The article discusses different types of bankruptcy in the United States and when companies might use them. It also talks about selling assets before filing for bankruptcy. The main U.S. bankruptcy law is the Bankruptcy Act of 1978. When a company files for bankruptcy, it starts a reorganization process. The Bankruptcy Code sets up committees to represent different claimholders. Companies in bankruptcy have to decide if selling the whole company or reorganizing will make more money. Brian Betker found that restructuring through prepackaged bankruptcy can save 3% of total assets in future taxes compared to other methods.