Bankruptcy Basics

Start here to learn about bankruptcy. Get the information you need to determine if bankruptcy can help you.

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If you are deciding if bankruptcy is right for you, the first step is to learn about bankruptcy. Here you'll find overview articles explaining what bankruptcy is, the difference between Chapter 7 and Chapter 13 bankruptcy, how each type of bankruptcy works, and what bankruptcy can and cannot do.

Bankruptcy Basics

What Is Bankruptcy?
In bankruptcy, you can eliminate or repay some or all of your debts.
Bankruptcy FAQ
Answers to common questions about Chapter 7 and Chapter 13 bankruptcy.
What Bankruptcy Can and Cannot Do
Bankruptcy is a powerful tool, but it has limits.
The 2005 Bankruptcy Law: Changes to Chapter 7 and Chapter 13
Learn about the major changes brought about by the 2005 bankruptcy law.
Involuntary Bankruptcy
Involuntary bankruptcies are rarely filed against individuals. Learn more.
Special Protections for the Military: Bankruptcy, Foreclosure & Debt Collection
Articles on special rules for servicemembers in bankruptcy, foreclosure, and debt collections.
Bankruptcy Rules
Articles on the basic rules of bankruptcy.

An Overview of Bankruptcy: Chapter 7, Chapter 13 & Chapter 12

An Overview of Chapter 7 Bankruptcy
Learn how Chapter 7 works.
An Overview of Chapter 13 Bankruptcy
Learn how Chapter 13 works.
What Is the Difference Between Chapter 7 and Chapter 13 Bankrutpcy?
Check out our handy table listing the differences between Chapter 7 and Chapter 13 bankruptcy.
Chapter 12 Bankruptcy: Farmers & Fishermen
Chapter 12 bankruptcy is a reorganization bankruptcy for family farmers and fisherman.
Bankruptcy Questions & Answers
Find answers to common questions about bankruptcy.

The Bankruptcy Discharge LEARN MORE

Usually, the goal of bankruptcy is to wipe out debts. Learn which debts will be discharged, which will remain, and what happens if the trustee or creditor objects to your discharge.

Dischargeable Debts in Chapter 7 Bankruptcy
Learn which debts you can get rid of with Chapter 7 bankruptcy.
Dischargeable Debts in Chapter 13 Bankruptcy
Find out which debts get discharged at the end of your Chapter 13 repayment period.

Definitions of Legal Terms and Concepts

Common Types of Real Property Ownership
When you file for bankruptcy, you must list your legal interest in your real estate. Here are some of the common types of property ownership.
Types of Liens
Figuring out what type of lien a creditor has can be tricky in some situations. Here are the options.
What is an Unsecured Debt?
Learn about unsecured debts -- what they are and how creditors can collect on them.
What is a Secured Debt?
Learn about secured debts and how creditors can collect them.
When Credit Card Debt Is Secured
Credit card debt is usually unsecured. But there are some exceptions. Be sure to read the fine print of your credit card agreement.
When Is a Bankruptcy Claim Contingent, Unliquidated, or Disputed?
When completing the bankruptcy petition, you need to know if a debt is contingent, unliquidated, or disputed. Here's what that means.
What Is a Deficiency Balance?
Learn what a deficiency balance is.

Listen to the Podcast

If you're thinking about Bankruptcy, spend a few minutes listening to this podcast by attorney Stephen Elias which highlights the basics of the new bankruptcy law.

Bankruptcy Basics
Learn about the new bankruptcy laws, including the means test, income requirements and other new rules.

Nolo's Bankruptcy Books

The New Bankruptcy: Will It Work for You?
Is bankruptcy the right solution for your overwhelming debts? Pick the best strategies for your situation with the information and practical suggestions in this book by best-selling author Stephen Elias.

How to File for Chapter 7 Bankruptcy
The reliable, up-to-date information in this best-selling book will help you successfully complete your bankruptcy claim without breaking the bank.

Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time
This comprehensive guide explains the Chapter 13 process, from start to finish.

Bankruptcy for Small Business Owners: How to File for Chapter 7
With this book, you can assess the financial condition of your business, determine whether you should declare bankruptcy, and complete the bankruptcy paperwork.

Divorce & Bankruptcy