Bankruptcy Basics
You’ll want to understand the basics of bankruptcy when deciding whether filing for bankruptcy is right for you. The first step is to learn about bankruptcy by reading overview articles explaining what bankruptcy is, the differences between Chapter 7 and Chapter 13 bankruptcy, and how each type of bankruptcy works.
Another essential topic to explore is bankruptcy qualification, and many of our overview articles explain who can file for Chapter 7 and Chapter 13. People with lower incomes—or with higher incomes and significant allowable expenses—will usually qualify for Chapter 7 bankruptcy. Chapter 13 bankruptcy requires regular and often considerable income to qualify.
What you need to know about Chapter 7 and Chapter 13 bankruptcy.
Our bankruptcy guide not only answers your bankruptcy questions but also explains the three types of bankruptcy available, so you can navigate the bankruptcy process successfully when filing for bankruptcy.
Learn when Chapter 7 or Chapter 11 bankruptcy works best for businesses and how bankruptcy rules differ depending on whether an individual or small business files for Chapter 11 vs. Chapter 7 bankruptcy.
Bankruptcy is a powerful tool for debtors, but some kinds of debts can't be wiped out in bankruptcy.
Involuntary bankruptcies are filed by creditors, but are rarely filed against individuals. Learn more.
Learn the difference between a repossession and a charge off and how they're handled in bankruptcy cases.
In exchange for debt relief, Chapter 13 filers pay their discretionary income to creditors during a three- to five-year repayment plan. Learn how the Chapter 13 bankruptcy process works.
Learn how Chapter 7 bankruptcy works, how to qualify by passing the Chapter 7 means test, the debts you can discharge, the property protected by bankruptcy exemptions, the steps in a Chapter 7 case, and more.
Bankruptcy chapters 7 and 13 offer different benefits, but not everyone knows the pros and cons of each filing type. Our handy table explains how both Chapter 7 and Chapter 13 bankruptcy work.
Chapter 12 bankruptcy is a reorganization bankruptcy for family farmers and fisherman.
When you file for bankruptcy, you must list your legal interest in your real estate, including the type of property ownership. Here are some of the common types of property ownership.
When you file for bankruptcy, you fill out a large packet of forms in which you provide detailed information about your debts, property, and finances.
Chapter 7 bankruptcy clears debt like credit card balances, medical bills, past-due rent payments, payday loans, overdue cellphone and utility bills, car loan balances, and even home mortgages in as little as four months.
When you complete your Chapter 13 bankruptcy, most of your debts will be paid fully or eliminated by your discharge. Find out which debts you must pay in Chapter 13 and which bills are erased in Chapter 13 bankruptcy.
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