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Bankruptcy. On July 13, 2015, DonJon filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Connecticut with a debt of $32,509,549.91.
Modern bankruptcy law often distinguishes reorganization, in which only some of the bankrupt's assets are taken, a repayment plan is devised and part of the debt is discharged, from liquidation. In the latter type of bankruptcy, all of the debtors assets are included in the bankruptcy estate, sometimes in addition to his disposable income for a period of time, after which all of the debts are discharged.
The details vary between jurisdictions. In the US, the liquidation bankruptcy is governed by Chapter 7 of the Title 11 of the United States Code and is generally available to individuals passing a means test. Reorganization bankruptcy is governed by Chapters 11 and 13.[1] Chapter 11 is mostly used by high net-worth individuals.[2] In the 12-month period ending June 30, 2017, Chapter 7 and Chapter 11 bankruptcy filings accounted for, respectively, 474,258 (61%) and 1,099 (0.14%) out of 772,594 nonbusiness bankruptcy filings in the USA.[3][4]
- ^ Campbell, Jody (2016-10-03). ""Who Owns Kim Basinger? The Right of Publicity's Place in the Bankruptc" by Jody C. Campbell". Journal of Intellectual Property Law. 13 (1): 179. Retrieved 2017-08-20.
- ^ "Why bankruptcy of the rich and famous is nothing like yours". NASDAQ.com. 2015-09-28. Retrieved 2017-07-08.
- ^ "June 2017 Bankruptcy Filings Down 2.8 Percent". United States Courts. 2017-07-21. Retrieved 2017-08-20.
- ^ "Table F-2— Bankruptcy Filings (June 30, 2017)". United States Courts. 2017-06-30. Retrieved 2017-08-20.