If you’re trying to make sense of bankruptcy jargon and hoping to understand the differences between the different types of bankruptcies, particularly Chapter 7 and Chapter 13, you’ll want to read on.

Chapter 7 bankruptcy is a legal process designed to help people who genuinely cannot pay their debts. It’s often called “liquidation bankruptcy” because it can involve selling some property to pay ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Thomas J Catalano is a CFP and Registered ...

If you’re exploring bankruptcy, that probably means your debt situation is serious. It can be really frustrating to find out that bankruptcy cases cost money. If you had money, you might not need ...

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. But while pursuing this type of debt relief can be a smart move in ...

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 ...

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Chapter 7 bankruptcy comes with several important limitations that ...

*Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” allows people to discharge most unsecured debts. This includes medical bills, payday loans, and credit card balances. A trustee may sell ...