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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.

Workout Agreements: Understanding, Examples, and Global Perspectives Thumbnail

Workout Agreements: Understanding, Examples, and Global Perspectives

Silas Bamigbola

The Dynamics of Forced Selling: Understanding, Examples, and Considerations Thumbnail

The Dynamics of Forced Selling: Understanding, Examples, and Considerations

Abi Bus

Unencumbered Assets: Definition, Advantages, and Real-World Scenarios Thumbnail

Unencumbered Assets: Definition, Advantages, and Real-World Scenarios

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Balancing Deficiency: Definition, Impact, and Negotiation Thumbnail

Balancing Deficiency: Definition, Impact, and Negotiation

Alessandra Nicole

Overleveraging: Causes, Consequences, and Real-world Lessons Thumbnail

Overleveraging: Causes, Consequences, and Real-world Lessons

Silas Bamigbola

The Cramdown Process in Chapter 13 Bankruptcy: Definition, Application, and Considerations Thumbnail

The Cramdown Process in Chapter 13 Bankruptcy: Definition, Application, and Considerations

Abi Bus

Second-Lien Debt: Definition, Risks, and Success Stories Thumbnail

Second-Lien Debt: Definition, Risks, and Success Stories

SuperMoney Team

Moratoriums: Definitions, Examples, and Impact Thumbnail

Moratoriums: Definitions, Examples, and Impact

SuperMoney Team

Writ of Attachment: Function, Types, and Case Studies Thumbnail

Writ of Attachment: Function, Types, and Case Studies

SuperMoney Team

Special Situations Investing: Definition, Strategies, and Real Examples Thumbnail

Special Situations Investing: Definition, Strategies, and Real Examples

Silas Bamigbola

Page 9 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

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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.