Evidently you failed finance.
Loans are covered by collateral. In exchange for protection, collateral may be exchanged. Lenders don’t necessarily get stiffed in Chapter 11.
Terms are rearranged so loans and debts can be paid back.Or other property is given in exchange for not shutting the place down.
Happens every day in business. Banks don’t want to run businesses. Better to get half a loaf to day than no loaf tomorrow.
And you still have not answered my original question.
The only reason he went into bankruptcy is. Ecause he couldn’t meet the terms. He couldn’t Mae the payments.
It does happen, it usually doesn’t happen four times to the same person.