Short answers, pulled from the story.
The word bankruptcy comes from the Italian phrase banca rotta, which literally means broken bench. Historical accounts suggest that in Renaissance Italy, if a banker failed to pay his debts, creditors would smash his wooden workbench on the spot to symbolize his ruin. Modern historians doubt that such a public smashing ever actually occurred.
The Statute of Bankrupts of 1542 was the first English law to address insolvency. This law focused on punishment rather than relief. It marked the beginning of a long journey from physical coercion to legal restructuring.
A bankruptcy in Australia lasts three years from the filing of the Statement of Affairs. During this period, the bankrupt must obtain permission from their trustee to travel overseas. Failure to comply can result in being stopped at the airport by the Australian Federal Police.
The largest municipal bankruptcy case in U.S. history occurred in 2013 when Detroit filed for Chapter 9 protection. This event highlighted the unique nature of municipal bankruptcy as a federal mechanism for the resolution of municipal debts. The case involved the city's inability to meet its bond repayments.
Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575, and 1596. These declarations occurred during a period of chronic default for early Italian city-states. The financial collapse of the Sui dynasty China followed a war-induced default in 614 A.D. within four years.
As many as 65% of all consumer bankruptcy filings in the United States are Chapter 7 cases. 91% of individuals who petition for relief under Chapter 7 hire an attorney to file their petitions. The typical cost of an attorney is $1,170.00.