When you file for bankruptcy, you’re basically telling a federal court that you can’t afford your debts and you need ...

Chapter 7 bankruptcy is a legal process designed to help people who genuinely cannot pay their debts. It’s often called “liquidation bankruptcy” because it can involve selling some property to pay ...

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. As a result, personal bankruptcy inquiries surged nationwide in the ...

Could your debt be reduced or forgiven? Take our financial relief quiz. There is no minimum debt requirement to qualify for Chapter 7 bankruptcy, according to U.S. bankruptcy law. In most cases, it ...

Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing ...

Elysse Bell is a finance and business writer for Investopedia. She writes about small business, personal finance, technology, and more. Vikki Velasquez is a researcher and writer who has managed, ...

If you’re getting hounded by creditors, facing foreclosure on your home or feeling overwhelmed by debt in other ways, bankruptcy might be the answer. Filing for bankruptcy has lasting ramifications on ...