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 ...

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 ...

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 ...

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 ...

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. So what determines whether you'll get approved for Chapter 7 bankruptcy?

LIT International Group, Inc., a Boston-based women’s boutique clothing chain, files for Chapter 7 bankruptcy to sell off its ...