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

Bankruptcy refers to a legal process that individuals or businesses can undertake when they are unable to repay their debts. It is a formal declaration that an individual or organization is unable to ...

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 ...

*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, ...

Filing Chapter 7 bankruptcy, however, means the company will be liquidated. A buyer could emerge that continues operations, but the company can just as easily be sold for parts. Opa, a ...