Chapter 7 bankruptcy is a legal process designed to help people who genuinely cannot pay their debts. It’s often called “liquidation bankruptcy” because it can involve selling some property to pay ...

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 are in a tough spot right now when it comes to debt. According to the latest Household Debt and Credit Report, the total household debt hit $18.2 trillion in Q1 2025, and credit card ...

Chapter 7 bankruptcy is faster and cheaper than Chapter 13 bankruptcy, but it’s not the best option for everyone. Many, or all, of the products featured on this page are from our advertising partners ...

In a bankruptcy petition filed under Chapter 7, a debtor is seeking to obtain a discharge of outstanding debt. The discharge serves as a permanent injunction against otherwise potential collection ...

The average American household currently carries over $7,000 in credit card debt, and for a large number of borrowers, other debts, like medical bills and personal loan debts, are also piling up amid ...

These bankruptcy filings from U.S. Bankruptcy Court, District of Minnesota were filed in August. Chapter 7 filings are a form of bankruptcy that involves total liquidation of assets. Chapter 13 ...