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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.

Derived Investment Value (DIV): Understanding, Calculation, and Applications Thumbnail

Derived Investment Value (DIV): Understanding, Calculation, and Applications

Silas Bamigbola

Wallpaper Securities: Definition, Examples, and Collecting Tips Thumbnail

Wallpaper Securities: Definition, Examples, and Collecting Tips

SuperMoney Team

National Organization of Life And Health Insurance Guaranty Associations (NOLHGA): Explained with Examples and Benefits Thumbnail

National Organization of Life And Health Insurance Guaranty Associations (NOLHGA): Explained with Examples and Benefits

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Bulk Sales Escrow: Safeguarding Creditors' Interests Thumbnail

Bulk Sales Escrow: Safeguarding Creditors' Interests

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Debt Bombs: Definition, Causes, and Real-life Examples Thumbnail

Debt Bombs: Definition, Causes, and Real-life Examples

SuperMoney Team

Asset Valuation Review (AVR): Definition, Process, and Application Thumbnail

Asset Valuation Review (AVR): Definition, Process, and Application

Alessandra Nicole

Tax Attributes: Definition, Mechanisms, and Examples Thumbnail

Tax Attributes: Definition, Mechanisms, and Examples

Alessandra Nicole

Navigating Debt Overhang: Definition, Impact, and Strategic Solutions Thumbnail

Navigating Debt Overhang: Definition, Impact, and Strategic Solutions

Alessandra Nicole

What is a Quasi-Reorganization? Definition, Process, and Implications Thumbnail

What is a Quasi-Reorganization? Definition, Process, and Implications

Alessandra Nicole

SEC Form 1-U: Definition, Requirements, and Real-world Examples Thumbnail

SEC Form 1-U: Definition, Requirements, and Real-world Examples

SuperMoney Team

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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.