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 ...

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 ...

There are two main types of business bankruptcies in the U.S.: Chapter 7, or “liquidation bankruptcy,” and Chapter 11, or “rehabilitation bankruptcy.” Learn how they differ.