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Yazd Travel on Boom and bust bankruptcy. The boom and bust economy of the 1980s and 1990s caused record numbers of corporations and individuals to declare bankruptcy. The leniency of modern bankruptcy laws has made it, to some people’s viewpoint, an attractive alternative to actually repaying creditors. Many of the world’s most well-known companies have filed for bankruptcy, including Continental Airlines, Texaco, and LTV Steel. In 1997, nearly 1.4 million people filed for personal bankruptcy, an average of one for every 76 American households. Most people filing for bankruptcy now use Chapter 7 liquidation, which discharges all unpaid debts, but does not allow creditors to place a lien on property or garnish wages. Yazd Travel 2016.