As the phenomenon of Bankruptcy imposes important economic, social and political consequences on different groups of society, companies bankruptcy has been always considered as one of the main concerns for investors, creditors and governments, so that timely detection of companies that are about to be bankrupt, can largely prevent possible beneficiaries' losses. The development of models to predict bankruptcy has always been of interest to the academic community and businesses firms as an important issue and has also attracted the attention of researchers. Investigations related to bankruptcy predictions have taken a serious look since 1960, so today we see numerous and different techniques for predicting bankruptcy. The purpose of this research is to have a review on bankruptcy theories, provide non-native models and methods for predicting bankruptcy.