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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.

Debtor in Possession (DIP): Definition, Uses, and Case Studies Thumbnail

Debtor in Possession (DIP): Definition, Uses, and Case Studies

SuperMoney Team

Cram Up: Definition, Types, and Real-Life Examples Thumbnail

Cram Up: Definition, Types, and Real-Life Examples

SuperMoney Team

Chapter 12 Bankruptcy: A Deep Dive into Reorganization Strategies and Real-life Success Stories Thumbnail

Chapter 12 Bankruptcy: A Deep Dive into Reorganization Strategies and Real-life Success Stories

SuperMoney Team

Bankruptcy Laws: Chapter 10 Overview, Reorganization, and Alternatives Thumbnail

Bankruptcy Laws: Chapter 10 Overview, Reorganization, and Alternatives

Alessandra Nicole

Debt/Equity Swaps Explained: How They Work, Benefits, and Examples Thumbnail

Debt/Equity Swaps Explained: How They Work, Benefits, and Examples

Alessandra Nicole

Reaffirmation Agreement: How It Works in Chapter 7 Bankruptcy Thumbnail

Reaffirmation Agreement: How It Works in Chapter 7 Bankruptcy

Andrew Latham

Cancellation of Debt (COD): Process, Tax Implications, and Examples Thumbnail

Cancellation of Debt (COD): Process, Tax Implications, and Examples

Silas Bamigbola

Credit Counseling: Understanding, Benefits, and Real-life Cases Thumbnail

Credit Counseling: Understanding, Benefits, and Real-life Cases

Silas Bamigbola

Credit Scoring: Definition, Working, and Real-Life Examples Thumbnail

Credit Scoring: Definition, Working, and Real-Life Examples

SuperMoney Team

Chapter 11 Bankruptcy: How Companies Restructure and Survive Thumbnail

Chapter 11 Bankruptcy: How Companies Restructure and Survive

Andrew Latham

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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.