Bankruptcy is a legal term that often induces fear and confusion in the minds of individuals and businesses struggling with mounting debts. It is essentially a legal recourse designed to provide those ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Americans filed hundreds of thousands of bankruptcy petitions over the past year, with Chapter 7 representing a large percentage of those cases. That makes sense considering that Chapter 7 is ...

Bankruptcy exemptions determine what property you can keep, so knowing these limits is crucial before you file.

In a Chapter 7 bankruptcy, creditors can seize certain assets to repay the debts you owe. However, exceptions allow debtors to retain some of their assets (or at least part of the asset’s value).

This bankruptcy timing rule could determine whether you keep recent payments or lose them to creditors. Here's why.