proceeding in which the administration has not been completed.
<item>2. Business bankruptcies include those filed under chapters 7, 9, 11, or 12.
<item>3. Chapter 7: liquidation of non-exempt assets of businesses or individuals.
<item>4. Chapter 9: adjustment of debts of a municipality.
<item>5. Chapter 11: individual or business reorganization.
<item>6. Chapter 12: adjustment of debts of a family farmer with regular annual income, effective November 26, 1986.
<item>7. Chapter 13: adjustment of debts of an individual with regular income.
<item>8. 11 U.S.C. Section 304: cases ancillary to foreign proceedings.
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<p>Source: Administrative Office of the U.S. Courts.
