- 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’t beat the odds…
Can pay what is due)
[Bridge]
1, 2, 3 (Go, go, go)
7, 11, 13 (Oh, no, no)
[Chorus]
Broken bench
(Breaking the moneylender)
Quite a stench
(Not landlord nor vendor)
[Bridge]
(Oh, no, no)
Out of dough
(Oh, no, no)
Nowhere to go
[Verse 2]
Debt relief
(Bills beyond belief)
Bad odds
(Forget about the gods
You due you)
[Bridge]
1, 2, 3 (Go, go, go)
7, 11, 13 (Oh, no, no)
[Chorus]
Broken bench
(Breaking the moneylender)
Quite a stench
(Not landlord nor vendor)
[Outro]
(Oh, no, no)
Out of dough
(Oh, no, no)
Nowhere to go
ABOUT THE SONG
Bankruptcy 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 “bankrupt” refers to a person or entity that has been declared legally unable to meet financial obligations.
Key Points About Bankruptcy
- Legal Declaration:
Being bankrupt means a court has formally declared that an individual or business cannot pay their debts. - Purpose:
- For debtors, bankruptcy offers a chance to reorganize finances or eliminate debts.
- For creditors, it provides a structured way to recover at least part of what is owed.
- Bankruptcy vs. Insolvency:
- Insolvency refers to a financial state where liabilities exceed assets, or an inability to pay debts when due.
- Bankruptcy is the legal process that may follow insolvency.
Types of Bankruptcy in the U.S.
- Chapter 7 (Liquidation):
- Assets are sold to pay creditors.
- Suitable for individuals or businesses with no realistic way to repay debts.
- Chapter 11 (Reorganization):
- Typically used by businesses to restructure debts and continue operating.
- Allows for repayment over time while retaining control of assets.
- Chapter 13 (Repayment Plan):
- Designed for individuals with regular income.
- Involves creating a plan to repay debts over 3-5 years while keeping assets.
- Other Chapters:
- Chapter 9 (municipalities), Chapter 12 (family farmers/fishermen), Chapter 15 (cross-border insolvency).
Effects of Bankruptcy
- For Debtors:
- Relief from certain debts, though some (like student loans or child support) are usually not dischargeable.
- Damage to credit score, making future borrowing more difficult.
- For Creditors:
- Partial or no repayment of debts, depending on the debtor’s available assets.
Historical Origin
The term “bankrupt” originates from the Italian banca rotta (“broken bench”), referring to the practice of breaking a moneylender’s bench when they were unable to meet obligations, symbolizing financial failure.
Conclusion
Bankruptcy is a tool for financial relief, but it comes with significant consequences. It’s often a last resort when debts become unmanageable, helping to balance the rights and needs of both debtors and creditors.