{"ok":true,"canonical_url":"https://dealroom.so/glossary/bankruptcy-filing","api_url":"https://dealroom.so/api/public/glossary/bankruptcy-filing","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"bankruptcy-filing","term":"Bankruptcy filing","group":"People and paperwork","definition":"This is the formal legal process where an individual or business declares inability to repay debts. For a buyer, a past bankruptcy can affect your creditworthiness and SBA loan eligibility.","what_it_means":"Lenders will review your personal credit history, including any bankruptcy filings, during underwriting. A recent bankruptcy, especially a Chapter 7, can be a major hurdle for SBA loan approval. Be transparent and prepared to explain the circumstances surrounding any past filings.","url":"https://dealroom.so/glossary/bankruptcy-filing","official_sources":[{"slug":"sba-form-1919","title":"SBA Form 1919 — Borrower Information Form","official_url":"https://www.sba.gov/document/sba-form-1919-borrower-information-form","official_label":"View on SBA.gov","authority_tier":4,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sba-form-1919"},{"slug":"sop-50-10","title":"SOP 50 10 — Lender and Development Company Loan Programs","official_url":"https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs","official_label":"View on SBA.gov","authority_tier":2,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sop-50-10"}],"related":[{"slug":"bankruptcy","term":"Bankruptcy","url":"https://dealroom.so/glossary/bankruptcy"},{"slug":"credit-report","term":"Credit report","url":"https://dealroom.so/glossary/credit-report"},{"slug":"derogatory-mark","term":"Derogatory mark","url":"https://dealroom.so/glossary/derogatory-mark"},{"slug":"personal-financial-statement","term":"Personal financial statement","url":"https://dealroom.so/glossary/personal-financial-statement"}],"related_questions":[{"question":"How does a recent personal bankruptcy filing affect my eligibility for an SBA 7(a) loan?","url":"https://dealroom.so/sba-7a/questions/how-does-a-recent-personal-bankruptcy-filing-affect-my-eligibility-for-an-sba-7-a-loan"},{"question":"How does the SBA generally treat a 7(a) loan applicant with a prior bankruptcy filing?","url":"https://dealroom.so/for-lenders/questions/how-does-the-sba-generally-treat-a-7-a-loan-applicant-with-a-prior-bankruptcy-filing"},{"question":"Is a UCC-1 filing sufficient to perfect a lien on business assets?","url":"https://dealroom.so/for-lenders/questions/is-a-ucc-1-filing-sufficient-to-perfect-a-lien-on-business-assets"},{"question":"If a lender obtains a blanket lien, what are the key UCC filing requirements for interstate operations?","url":"https://dealroom.so/for-lenders/questions/if-a-lender-obtains-a-blanket-lien-what-are-the-key-ucc-filing-requirements-for-interstate"},{"question":"What if I have declared personal bankruptcy in the past?","url":"https://dealroom.so/sba-loans/basics/what-if-i-have-declared-personal-bankruptcy-in-the-past"},{"question":"How does a prior personal bankruptcy impact SBA 7(a) loan eligibility?","url":"https://dealroom.so/sba-7a/questions/how-does-a-prior-personal-bankruptcy-impact-sba-7-a-loan-eligibility"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Bankruptcy filing","url":"https://dealroom.so/glossary/bankruptcy-filing","source_type":"DealRoom Data"}}