{"id":39037,"date":"2024-12-08T13:54:53","date_gmt":"2024-12-08T13:54:53","guid":{"rendered":"https:\/\/idea.membrane.com\/songwriter\/?p=39037"},"modified":"2024-12-08T13:54:53","modified_gmt":"2024-12-08T13:54:53","slug":"bankrupt","status":"publish","type":"post","link":"http:\/\/kingarthur.com\/songwriter\/2024\/12\/08\/bankrupt\/","title":{"rendered":"Bankrupt"},"content":{"rendered":"<ul>\n<li><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/Bankrupt-0.mp3\"> Bankrupt-0.mp3<\/a><\/li>\n<li><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/Bankrupt-0.mp4\"> Bankrupt-0.mp4<\/a><\/li>\n<li><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/Bankrupt-I.mp3\"> Bankrupt-I.mp3<\/a><\/li>\n<li><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/Bankrupt-I.mp4\"> Bankrupt-I.mp4<\/a><\/li>\n<li><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/Bankrupt-II.mp3\"> Bankrupt-II.mp3<\/a><\/li>\n<li><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/Bankrupt-II.mp4\"> Bankrupt-II.mp4<\/a><\/li>\n<li><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/Bankrupt-Reggae.mp3\"> Bankrupt-Reggae.mp3<\/a><\/li>\n<li><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/Bankrupt-Reggae.mp4\"> Bankrupt-Reggae.mp4<\/a><\/li>\n<li><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/Bankrupt-intro.mp3\"> Bankrupt-intro.mp3<\/a><\/li>\n<\/ul>\n<p>[Intro]<br \/>\n1, 2, 3 (Go, go, go)<br \/>\n7, 11, 13 (Oh, no, no)<\/p>\n<p>[Verse 1]<br \/>\nGood grief<br \/>\n(Financial relief is do)<br \/>\nGood god<br \/>\n(Can&#8217;t beat the odds&#8230;<br \/>\nCan pay what is due)<\/p>\n<p>[Bridge]<br \/>\n1, 2, 3 (Go, go, go)<br \/>\n7, 11, 13 (Oh, no, no)<\/p>\n<p>[Chorus]<br \/>\nBroken bench<br \/>\n(Breaking the moneylender)<br \/>\nQuite a stench<br \/>\n(Not landlord nor vendor)<\/p>\n<p>[Bridge]<br \/>\n(Oh, no, no)<br \/>\nOut of dough<br \/>\n(Oh, no, no)<br \/>\nNowhere to go<\/p>\n<p>[Verse 2]<br \/>\nDebt relief<br \/>\n(Bills beyond belief)<br \/>\nBad odds<br \/>\n(Forget about the gods<br \/>\nYou due you)<\/p>\n<p>[Bridge]<br \/>\n1, 2, 3 (Go, go, go)<br \/>\n7, 11, 13 (Oh, no, no)<\/p>\n<p>[Chorus]<br \/>\nBroken bench<br \/>\n(Breaking the moneylender)<br \/>\nQuite a stench<br \/>\n(Not landlord nor vendor)<\/p>\n<p>[Outro]<br \/>\n(Oh, no, no)<br \/>\nOut of dough<br \/>\n(Oh, no, no)<br \/>\nNowhere to go<\/p>\n<p>ABOUT THE SONG<br \/>\n<strong>Bankruptcy<\/strong> is a legal process in which an individual, business, or organization that cannot repay their outstanding debts seeks relief from some or all of those debts. It is designed to provide a fresh start for the debtor while ensuring fair treatment of creditors. The term &#8220;bankrupt&#8221; refers to a person or entity that has been declared legally unable to meet financial obligations.<\/p>\n<hr \/>\n<h3><strong>Key Points About Bankruptcy<\/strong><\/h3>\n<ol>\n<li><strong>Legal Declaration<\/strong>:<br \/>\nBeing bankrupt means a court has formally declared that an individual or business cannot pay their debts.<\/li>\n<li><strong>Purpose<\/strong>:\n<ul>\n<li>For <strong>debtors<\/strong>, bankruptcy offers a chance to reorganize finances or eliminate debts.<\/li>\n<li>For <strong>creditors<\/strong>, it provides a structured way to recover at least part of what is owed.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Bankruptcy vs. Insolvency<\/strong>:\n<ul>\n<li>Insolvency refers to a financial state where liabilities exceed assets, or an inability to pay debts when due.<\/li>\n<li>Bankruptcy is the legal process that may follow insolvency.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<hr \/>\n<h3><strong>Types of Bankruptcy in the U.S.<\/strong><\/h3>\n<ol>\n<li><strong>Chapter 7 (Liquidation)<\/strong>:\n<ul>\n<li>Assets are sold to pay creditors.<\/li>\n<li>Suitable for individuals or businesses with no realistic way to repay debts.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Chapter 11 (Reorganization)<\/strong>:\n<ul>\n<li>Typically used by businesses to restructure debts and continue operating.<\/li>\n<li>Allows for repayment over time while retaining control of assets.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Chapter 13 (Repayment Plan)<\/strong>:\n<ul>\n<li>Designed for individuals with regular income.<\/li>\n<li>Involves creating a plan to repay debts over 3-5 years while keeping assets.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Other Chapters<\/strong>:\n<ul>\n<li>Chapter 9 (municipalities), Chapter 12 (family farmers\/fishermen), Chapter 15 (cross-border insolvency).<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<hr \/>\n<h3><strong>Effects of Bankruptcy<\/strong><\/h3>\n<ul>\n<li><strong>For Debtors<\/strong>:\n<ul>\n<li>Relief from certain debts, though some (like student loans or child support) are usually not dischargeable.<\/li>\n<li>Damage to credit score, making future borrowing more difficult.<\/li>\n<\/ul>\n<\/li>\n<li><strong>For Creditors<\/strong>:\n<ul>\n<li>Partial or no repayment of debts, depending on the debtor\u2019s available assets.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3><strong>Historical Origin<\/strong><\/h3>\n<p>The term &#8220;bankrupt&#8221; originates from the Italian <em>banca rotta<\/em> (&#8220;broken bench&#8221;), referring to the practice of breaking a moneylender\u2019s bench when they were unable to meet obligations, symbolizing financial failure.<\/p>\n<hr \/>\n<h3><strong>Conclusion<\/strong><\/h3>\n<p>Bankruptcy is a tool for financial relief, but it comes with significant consequences. It\u2019s often a last resort when debts become unmanageable, helping to balance the rights and needs of both debtors and creditors.<\/p>\n<h3>From the album &#8220;<a href=\"http:\/\/idea.membrane.com\/songwriter\/tag\/animal-spirits\/\">Animal Spirits<\/a>&#8221; by <a href=\"http:\/\/kingarthur.com\/Daniel\/\">Daniel<\/a><\/h3>\n<h3>Also found on the album &#8220;<a href=\"http:\/\/idea.membrane.com\/songwriter\/tag\/say-reggae\/\">Say Reggae<\/a>&#8221; by <a href=\"http:\/\/membrane.com\/rombox\/Narley_Marley\/\">Narley Marley<\/a><\/h3>\n<h2><a href=\"http:\/\/membrane.com\/global_warming\/\">The Human Induced Climate Change Experiment<\/a><\/h2>\n<h2><a href=\"http:\/\/kingarthur.com\/MegaEpix-Enormous\/multimedia\/VIII\/\">MegaEpix Enormous<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Bankrupt-0.mp3 Bankrupt-0.mp4 Bankrupt-I.mp3 Bankrupt-I.mp4 Bankrupt-II.mp3 Bankrupt-II.mp4 Bankrupt-Reggae.mp3 Bankrupt-Reggae.mp4 Bankrupt-intro.mp3 [Intro] 1, 2, 3 (Go, go, go) 7, 11, 13 (Oh, no, no) [Verse 1] Good grief (Financial relief is do) Good god (Can&#8217;t beat the odds&#8230; Can pay what is due) [Bridge] 1, 2, 3 (Go, go, go) 7, 11, 13 (Oh, no, no) [Chorus] [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[9,14,3955,17],"tags":[4055,546,563,4054],"class_list":["post-39037","post","type-post","status-publish","format-standard","hentry","category-daniel","category-lyrics","category-megaepix-enormous","category-narley-marley-reggae","tag-animal-spirits","tag-mp4","tag-music-videos","tag-say-reggae"],"_links":{"self":[{"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/posts\/39037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/comments?post=39037"}],"version-history":[{"count":3,"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/posts\/39037\/revisions"}],"predecessor-version":[{"id":39073,"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/posts\/39037\/revisions\/39073"}],"wp:attachment":[{"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/media?parent=39037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/categories?post=39037"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/kingarthur.com\/songwriter\/wp-json\/wp\/v2\/tags?post=39037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}