Comparison should include

the major causes of personal bankruptcy, such as small-business failure, impulse or emotional spending, failure to plan and budget, illness or injury, external factors (e.g., pandemic)
evaluation of the terms of voluntary and involuntary bankruptcy and the effect each has on an individual’s financial future
explanation of the advantages and disadvantages of bankruptcy
assessment of the need for legal advice in bankruptcy cases
identification of bankruptcy laws and their implications for personal finance
identifying what is not dismissed in bankruptcy (e.g., student loans, child support, taxes).
defining the most common chapters of bankruptcy
- Chapter 7—liquidation of assets to pay debts, does not involve the filing of a plan of repayment
- Chapter 13—reorganization bankruptcy, includes a court ordered plan to repay debt in three to five years
- Chapter 11—business reorganization bankruptcy; if a business goes bankrupt, secured creditors get paid first (i.e., before employees).