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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.

Fraudulent Conveyance: Types, Examples, and Legal Implications Thumbnail

Fraudulent Conveyance: Types, Examples, and Legal Implications

Silas Bamigbola

Oral Contracts: Definition, Enforceability, and Practical Examples Thumbnail

Oral Contracts: Definition, Enforceability, and Practical Examples

Abi Bus

Retention in Insurance: How It Works and Real-Life Examples Thumbnail

Retention in Insurance: How It Works and Real-Life Examples

Silas Bamigbola

Nondischargeable Debt: What It Is, Determinants, and FAQs Thumbnail

Nondischargeable Debt: What It Is, Determinants, and FAQs

Alessandra Nicole

Credit Events: Definition, Impact, and Risk Management Thumbnail

Credit Events: Definition, Impact, and Risk Management

Alessandra Nicole

Understanding Unlimited Liability Corporations (ULCs): Structure, Tax Implications, and FAQs Thumbnail

Understanding Unlimited Liability Corporations (ULCs): Structure, Tax Implications, and FAQs

Abi Bus

Undercapitalization: Causes, Effects, and Success Stories Thumbnail

Undercapitalization: Causes, Effects, and Success Stories

Silas Bamigbola

Safeguarding your investments: A deep dive into the Securities Investor Protection Corporation (SIPC) Thumbnail

Safeguarding your investments: A deep dive into the Securities Investor Protection Corporation (SIPC)

Alessandra Nicole

IRS Publication 908: Understanding Bankruptcy Taxation Thumbnail

IRS Publication 908: Understanding Bankruptcy Taxation

Silas Bamigbola

Bankruptcy Financing: What It Is, How It Works, and Pros & Cons Thumbnail

Bankruptcy Financing: What It Is, How It Works, and Pros & Cons

Alessandra Nicole

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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

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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.