Filing for bankruptcy is often the last recourse of businesses and individuals who are no longer solvent. Historically, bankruptcy has been around far longer than most business models. In fact, the Yassa, a code of law written made by Genghis Khan, stipulated that anyone who declared bankruptcy three times would be put to death. Spain's Philip II declared a state bankruptcy in four different years - 1557, 1560, 1575, and 1596. In so doing, he made Spain the first sovereign country to declare bankruptcy. In modern times, the concept of bankruptcy fraud was introduced to stem the growing number of establishments and people who are quick to declare bankruptcy. This section can be a valuable resource on matters pertaining to bankruptcy.