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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.

National Foundation for Credit Counseling (NFCC): Definition, How It Works, and Services Thumbnail

National Foundation for Credit Counseling (NFCC): Definition, How It Works, and Services

SuperMoney Team

The Role of a Bankruptcy Trustee: Understanding Chapter 7, 11, and 13 Filings Thumbnail

The Role of a Bankruptcy Trustee: Understanding Chapter 7, 11, and 13 Filings

Abi Bus

Judgment Proof: Definition, Real-Life Examples, and Strategies Thumbnail

Judgment Proof: Definition, Real-Life Examples, and Strategies

Silas Bamigbola

Blocked Accounts: Types, Examples, and Practical Insights Thumbnail

Blocked Accounts: Types, Examples, and Practical Insights

SuperMoney Team

Deficiency Judgments: Its Meaning and How to Navigate Them Thumbnail

Deficiency Judgments: Its Meaning and How to Navigate Them

Rasana Panibe

Red Ink: Definition, Origins, and Examples Thumbnail

Red Ink: Definition, Origins, and Examples

SuperMoney Team

Preferred Debt: Definition, Examples, and Implications Thumbnail

Preferred Debt: Definition, Examples, and Implications

Silas Bamigbola

Encumbered Securities: Understanding, Examples, and Strategic Maneuvers Thumbnail

Encumbered Securities: Understanding, Examples, and Strategic Maneuvers

Silas Bamigbola

What Is a Special Purpose Vehicle (SPV)? Enron Example Thumbnail

What Is a Special Purpose Vehicle (SPV)? Enron Example

SuperMoney Team

Impaired Insurers: Definition, Implications, and Examples Thumbnail

Impaired Insurers: Definition, Implications, and Examples

SuperMoney Team

Page 7 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.