Bankruptcy is a legal status or process in which individuals, businesses, or organizations declare themselves unable to repay their outstanding debts to creditors. It is a means to seek financial ...

Filing Chapter 7 bankruptcy is a serious financial decision for individuals who have large amounts of debt they likely won’t ever be able to repay. Though filing for Chapter 7 ultimately gives you a ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Americans are in a tough spot right now when it comes to debt. According to the latest Household Debt and Credit Report, the total household debt hit $18.2 trillion in Q1 2025, and credit card ...

Could your debt be reduced or forgiven? Take our financial relief quiz. Filing for bankruptcy can come with steep costs, even before your debts are discharged. You’ll need to pay court filing fees, ...

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. But what does that bankruptcy reset button mean for the debt collectors ...