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Bankruptcy

Bankruptcy is a legal process that allows individuals and businesses to repay their debts or to have their debts forgiven. It is a way for people who are unable to pay their debts to get a fresh start financially. Continue Reading Below

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Encyclopedia Articles

Discover the definition of financial terms related to bankruptcy.

Continuation Statements: Definition, How It Works, and Filing Process Thumbnail

Continuation Statements: Definition, How It Works, and Filing Process

SuperMoney Team

Distressed Borrowers: Definition, Strategies, and Real-life Scenarios Thumbnail

Distressed Borrowers: Definition, Strategies, and Real-life Scenarios

SuperMoney Team

Asset Liquidation Agreements (ALA): Definition, Applications, and Legal Framework Thumbnail

Asset Liquidation Agreements (ALA): Definition, Applications, and Legal Framework

SuperMoney Team

What They Are, How They Work, and Investment Strategies Thumbnail

What They Are, How They Work, and Investment Strategies

Alessandra Nicole

Trust Certificates: Definition, Risks, and Real-World Examples Thumbnail

Trust Certificates: Definition, Risks, and Real-World Examples

SuperMoney Team

What are Senior Notes? Understanding, Types, and Uses Thumbnail

What are Senior Notes? Understanding, Types, and Uses

Alessandra Nicole

Financial Distress: Causes, Signs, and Practical Solutions Thumbnail

Financial Distress: Causes, Signs, and Practical Solutions

Alessandra Nicole

The Dynamics of Reperforming Loans (RPLs): Definition, Impact, and Investment Insights Thumbnail

The Dynamics of Reperforming Loans (RPLs): Definition, Impact, and Investment Insights

Abi Bus

The American Bankruptcy Institute: Definition, Functions, and FAQs Thumbnail

The American Bankruptcy Institute: Definition, Functions, and FAQs

Abi Bus

Whitewash Resolution: Definition, Process, and Application in Finance Thumbnail

Whitewash Resolution: Definition, Process, and Application in Finance

Alessandra Nicole

Page 12 of 24

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Learn About Bankruptcy

Thumbnail for Blog Article: How to Beat a Debt Collector in Court

How to Beat a Debt Collector in Court

Benjamin Locke

Thumbnail for Blog Article: Are Tax Liens Wiped Out in Bankruptcies?

Are Tax Liens Wiped Out in Bankruptcies?

Benjamin Locke

Thumbnail for Blog Article: The Definitive Guide to Chapter 11 Bankruptcy

The Definitive Guide to Chapter 11 Bankruptcy

Andrew Latham

Thumbnail for Blog Article: Chapter 7 vs. Chapter 11 Bankruptcy: What's the Difference?

Chapter 7 vs. Chapter 11 Bankruptcy: What's the Difference?

Emily Africa

Thumbnail for Blog Article: Can You Refinance Your Home After Bankruptcy?

Can You Refinance Your Home After Bankruptcy?

Justin Smith

Thumbnail for Blog Article: Does Bankruptcy Clear Tax Debt? Everything You Need to Know

Does Bankruptcy Clear Tax Debt? Everything You Need to Know

Julie Bawden-Davis

Page 1 of 3

About Bankruptcy

Bankruptcy is a legal process that allows individuals and businesses to repay their debts or to have their debts forgiven. It is a way for people who are unable to pay their debts to get a fresh start financially. In the United States, bankruptcy is governed by federal law, and there are several different types of bankruptcy that a person or business can file for, depending on their specific circumstances. In general, bankruptcy involves the liquidation of some of the debtor's assets in order to pay off their creditors, or the creation of a repayment plan to repay the debts over time. The specific process and outcome of bankruptcy will depend on the type of bankruptcy that is filed and the individual circumstances of the debtor.