Citing losses that could exceed 80 percent in one of its hedge funds, the Australian firm Basis Capital Fund Management filed for bankruptcy protection on Wednesday.

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Aug. 30 (Bloomberg) — Australia’s Basis Capital Fund Management Ltd. sought bankruptcy protection for its second- biggest hedge fund, stoking concern that defaults on U.S. subprime mortgages will force more global debt-market investors to sell assets.

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The thought of going bankrupt is generally something that most people don’t consciously consider doing. However, the reality of today is that more and more people are not only considering bankruptcy; they are actively seeking it. Various forms of bankruptcy such as chapter 13 and chapter 11 are being exercised by people throughout the country today.

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Sanford-based Federal Trust Bank and two other out-of-state banks announced Friday that they had filed a petition to force Maitland-based TransLand Financial Services Inc. into involuntary bankruptcy.

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