Bankruptcy is a way for an individual or business to have their debts legally discharged in the event that they cannot pay them. For example, if your home is being foreclosed upon or your debts have ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Could your debt be reduced or forgiven? Take our financial relief quiz. There is no minimum debt requirement to qualify for Chapter 7 bankruptcy, according to U.S. bankruptcy law. In most cases, it ...

Federal bankruptcy laws were changed in 2005 in an attempt to force more people seeking protection from creditors to pay at least a portion of the bills that pushed them into court. The two main types ...

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. So what determines whether you'll get approved for Chapter 7 bankruptcy?

Could your debt be reduced or forgiven? Take our financial relief quiz. Filing for bankruptcy can come with steep costs, even before your debts are discharged. You’ll need to pay court filing fees, ...

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. But figuring out what counts as too much isn't as simple as checking a ...

Corporations, limited liability companies (LLCs), and other businesses can file for protection under either Chapter 7 or Chapter 11 of the Bankruptcy Code. While a Chapter 11 bankruptcy can lead to ...

Personal bankruptcy generally is considered the debt management tool of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, making ...