The type of filing determines the fate of the company and its shares:

: Tickers for bankrupt companies often have a "Q" appended to the end (e.g., "WXYZQ") to signal the bankruptcy status.

When a company files for bankruptcy, its shares typically continue to trade, but the environment changes significantly:

: Investors with hybrid equity-debt holdings.

: Major exchanges like the NYSE or Nasdaq often delist companies that file for bankruptcy.

: Some brokerages, such as Fidelity or Public , may restrict trading in these stocks or require special permissions due to volatility and low liquidity. The "Waterfall" of Payouts