Notice of closure attached to the door of a computer store the day after its parent company declared "bankruptcy" (strictly, put into administration—see text) in the United Kingdom.

Bankruptcy is a legal status of an insolvent person or an organisation, that is, one who cannot repay the debts they owe to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.

Bankruptcy is not the only legal status that an insolvent person or organisation may have, and the term bankruptcy is therefore not the same as insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings, for example liquidation and administration, are applied to companies. In the United States the term bankruptcy is applied more broadly to formal insolvency proceedings.

Etymology[link]

The word bankruptcy is formed from the ancient Latin bancus (a bench or table), and ruptus (broken). A "bank" originally referred to a bench, which the first bankers had in the public places, in markets, fairs, etc. on which they tolled their money,^{[clarification needed]} wrote their bills of exchange, etc. Hence, when a banker failed, he broke his bank, to advertise to the public that the person to whom the bank belonged was no longer in a condition to continue his business. As this practice was very frequent in Italy, it is said the term bankrupt is derived from the Italian banca rotta, broken bank (see e.g. Ponte Vecchio).^[1]

History[link]

In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery", until the creditor recouped losses via their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years and debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions.

In the Torah, or Old Testament, every seventh year is decreed by Mosaic Law as a Sabbatical year wherein the release of all debts that are owed by members of the community is mandated, but not of "foreigners".^[2] The seventh Sabbatical year, or forty-ninth year, is then followed by another Sabbatical year known as the Year of Jubilee wherein the release of all debts is mandated, for fellow community members and foreigners alike, and the release of all debt-slaves is also mandated.^[3] The Year of Jubilee is announced in advance on the Day of Atonement, or the tenth day of the seventh Biblical month, in the forty-ninth year by the blowing of trumpets throughout the land of Israel.

In Islamic teaching, according to the Qur'an, an insolvent person was deemed to be allowed time to be able to pay out his debt. This is recorded in the Qur'an's second chapter (Sura Al-Baqara), Verse 280, which notes: "And if someone is in hardship, then let there be postponement until a time of ease. But if you give from your right as charity, then it is better for you, if you only knew."

The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency.^[4] Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times.

A failure of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the numerous defaults of France, Portugal, Prussia, Spain, and the early Italian city-states. At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well."^[5]

Modern law and debt restructuring[link]

The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities but on the remodeling of the financial and organisational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of their business.

For private households, it is argued to be insufficient to merely dismiss debts after a certain period. It is important to assess the underlying problems and to minimise the risk of financial distress to re-occur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to manage household expenditures better need to be equally provided during this period of rehabilitation (Reifner et al., 2003; Gerhardt, 2009; Frade, 2010). In most EU Member States, debt discharge is conditioned by a partial payment obligation and by a number of requirements concerning the debtor’s behavior. In the United States (US), discharge is conditioned to a lesser extent. Nevertheless, it should be noted that the spectrum is broad in the EU, with the UK coming closest to the US system (Reifner et al., 2003; Gerhardt, 2009; Frade, 2010). Other Member States do not provide the option of a debt discharge. Spain, for example, passed a bankruptcy law (ley concursal) in 2003 which provides for debt settlement plans that can result in a reduction of the debt (maximally half of the amount) or an extension of the payment period of maximally five years (Gerhardt, 2009); nevertheless, it does not foresee debt discharge.^[6]

Fraud[link]

Bankruptcy fraud is a white-collar crime. While difficult to generalise across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements. Falsifications on bankruptcy forms often constitute perjury. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions.^[7][8] Bankruptcy fraud is a federal crime in the United States.

Bankruptcy fraud should be distinguished from strategic bankruptcy, which is not a criminal act, but may work against the filer.

All assets must be disclosed in bankruptcy schedules whether or not the debtor believes the asset has a net value. This is because once a bankruptcy petition is filed, it is for the creditors, not the debtor to decide whether a particular asset has value. The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. A closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if a debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy. The trustee may then seize the asset and liquidate it for the benefit of the (formerly discharged) creditors. Whether or not a concealment of such an asset should also be considered for prosecution as fraud and/or perjury would then be at the discretion of the judge and/or U.S. Trustee.

In individual countries[link]

Australia[link]

The Bankruptcy Act 1966 (Commonwealth) is the legislation that governs bankruptcy in Australia. Only individuals can become bankrupt; insolvent companies go into liquidation or administration (see administration (insolvency)). There are three "parts" of the act under which the vast majority of "acts of bankruptcy" fall. Part IV (Full Bankruptcy), Part IX Debt Agreements and Part X Personal Insolvency Agreements. Agreements refer specifically to arrangements between creditors and debtors, whereas Part IV relates to full bankruptcy and is generally synonymous with "bankruptcy".

A person or debtor can declare himself or herself bankrupt by lodging a debtor's petition with the Official Receiver, which is the Insolvency and Trustee Service Australia (ITSA). A person can also be made bankrupt after a creditor's petition results in the making of a sequestration order in the Federal Magistrates Court. To declare bankruptcy or for a creditors petition to be lodged, a minimum debt of $5,000 is required.

All bankrupts are required to lodge a Statement of Affairs document with ITSA, which includes important information about their assets and liabilities. A bankruptcy cannot be annulled until this document has been lodged.

Ordinarily, a Part IV bankruptcy lasts three years from the filing of the Statement of Affairs with ITSA. In the case of a debtor's petition, the Statement of Affairs is filed with the petition and the three year period commences immediately. However, in the case of a creditor's petition, the Statement of Affairs will rarely be filed on the same day the court order is made. If the bankrupt fails to lodge the document within a certain period of time, he or she can be prosecuted and fined.

A Bankruptcy Trustee (in most cases this is the Official Receiver) is appointed to deal with all matters regarding the administration of the bankrupt estate. The Trustee's job includes notifying creditors of the estate and dealing with creditor inquiries; ensuring that the bankrupt complies with his or her obligations under the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate is entitled under the Bankruptcy Act and distributing dividends to creditors if sufficient funds become available.

For the duration of their bankruptcy, all bankrupts have certain restrictions placed upon them under the Act. For example, a bankrupt must obtain the permission of his or her trustee to travel overseas. Failure to do so may result in the bankrupt being stopped at the airport by the Australian Federal Police. Additionally, a bankrupt is required to provide his or her Trustee with details of income and assets. If the bankrupt does not comply with the Trustee's request to provide details of income, the Trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further five years.

The realisation of funds usually comes from two main sources: the bankrupt's assets and the bankrupt's wages. There are certain assets that are protected, referred to as "protected assets". These include household furniture and appliances, tools of the trade and vehicles up to a certain value. All other assets of value will be sold. If a house or car is above a certain value, the bankrupt can buy the interest back from the estate in order to keep the asset. If the bankrupt does not do this, the interest vests in the estate and the trustee is able to take possession of the asset and sell it.

The bankrupt will have to pay income contributions if his or her income is above a certain threshold. The threshold is indexed biannually in March and September, and varies according to the number of dependents the bankrupt has. The income contributions liability is calculated by halving the amount of income that exceeds the threshold. If the bankrupt fails to pay the contributions due, the Trustee can issue a notice to garnishee the bankrupt's wages. If that is not possible, the Trustee may lodge an Objection to Discharge, effectively extending the bankruptcy for a further five years.

Bankruptcies can be annulled prior to the expiration of the normal three year period if all debts are paid out in full. Sometimes a bankrupt may be able to raise enough funds to make an Offer of Composition to creditors, which would have the effect of paying the creditors some of the money they are owed. If the creditors accept the offer, the bankruptcy can be annulled after the funds are received.

After the bankruptcy is annulled or the bankrupt has been automatically discharged, the bankrupt's credit report status will be shown as "discharged bankrupt" for some years. The number of years varies depending on the company issuing the report, but the report will eventually cease to record that information.

Certain limited information on Bankruptcy Law in Australia can be found at the ITSA web site.^[9]

Brazil[link]

In Brazil, the Bankruptcy Law (11.101/05) disciplines judicial or extrajudicial recuperation & Bankruptcy and is only applicable to private companies, except for financial institutions, credit cooperatives, consortia, entity of supplementary schemes, societies operating health care plan, society of capitalisation and other entities legally treated as issues. This is not applicable to public companies.

Current law covers three legal proceedings. The first one is bankruptcy itself ("Falência"). Bankruptcy is the judicial liquidation procedure for an insolvent merchant that promotes the removal of the debtor from its activities, aiming to preserve and optimise productive use of assets, assets and productive resources, including intangible assets, of the company. The final goal of bankruptcy is to liquidate company assets and debtors payment.

The second one concerns Judicial Recuperation ("Recuperação Judicial"). Its goal is to allow the overcoming of the economic-financial crisis situation of the debtor, in order to allow the continuation of the source producer, the employment of workers and the interests of creditors, promoting, thus, the preservation of the company, its social function and stimulate the economic activity. It's a judiciary procedure required by the debtor who exercice its activities more than 2 years and have to be approval by the judge.

The Extrajudicial Recuperation ("Recuperação Extrajudicial") is a private negotiation that involves creditors and debtors and, as the judicial recuperation, also have to be approved by Judiciary power.^[10]

Canada[link]

Bankruptcy in Canada is governed by the Bankruptcy and Insolvency Act and is applicable to businesses and individuals. The office of the Superintendent of Bankruptcy, a federal agency, is responsible for overseeing that bankruptcies are administered in a fair and orderly manner by all licensed Trustees in Canada. Trustees in bankruptcy actually administer the bankruptcy estates and are governed by the Bankruptcy and Insolvency Act of Canada.

Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due and if they have at least $1,000 in debt.

Duties of trustees[link]

Some of the duties of the trustee in bankruptcy are to:

• Review the file for any fraudulent preferences or reviewable transactions
• Chair meetings of creditors
• Sell any non-exempt assets
• Object to the bankrupt's discharge
• Distribute funds to creditors

Creditors' meetings[link]

Creditors become involved by attending creditors' meetings. The trustee calls the first meeting of creditors for the following purposes:

• To consider the affairs of the bankrupt
• To affirm the appointment of the trustee or substitute another in place thereof
• To appoint inspectors
• To give such directions to the trustee as the creditors may see fit with reference to the administration of the estate.

Consumer proposals in Canada[link]

In Canada, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors.

A typical proposal would involve a debtor making monthly payments for a maximum of five years, with the funds distributed to their creditors. Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors will accept the deal, because if they do not, the next alternative may be personal bankruptcy, where the creditors will get even less money. The creditors have 45 days to accept or reject the consumer proposal. Once the proposal is accepted by both the creditors and the Court, the debtor makes the payments to the Proposal Administrator each month (or as otherwise stipulated in their proposal), and the general creditors are prevented from taking any further legal or collection action. If the proposal is rejected, the debtor is returned to his prior insolvent state and may have no alternative but to declare personal bankruptcy.

A consumer proposal can only be made by a debtor with debts to a maximum of $250,000 (not including the mortgage on their principal residence). If debts are greater than $250,000, the proposal must be filed under Division 1 of Part III of the Bankruptcy and Insolvency Act. An Administrator is required in the Consumer Proposal, and a Trustee in the Division I Proposal (these are vertually the same although the terms are not interchangeable). A Proposal Administrator is almost always a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators.

In 2006, there were 98,450 personal insolvency filings in Canada: 79,218 bankruptcies and 19,232 consumer proposals.^[11]

China[link]

This section requires expansion.

Ireland[link]

Bankruptcy in Ireland applies only to natural persons.^[12] Other insolvency processes including liquidation and examinership are used to deal with corporate insolvency.

Irish bankruptcy law has been the subject of significant recent comment, from both government sources and the media, as being in need of reform. Part 7 of the Civil Law (Miscellaneous Provisions) Act 2011^[13] has started this process and the government has committed to further reform.

India[link]

India does not have a clear law on corporate bankruptcy even though individual bankruptcy laws have been in existence since 1874. The current law in force was enacted in 1920 called Provincial Insolvency Act.

Legal meaning of the terms bankruptcy, insolvency, liquidation and dissolution are contested in the Indian legal system. There is no regulation or statute legislated upon bankruptcy which denotes a condition of inability to meet a demand of a creditor as is common in many other jurisdictions.

Winding up of companies is in the jurisdiction of the Courts which can take a decade even after the Company has actually been declared insolvent. On the other hand, supervisory restructuring at the behest of the Board of Industrial and Financial Reconstruction is generally undertaken using receivership by a Public Finance Institution.

Japan[link]

See Dirty thirty (Japan)

The Netherlands[link]

The Dutch bankruptcy law is governed by the Dutch Bankruptcy Code ("Faillissementswet"). The code covers three separate legal proceedings. The first is the bankruptcy ("Faillissement"). The goal of the bankruptcy is the liquidation of the assets of the company. The bankruptcy applies to individuals and companies. The second legal proceeding in the Faillissementswet is the "Surseance". The Surseance only applies to companies. Its goal is to reach an agreement with the creditors of the company. The third proceeding is the "Schuldsanering". This proceeding is designed for individuals only.

Switzerland[link]

Bankruptcy according to Salvation Army, Switzerland.

Under Swiss law, bankruptcy can be a consequence of insolvency. It is a court-ordered form of debt enforcement proceedings that applies, in general, to registered commercial entities only. In a bankruptcy, all assets of the debtor are liquidated under the administration of the creditors, although the law provides for debt restructuring options similar to those under Chapter 11 of the U.S. Bankruptcy code.

Sweden[link]

In Sweden, bankruptcy (Swedish: konkurs) is a process that may involve a company or individual. A creditor or the company itself can apply for bankruptcy. An external bankruptcy manager will take over the company or the assets of the person, trying to sell as much as possible. A person or a company in bankruptcy can not access its assets (with some exceptions).

The formal bankruptcy process is rarely carried out for individuals.^[14] Creditors can claim money through the Enforcement Administration anyway, and creditors do not usually benefit from the bankruptcy of individuals because there are costs of a bankruptcy manager which has priority. Unpaid debts remain after bankruptcy for individuals. People who are deeply in debt can obtain a debt arrangement procedure (Swedish:skuldsanering). On application, they obtain a payment plan under which they pay as much as they can for five years, and then all remaining debts are cancelled. Debts that are derived from being subjected to a ban on business operations (issued by court, commonly for tax fraud and/or fraudulent business practices) or owed to a crime victim as compensation for damages are exempted from this and like before this process was introduced in 2006 will remain life-long.^[15] The most common reasons for personal insolvency in Sweden are illness, unemployment, divorce or company bankruptcy, not the reckless spending claimed by politicians and debt collection agencies when they describe the problem with deep personal debts.^[16]

United Kingdom[link]

In the United Kingdom, bankruptcy (in a strict legal sense) relates only to individuals (including sole proprietors) and partnerships. Companies and other corporations enter into differently-named legal insolvency procedures: liquidation and administration (administration order and administrative receivership). However, the term 'bankruptcy' is often used when referring to companies in the media and in general conversation. Bankruptcy in Scotland is referred to as sequestration. To apply for your own bankruptcy in Scotland you must have more than £1500 of debt.

A trustee in bankruptcy must be either an Official Receiver (a civil servant) or a licensed insolvency practitioner. Current law in England and Wales derives in large part from the Insolvency Act 1986. Following the introduction of the Enterprise Act 2002, a UK bankruptcy will now normally last no longer than 12 months and may be less, if the Official Receiver files in court a certificate that his investigations are complete. It was expected that the UK Government's liberalisation of the UK bankruptcy regime would increase the number of bankruptcy cases; the Insolvency Service statistics appear to bear this out:

After the increase in 2005 and 2006 the figures have remained stable.

Bankruptcy and pensions in the UK[link]

The UK bankruptcy law was changed in May 2000, effective May 29, 2000.^{[citation needed]} Debtors may now retain occupational pensions while in bankruptcy, except in rare cases.^{[citation needed]}

Proposed bankruptcy reform in the UK[link]

The Government are currently considering legislation to 'streamline' the bankruptcy process in the UK. Under the new proposals, struggling borrowers may be able to apply for bankruptcy without necessarily having to go to court, except where a disagreement exists between the debtor and their creditors.^[17]

United States[link]

Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact "uniform laws on the subject of bankruptcies throughout the United States." The Congress has enacted statutes governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.

While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often dependent upon State law. State law therefore plays a major role in many bankruptcy cases, and it is often not possible to generalise bankruptcy law across state lines.

Generally, a debtor declares bankruptcy to obtain relief from debt, and this is accomplished either through a discharge of the debt or through a restructuring of the debt. Generally, when a debtor files a voluntary petition, his or her bankruptcy case commences.

Chapters[link]

There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:

• Chapter 7: basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available
• Chapter 9: municipal bankruptcy; a federal mechanism for the resolution of municipal debts
• Chapter 11: rehabilitation or reorganisation, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; known as corporate bankruptcy, it is a form of corporate financial reorganisation which typically allows companies to continue to function while they follow debt repayment plans
• Chapter 12: rehabilitation for family farmers and fishermen;
• Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; enables individuals with regular income to develop a plan to repay all or part of their debts; also known as Wage Earner Bankruptcy
• Chapter 15: ancillary and other international cases; provides a mechanism for dealing with bankruptcy debtors and helps foreign debtors to clear debts.

The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11.

In Chapter 7, a debtor surrenders his or her non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors. In exchange, the debtor is entitled to a discharge of some debt; however, the debtor will not be granted a discharge if he or she is guilty of certain types of inappropriate behavior (e.g. concealing records relating to financial condition) and certain debts (e.g. spousal and child support, student loans, some taxes) will not be discharged even though the debtor is generally discharged from his or her debt. Many individuals in financial distress own only exempt property (e.g. clothes, household goods, an older car) and will not have to surrender any property to the trustee. The amount of property that a debtor may exempt varies from state to state. Chapter 7 relief is available only once in any eight year period. Generally, the rights of secured creditors to their collateral continues even though their debt is discharged. For example, absent some arrangement by a debtor to surrender a car or "reaffirm" a debt, the creditor with a security interest in the debtor's car may repossess the car even if the debt to the creditor is discharged.

The 2005 amendments to the Bankruptcy Code introduced the "means test" for eligibility for chapter 7. An individual who fails the means test will have his or her chapter 7 case dismissed or may have to convert his or her case to a case under chapter 13.

Generally, a trustee will sell most of the debtor's assets to pay off creditors. However, certain assets of the debtor are protected to some extent. For example, Social Security payments, unemployment compensation, and limited values of equity in a home, car, or truck, household goods and appliances, trade tools, and books are protected. However, these exemptions vary from state to state.

In Chapter 13, the debtor retains ownership and possession of all of his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years. The amount of payment and the period of the repayment plan depend upon a variety of factors, including the value of the debtor's property and the amount of a debtor's income and expenses. Secured creditors may be entitled to greater payment than unsecured creditors.

Relief under Chapter 13 is available only to individuals with regular income whose debts do not exceed prescribed limits. If you are an individual or a sole proprietor, you are allowed to file for a Chapter 13 bankruptcy to repay all or part of your debts. Under this chapter, you can propose a repayment plan in which to pay your creditors over three to five years. If your monthly income is less than the state's median income, your plan will be for three years unless the court finds "just cause" to extend the plan for a longer period. If your monthly income is greater than your state's median income, the plan must generally be for five years. A plan cannot exceed the five-year limitation.

In contrast to Chapter 7, the debtor in Chapter 13 may keep all of his or her property, whether or not exempt. If the plan appears feasible and if the debtor complies with all the other requirements, the bankruptcy court will typically confirm the plan and the debtor and creditors will be bound by its terms. Creditors have no say in the formulation of the plan other than to object to the plan, if appropriate, on the grounds that it does not comply with one of the Code's statutory requirements. Generally, the payments are made to a trustee who in turn disburses the funds in accordance with the terms of the confirmed plan.

When the debtor completes payments pursuant to the terms of the plan, the court will formally grant the debtor a discharge of the debts provided for in the plan. However, if the debtor fails to make the agreed upon payments or fails to seek or gain court approval of a modified plan, a bankruptcy court will often dismiss the case on the motion of the trustee. Pursuant to the dismissal, creditors will typically resume pursuit of state law remedies to the extent a debt remains unpaid.

In Chapter 11, the debtor retains ownership and control of assets and is re-termed a debtor in possession ("DIP"). The debtor in possession runs the day to day operations of the business while creditors and the debtor work with the Bankruptcy Court in order to negotiate and complete a plan. Upon meeting certain requirements (e.g. fairness among creditors, priority of certain creditors) creditors are permitted to vote on the proposed plan. If a plan is confirmed the debtor will continue to operate and pay its debts under the terms of the confirmed plan. If a specified majority of creditors do not vote to confirm a plan, additional requirements may be imposed by the court in order to confirm the plan. Debtors filing for Chapter 11 protection a second time are known informally as "Chapter 22" filers.^[18]

Chapter 7 and Chapter 13 are the efficient bankruptcy chapters often used by most individuals. The chapters which almost always apply to consumer debtors are chapter 7, known as a "straight bankruptcy", and chapter 13, which involves an affordable plan of repayment. An important feature applicable to all types of bankruptcy filings is the automatic stay. The automatic stay means that the mere request for bankruptcy protection automatically stops and brings to a grinding halt most lawsuits, repossessions, foreclosures, evictions, garnishments, attachments, utility shut-offs, and debt collection activity.

Bankruptcy Exemptions[link]

A Bankruptcy Exemption defines the property a debtor may retain and preserve through bankruptcy. Certain real and personal property can be exempted on "Schedule C"^[19] of a debtors bankruptcy forms, and effectively be taken outside the debtor's bankruptcy estate. Bankruptcy Exemptions are available only to individuals filing bankruptcy.^[20] There are two alternative systems that can be used to "exempt" property from a bankruptcy estate, Federal Exemptions^[21] (available in some states but not all), and State Exemptions (which vary widely between states).

Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA)[link]

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Pub. L. No. 109-8, 119 Stat. 23 (April 20, 2005) ("BAPCPA"), substantially amended the Bankruptcy Code. Many provisions of BAPCPA were forcefully advocated by consumer lenders and were just as forcefully opposed by many consumer advocates, bankruptcy academics, bankruptcy judges, and bankruptcy lawyers.^[22] The enactment of BAPCPA followed nearly eight years of debate in Congress. Most of the law's provisions became effective on October 17, 2005. Upon signing the bill, then President Bush stated:

Under the new law, Americans who have the ability to pay will be required to pay back at least a portion of their debts. Those who fall behind their state's median income will not be required to pay back their debts. The new law will also make it more difficult for serial filers to abuse the most generous bankruptcy protections. Debtors seeking to erase all debts will now have to wait eight years from their last bankruptcy before they can file again. The law will also allow us to clamp down on bankruptcy mills that make their money by advising abusers on how to game the system.^[23]

It was widely claimed by advocates of BAPCPA that its passage would reduce losses to creditors such as credit card companies, and that those creditors would then pass on the savings to other borrowers in the form of lower interest rates. These claims turned out to be false. After BAPCPA passed, although credit card company losses decreased, prices charged to customers increased, and credit card company profits soared.^[24]

Among its many changes to consumer bankruptcy law, BAPCPA enacted a "means test", which was intended to make it more difficult for a significant number of financially distressed individual debtors whose debts are primarily consumer debts to qualify for relief under Chapter 7 of the Bankruptcy Code. The "means test" is employed in cases where an individual with primarily consumer debts has more than the average annual income for a household of equivalent size, computed over a 180 day period prior to filing. If the individual must "take" the "means test", their average monthly income over this 180 day period is reduced by a series of allowances for living expenses and secured debt payments in a very complex calculation that may or may not accurately reflect that individual's actual monthly budget. If the results of the means test show no disposable income(or in some cases a very small amount) then the individual qualifies for Chapter 7 relief. If a debtor does not qualify for relief under Chapter 7 of the Bankruptcy Code, either because of the Means Test or because Chapter 7 does not provide a permanent solution to delinquent payments for secured debts, such as mortgages or vehicle loans, the debtor may still seek relief under Chapter 13 of the Code. A Chapter 13 plan often does not require repayment to general unsecured debts, such as credit cards or medical bills.

BAPCPA also requires individuals seeking bankruptcy relief to undertake credit counseling with approved counseling agencies prior to filing a bankruptcy petition and to undertake education in personal financial management from approved agencies prior to being granted a discharge of debts under either Chapter 7 or Chapter 13. Some studies of the operation of the credit counseling requirement suggest that it provides little benefit to debtors who receive the counseling because the only realistic option for many is to seek relief under the Bankruptcy Code.^{[citation needed]}

Europe in general[link]

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (May 2007)

During 2004, the number of insolvencies reached all time highs in many European countries. In France, company insolvencies rose by more than 4%, in Austria by more than 10%, and in Greece by more than 20%. The increase in the number of insolvencies, however, does not indicate the total financial impact of insolvencies in each country because there is no indication of the size of each case. An increase in the number of bankruptcy cases does not necessarily entail an increase in bad debt write-off rates for the economy as a whole.

Bankruptcy statistics are also a trailing indicator. There is a time delay between financial difficulties and bankruptcy. In most cases, several months or even years pass between the financial problems and the start of bankruptcy proceedings. Legal, tax, and cultural issues may further distort bankruptcy figures, especially when comparing on an international basis. Two examples:

• In Austria, more than half of all potential bankruptcy proceedings in 2004 were not opened, due to insufficient funding.
• In Spain, it is not economically profitable to open insolvency/bankruptcy proceedings against certain types of businesses, and therefore the number of insolvencies is quite low. For comparison: In France, more than 40,000 insolvency proceedings were opened in 2004, but under 600 were opened in Spain. At the same time the average bad debt write-off rate in France was 1.3% compared to Spain with 2.6%.

The insolvency numbers for private individuals also do not show the whole picture. Only a fraction of heavily indebted households will decide to file for insolvency. Two of the main reasons for this are the stigma of declaring themselves insolvent and the potential business disadvantage.

See also[link]

• Bankruptcy alternatives
• Creditor's rights
• Debt consolidation
• Debt relief
• Debt restructuring
• Debtor in possession
• Default
• DIP Financing
• Distressed securities
• Financial distress
• Insolvency
• Judicial estoppel
• Liquidation
• List of business failures
• Sole Trader Insolvency (UK)
• Stalking Horse Agreement
• Tools of trade
• Turnaround ADR

References[link]

Further reading[link]

• Balleisen, Edward (2001). Navigating Failure: Bankruptcy and Commercial Society in Antebellum America. Chapel Hill: University of North Carolina Press. p. 322. ISBN 0-8078-2600-6. 
• DePamphilis, Donald M. (2009). Mergers, Acquisitions, and Other Restructurings, 5th Edition. Elsevier, Academic Press. ISBN 978-0-12-374878-2. 
• Sandage, Scott A. (2006). Born Losers: A History of Failure in America. Cambridge, Mass.: Harvard University Press. ISBN 0-674-02107-X. 

External links[link]

Wikiquote has a collection of quotations related to: Bankruptcy

Wikisource has the text of the 1911 Encyclopædia Britannica article Bankruptcy.

• U.S. Federal Bankruptcy Courts
• Official U.S. Bankruptcy Statistics
• US Courts Bankruptcy Law
• Executive Office for United States Bankruptcy Trustees
• Cornell Bankruptcy Laws
• National Association of Consumer Bankruptcy Attorneys
• Bankruptcy Research Database (WebBRD)
• Website of the Insolvency Service in the UK
• Bankruptcy Statistics in Hong Kong

This biographical article needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately, especially if potentially libelous or harmful. (March 2009)

Bellini on Fire Island's Great South Bay with his two Cavalier King Charles Spaniels.

Jason Bellini is an American journalist, and until August 2008 was the lead news anchor for CBS News on Logo. He received the 2006 "Journalist of the Year" award from the National Lesbian and Gay Journalists Association (NLGJA).[1] From 1998 to 2005, he worked as a CNN correspondent. He produced stories for CNN using an unconventional method: He hit the road on assignment with a hand-held digital camera and a laptop computer, which he used for editing. He often worked as a "one-man band," filing stories he produced himself from start to finish.

Professional career[link]

1993: Bellini graduated from Chaparral High School in Scottsdale, Arizona where he was on the school Newspaper. He was a participant in the Hall of Friendship, an organization dedicated to cross cultural understanding between the Newspaper Staff and Foreign Exchange Students.

1997: Bellini earned a bachelor's degree in history from Georgetown University.

1998: Bellini began his career with CNN as a production assistant in the network's Washington, D.C., bureau.

1999: Bellini made his on-air debut with CNN Newsroom, now CNN Student News – CNN's news program for middle school and high school students. He also served as a field producer for CNN International, covering the NATO airstrikes against Yugoslavia. One of his Kosovo stories achieved Medalist Status in the 1999 New York Festival Awards.

2000: Bellini worked for MTV where he served as part of that network's "street team" for MTV's Choose or Lose election coverage that followed the presidential candidates on the campaign trail during Election 2000. He was also a freelance writer for Washingtonpost.com and Channel One News.

2001: Bellini spent months in New York covering the aftermath of the September 11 terrorist attacks as the crisis evolved into an international war on terrorism. He later traveled to Central Asia to report on the story from Afghanistan. He also covered the Kashmir conflict from India. Bellini received a Gold medal from the New York Festivals for Jason's Journal: The Holy Land, a program he produced on the Israeli Palestinian conflict.

2003: Bellini reported as one of CNN's 18 embedded journalists during Operation Iraqi Freedom. He reported, often from the frontlines, from his position with the U.S. Marines. In February 2003, Bellini was part of the team of CNN correspondents and anchors that covered the breaking news story of the Space Shuttle Columbia tragedy.

2005: Bellini became the lead news anchor for CBS News on Logo.

2007: Bellini hosts two podcasts available through the iTunes store: CBS News on Logo and Jason Bellini's Here and Now, a self-described "vlog" (video blog).

2009-2010: Bellini freelances for The Daily Beast.

Personal life[link]

He is openly gay.^[1]

Jason is the older brother of CNN's Jarrett Bellini.

References[link]

Rick Snyder
48th Governor of Michigan
Incumbent
Assumed office January 1, 2011
Lieutenant	Brian Calley
Preceded by	Jennifer Granholm
Personal details
Born	Richard Dale Snyder (1958-08-19) August 19, 1958 (age 53) Battle Creek, Michigan
Political party	Republican Party
Spouse(s)	Sue Snyder
Children	Jeff Melissa Kelsey
Residence	Ann Arbor, MI (private) Michigan Governor's Mansion Lansing, Michigan (public)
Alma mater	University of Michigan (B.G.S./M.B.A./J.D.)
Profession	Executive chairman Venture capitalist
Religion	Presbyterian[1]
Signature	Rick Snyder's signature
Website	Official website

Richard Dale "Rick" Snyder^[2] (born August 19, 1958) is an American business executive, venture capitalist, and Governor of Michigan. A member of the Republican Party, he assumed office as the 48th governor of Michigan on January 1, 2011. From 2005 to 2007, Snyder served as the chairman of the board of Gateway, Inc., based in Irvine, California. Previous to his election as governor, he was chairman of the board, chief executive officer, and co-founder of Ann Arbor, Michigan-based venture capital firm Ardesta LLC.^[3] Snyder has been mentioned as a possible pick to be the Republican Party candidate for Vice President of the United States in 2012.^[4][5][6][7] Snyder's business executive background and positive style have been cited as assets, with his accomplishments seen as strengthening the case for electing Mitt Romney as President.^{[8][9][10][11]}

Early life, education, and family[link]

Snyder was born in Battle Creek, Michigan, the son of Helen Louella "Pody" and Dale F. Snyder.^[12] Snyder earned his B.G.S., M.B.A., and J.D. from the University of Michigan by age 23.^[13] When he was 16, he took a business class at Kellogg Community College on weekends. By his senior year of high school, Snyder earned 23 college credits.^[14] Snyder visited the admissions office of the University of Michigan in November 1975 and spoke with the admissions director, who recommended that Snyder attend Michigan and create his own degree.^[15]

Snyder also served as an adjunct assistant professor of accounting at the University of Michigan. He resides in Ann Arbor with his wife Sue and their three children and has a vacation home near Gun Lake.^[16][17] The couple were married in 1987 at Cherry Hill Presbyterian Church in Dearborn.^[1] Snyder has acknowledged his faith as a Presbyterian.^[1]

Career in business[link]

Early in his career, Snyder gained experience in business finance. Eventually, he would serve as a high tech industry executive chairman of the board. He also co-founded a venture capital company and served as its chairman and chief executive officer prior to his election as governor of Michigan in 2010. Snyder was employed with Coopers & Lybrand, from 1982 to 1991, beginning in the tax department of the Detroit office. Snyder was named partner in 1988. In 1989, Snyder was named partner-in-charge of the mergers and acquisitions practice in the Chicago office.^[18]

Snyder joined the computer company Gateway, based in Irvine, California, in 1991 as the executive vice president and was named president and chief operating officer in January 1996, a position he held until leaving the company as an employee in August 1997.^[19]

In 1997, Snyder returned to Ann Arbor to found Avalon Investments Inc., a venture capital company with a $100 million fund, along with the co-founder of Gateway, Ted Waitt. Snyder was president and chief executive officer of Avalon from 1997 to 2000. He then co-founded Ardesta, an investment firm, in 2000, becoming chairman and chief executive officer.

From 2005 to 2007, Snyder served as the chairman of the board of Gateway. During 2006, Snyder served as interim chief executive officer while a search for a permanent replacement was made. His tenure on the Gateway board ran from 1991 to 2007 until Gateway was sold to Acer Inc. Snyder has stated he did not vote for outsourcing while he was a Gateway board director and he worked to bring jobs to America as the interim CEO of Gateway.^[20]

Ardesta LLC was founded by Snyder^[21] and three co-founders in 2000 and has invested in 20 start-up companies to date. Snyder also serves on the boards of the U.S. National Historic Landmark Henry Ford Museum and Greenfield Village, the Michigan chapter of the Nature Conservancy, and several boards associated with the University of Michigan.

Michigan gubernatorial election, 2010[link]

Snyder joined Mike Bouchard, the sheriff of Oakland County, state Senator Tom George, Peter Hoekstra, an influential member of Congress from western Michigan, and Michigan Attorney General Mike Cox as candidates for the Republican gubernatorial nomination. Bill Ford Jr., Chairman of the Ford Motor Company, endorsed Snyder for the Republican nomination for governor.^[22][23]

Snyder campaigned as pro-life, pro-Second Amendment, and pro-family, with a focus on helping the economy.^[13] Snyder's campaign emphasized his experience in growing business and creating jobs in the private sector, while his opponents were mainly career politicians.^[24] Snyder is pro-life and favors standard exceptions on abortion for rape, incest, and saving the life of the mother (he signed legislation banning partial birth abortion in October 2011); he opposes federal funding of abortions; he would not ban embryonic stem cell research; he supports upholding traditional marriage, but would allow civil unions.^[25][26]

On August 3, 2010, Snyder won the primary to secure the Republican nomination with a plurality of 36 percent.^[27] In the general election on November 2, 2010, Snyder faced Democratic gubernatorial nominee Virg Bernero, the mayor of Lansing, and three minor party candidates. Snyder, demonstrating cross over appeal, won with 58 percent of the vote.^[28] With Snyder's election in 2010, Republicans gained a majority in the Michigan House and increased the Republican majority held in the Michigan Senate.

Governor of Michigan[link]

Governor Snyder takes the oath from Michigan Supreme Court Chief Justice Marilyn Kelly

Snyder (far right) with (from left to right) United States Deputy Secretary of State Thomas R. Nides, United States Ambassador to Canada David Jacobson, Canadian Minister of State for Science and Technology Gary Goodyear, Governor General of Canada David Johnston, and Canada 2020 Chair Don Newman at the US-Canada Partnership: Enhancing the Innovation Ecosystem conference at the Château Laurier in Ottawa, Ontario, November 2, 2011

Snyder was inaugurated as Governor on January 1, 2011 at the Capitol in Lansing. His first executive order as governor was to divide the Department of Natural Resources and Environment into two distinct departments as they were a few years ago: the Department of Natural Resources and the Department of Environmental Quality.^[29][30]

On January 7, 2011, Snyder announced he was appointing Michigan Supreme Court Justice Maura D. Corrigan to head the Department of Human Services.^[31] and appointed Michigan Appeals Court Judge Brian K. Zahra to fill the resulting Supreme Court vacancy.^[32]

He delivered his first State of the State address on January 19, the earliest Michigan State of the State since Governor Engler's 1996 address on January 17.^[33] Snyder endorsed the Detroit River International Crossing for the first time publicly in the address, which was received favorably by Republicans as well as by many Democrats, including Mark Brewer, the leader of the Michigan Democratic Party.^[34][35] Snyder appointed Andy Dillon, a pro-life Democrat,^[36] and formerly Speaker of the House, to serve as State Treasurer in his administration.

Snyder presented his first budget to the legislature on February 17, 2011,^[37] calling it a plan for "Michigan's reinvention", and saying it would end Michigan's deficits. He also described the budget as containing "shared sacrifice" but added that it would create jobs and economic growth, "while preserving core, essential services and ensuring a safety net for those who are vulnerable".^[37] The $46 billion budget reduced $1.8 billion in spending, eliminated tax exemptions on higher income private pensions, and abolished the state's complex business tax, replacing it with a 6% flat tax on the profits of C corporations. State Senate Minority Leader Gretchen Whitmer criticized the budget, saying that it did not involve "shared sacrifice," but instead was balanced "on the backs of our kids, working families, and our seniors" and "picks out who he’s willing to leave behind."^[38] Snyder supported the government backed rescue of the American auto industry which has gained the support of a 56% of Americans in 2012 according a Pew Research Center poll (63% support in Michigan).^[39][40]

Following approval from the legislature, Snyder signed the fiscal year 2012 budget in June, the earliest it has been completed in three decades.^[41]

In April 2012, Snyder made a surprise trip to Afghanistan to thank and pledge support for U.S. troops. He traveled to Kuwait and then to Germany where he visited injured U.S. soldiers at the U.S. Military hospital.^[42] Snyder has also engaged in trade missions to Europe, Asia, and around the world in order to improve international business relations as well as research and development opportunities associated with Michigan universities.^[43] Snyder has focused efforts to attract companies such as Chrysler.^[44]

In May 2012, Snyder sent a letter to the majority and minority leaders of the U.S. Senate urging Congress to affirm that states can collect sales taxes on online purchases.^[45]

Snyder has been mentioned as a possible pick to be the Republican Party candidate for Vice President of the United States in 2012.^{[46][4][5][6]} Snyder's business executive background and positive style have been cited as assets, with his accomplishments seen as strengthening the case for electing Romney as President.^[8][9][10] Romney's associates have suggested the VP pick is likely to be mild mannered with high integrity and have a similar aptitude for analysis.^[47] Snyder has an extensive career in business and high tech industry; as governor, he abolished the state's complex business tax in favor of a flat tax. Snyder's support for a government backed rescue plan for the American auto industry is shared by 56% of Americans in 2012.^[40][39] A Market Research Group poll conducted in March 2012 showed Snyder's approval rating rising to 50% among likely voters, which matched that of Obama, placing Snyder among the most popular Republican governors in a state carried by Obama in the 2008 election cycle.^[48] Snyder won Michigan with 58% of the vote and has demonstrated a strong cross over appeal. Snyder endorsed Romney prior to the Michigan primary.^[39]

Cabinet[link]

See also[link]

	Biography portal
	Michigan portal
	Politics portal

• List of JD/MBAs

References[link]

External links[link]

Wikimedia Commons has media related to: Rick Snyder

• Michigan Office of the Governor Rick Snyder official Michigan government site
• Michigan Governor-elect Rick Snyder official transition site
• Biography at the National Governors Association
• Biography, interest group ratings, public statements, vetoes and campaign finances at Project Vote Smart
• Biography at WhoRunsGov.com at The Washington Post
• Campaign contributions at FollowTheMoney.org
• Appearances on C-SPAN programs

v t e Governors of Michigan Territorial (1805–1837) Hull Cass Porter Mason Horner State (since 1837) Mason Woodbridge Gordon Barry Felch Greenly Ransom Barry McClelland Parsons Bingham Wisner Blair Crapo Baldwin Bagley Croswell Jerome Begole Alger Luce Winans Rich Pingree Bliss Warner Osborn Ferris Sleeper Groesbeck Green Brucker Comstock Fitzgerald Murphy Fitzgerald Dickinson Van Wagoner Kelly Sigler Williams Swainson Romney Milliken Blanchard Engler Granholm Snyder

This article may be written from a fan's point of view, rather than a neutral point of view. Please clean it up to conform to a higher standard of quality, and to make it neutral in tone. (April 2012)

Obie Trice
Background information
Birth name	Obie Trice III
Born	(1977-11-14) November 14, 1977 (age 34) Detroit, Michigan, U.S.
Genres	Midwest hip hop
Occupations	Rapper, songwriter
Years active	2000–present
Labels	Shady (2000–2008) Black Market Ent. (2010–present)
Associated acts	50 Cent, Akon, D12, Dr. Dre, Eminem, Nate Dogg, Trey Songz, King Gordy,
Website	obietrice.com

Obie Trice III (born November 14, 1977) is an American rapper and songwriter. He began rapping at the age of 11, and is most known for his time spent signed to Shady Records. Obie Trice has formed his own record label, Black Market Entertainment.

Biography[link]

Obie Trice III was born and raised in Detroit, Michigan by his mother, along with three brothers. He is of African American descent. Trice was given a karaoke machine by his mother when he was eleven and he used it to rhyme over instrumentals from artists such as N.W.A. By the age of fourteen, he was attending rap battle spots around Detroit, notably including the Hip Hop Shop, on which Trice commented,

Obie Trice went by the name of Obie 1 during this time, but when he first met Proof, who was about to introduce him at the Hip Hop Shop, Proof asked him, "What's your name? Your real name, no gimmicks." He was then introduced as Obie Trice, and has kept his real name as his rap name.^[2] Trice was introduced to Eminem through D12 member Bizarre. Eminem was impressed when Trice freestyled for him in a car park through a window, whilst Eminem was in a car.^[1] Later, Trice received a call from his manager informing him that he would be having dinner with Eminem, and later that night they went to a Kid Rock party.^[3]

Career[link]

Shady Records (2000–2002)[link]

Trice was officially signed to Shady Records in 2000. He first received public attention via a freestyle skit on the Devil's Night album, followed by the deliverance of the opening line "Obie Trice-real name, no gimmicks", off Eminem's The Eminem Show lead single, "Without Me", as well as the song "Drips".^[4] Later in 2002, Obie rapped on songs for the 8 Mile soundtrack, and also had a cameo appearance in the film as a rapper in a parking-lot.^[1]

Cheers (2003–2004)[link]

Trice's debut album, Cheers, was released on September 23, 2003 with its first single "Got Some Teeth" being well received on radio in a number of countries. He also released the singles "The Set Up" and "Don't Come Down". The album consists of 17 tracks with production from Eminem, Dr. Dre, Timbaland, Mike Elizondo, Emile^{[disambiguation needed ]}, Fredwreck and Mr. Porter. Artists featuring on Cheers include Busta Rhymes, Eminem, 50 Cent, Lloyd Banks, Dr. Dre, Nate Dogg, D12, Tony Yayo, and Timbaland. The album was eventually certified gold by the RIAA.^[5]

[edit] Second Round's on Me and shooting (2005–2007)

In 2005, Trice began work on his second album, entitled Second Round's on Me. The album was released on August 15, 2006. Following the release of Second Round's on Me, he released a mixtape called Bar Shots with G-Unit's DJ Whoo Kid.

Shortly after his label-mate Proof was shot to death in a Detroit nightclub, a song emerged on the mixtape circuit called "Ride Wit Me". The song was dedicated to Proof. Trice made a speech at Proof's funeral, addressing the problem of black-on-black violence:

In the single "Cry Now" from his second album, Trice addresses his shooting, as well as Eminem's rumored retirement,^[7] referenced with the following line, "Rock City is my voice / The white boy has stepped down / So I will accept the crown." Trice also addresses the shooting in the song "Pistol Pistol" from the album Eminem Presents: The Re-up claiming he's after revenge, "I solemnly swear on my daughters tears/The nigga that got him in the head will feel it before the year ends / Hope you inconspicuous my friend / `Cause once the word get back ya in a world of sin / Bullets will hurtle at him for tryin to murder what been determined as the first solo african " and later "I'm so sincere you seein' a hearse this year / it's not a verse it's curse for burstin' what's on ya person". He has since given insight as to why he feels the shooting occurred, and has labeled it "haterism", as well as a bad mind state by saying, "it’s a lot of do-or-die type individuals. They want to get that plug and there’s really more to the game than they think it is [...] it’s competition on a real vicious level."^[8]

Departure from Shady Records (2008–2009)[link]

In June 2008, Obie Trice departed from Shady Records due to concern that he was not being promoted properly. Contrary to public belief at the time of the announcement, Trice did not have a falling out with Eminem or Dr. Dre. Both contributed vocals and production to Trice's upcoming album. A misunderstanding was made where it was believed he was attacking the label and Eminem on a single titled "The Giant" but this was quickly dismissed.^[9]

[edit] Special Reserves (2009–2010)

On December 15, 2009, a compilation album, Special Reserves, by Obie Trice and MoSS, the first producer of DJ Premier's "Works of Mart" production company, was released. The album is a collection of 11 of Trice's tracks recorded with MoSS from 1997 to 2000. The album serves as a preface to Trice's upcoming album, Bottoms Up.

Move to Black Market Entertainment (2010–present)[link]

On April 22, 2010, "Rap Basement" reported that Obie Trice has announced that he would be launching his own independent music label, Black Market Entertainment, on May 7.^[10] The label would be owned by Universal.^[11] An official statement from Trice, in-which Rap Basement received, confirmed "The focus of Black Market Entertainment is to create quality employment opportunities in the entertainment industry for Metro-Detroiters. This will be an organization with profound community presence that will embrace and inspire the masses. The vision of Black Market Entertainment is to continually bring authentic Detroit Urban Hip Hop Culture to the forefront of the music industry."^[10] On May 4, Trice confirmed that Eminem would be a featured guest artist in his upcoming album, "Bottoms Up."^[11]

On August 24, 2010, Trice released a new street single, "My Time 2011," from Bottoms Up via myspace; the track is produced by Geno XO.^[12] The music video was released on March 22, 2011;^[13] footage for the video was filmed at the Black Market Ent. Launch Party.^[14]

On September 2, 2010, Trice announced that he would be hosting "The Black & White" concert after party, following the Eminem & Jay-Z Show at Comerica Park (held the same night), at the Goodnight Gracie's; the party goes from 9pm to 2am.^[15]

On April 5, 2011, another street single from Trice was released, called "Learn to Love." Although some of the lyrics were changed, it was just a remixed version of his song titled "Haters" from his "Bar Shots" mixtape.^[16]

On April 13, Trice released a music video for his song "Keep me/Love me."^[17]

On August 2, 2011, Obie Trice tweeted "OFFICIAL RELEASE DATE FOR "BOTTOMS UP" 10-25-11", which confirmed the release date for the album.^[18]

The first official single from Bottoms Up, "Battle Cry" featuring Adrian Rezza, produced by Lucas Rezza was released on iTunes on August 23, 2011.^[19]

Obie Trice released his tracklist and moved the album to April 3 2012. On March 13 2012 Obie released a mixtape called Watch The Chrome. It is hosted by DJ Whoo Kid.

Personal[link]

Shooting[link]

On December 31, 2005, Trice was shot twice while driving on the Lodge Expressway by Wyoming Avenue in Detroit. One of the bullets entered his head. Trice was able to drive off the expressway, where his girlfriend waved down the police.^[20] He was taken to Providence Hospital and released later that day. Doctors contemplated whether or not to remove the bullet, as it was too dangerous to operate. The bullet is still lodged in his skull.^[8]

Meeting with Michigan State Senator[link]

On April 22, 2011, Trice met with Michigan State Senator, Virgil Smith, Jr., to talk about entertainment ventures. Trice's label is looking for ways to develop the Motor City's collection of local talent.

One topic on the agenda is tax incentives and breaks to production companies who are willing to work in Michigan. Obie would also like the city to receive government subsidies to fund a youth music program. Obie also has plans to create a community recording studio and soundstage to provide local talent with an outlet to develop their talents, he explained his interest in this project, stating,

Discography[link]

Studio albums

• 2003: Cheers
• 2006: Second Round's on Me
• 2012: Bottoms Up

Compilation albums

• 2009: Special Reserve

References[link]

External links[link]

• Official Obie Trice website
• Official Obie Trice Blog
• Obie Trice at the Internet Movie Database
• Obie Trice on Myspace