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 ...

Chapter 7 can wipe out overwhelming debt, with notable exceptions such as student loans. Many, or all, of the products featured on this page are from our advertising partners who compensate us when ...

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 ...

Many debtors confuse dismissal with discharge, so it’s essential to check your paperwork to understand your status before ...

Could your debt be reduced or forgiven? Take our financial relief quiz. Find my match Could your debt be reduced or forgiven? Take our financial relief quiz. No minimum amount of debt is required for ...

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While the ideal goal is to rebuild your credit after a bankruptcy filing, you could find the need to file for personal bankruptcy again. There’s no limit to the number of times you can file, but there ...

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Chapter 7 bankruptcy involves discharging debt through liquidation. Chapter 13 bankruptcy focuses on reorganizing debt through a repayment plan that typically lasts three to five years. Filing Chapter ...

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, ...