Although not bankruptcy related, it is useful in my opinion to keep in mind when to use Its versus It’s.
Its is the possessive pronoun; it modifies a noun.
It’s is a contraction of it is or it has.
Incorrect: The cat carried it’s kitten in it’s mouth.
(Possessive pronoun, no apostrophe)Correct: The cat carried its kitten in its mouth.
Correct: I think it’s going to rain today.
(Contraction of it is)Correct: It’s been a very long time.
(Contraction of it has)Source: http://englishplus.com/grammar/00000227.htm