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

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 ...

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 ...

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 ...

*Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” allows people to discharge most unsecured debts. This includes medical bills, payday loans, and credit card balances. A trustee may sell ...

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, ...

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to ...