“…It is important to note that bankruptcy laws and regulations may vary between jurisdictions, and it is advisable to consult legal professionals or reference the specific laws in place for accurate and up-to-date information. If the application is made by the debtor himself, the debtor should analyze other potential alternatives to the liquidation process, such as debt reduction, payment period extension, or restructuring (Danisworo, 2013). American bankruptcy law includes provisions that specify certain parties who are ineligible for bankruptcy filing, such as railroad companies, domestic insurance companies, banks, savings and loan associations, building and lending associations, homestead associations, New Market Venture Capital companies, foreign insurance companies, foreign banks with branches or institutions in the United States of America, growers, not-for-profit companies, and trading companies under United States bankruptcy laws.…”