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Bankruptcy Basics

Bankruptcy is a legal process meant to give people a fresh start by relieving burdensome debts. In a Chapter 7 bankruptcy, for example, the debtor’s property is liquidated and the proceeds paid to his or her creditors. In a Chapter 13, on the other hand, the debtor creates a repayment plan and repays his or her debts in accordance with it. Once the bankruptcy process is complete, the filer typically is released from personal liability for most debts. Find introductory information on bankruptcy below, including a more detailed definition of bankruptcy, information on changes to bankruptcy laws, and the key distinctions between the most common forms of personal bankruptcy.

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