Bankruptcy

What Is Bankruptcy? - 2025 Rundown

If you're unfamiliar with the bankruptcy process and want to know if you can erase debt while keeping property, start by learning about the differences between Chapters 7 and 13.

What Happens to Mortgages in Bankruptcy

Some homeowners filing for Chapter 7 bankruptcy will lose their homes if they’re behind on mortgage payments or can’t protect all home equity with a bankruptcy exemption. Find out why.

Student Loans in Bankruptcy: The Brunner Test

Getting student loans discharged in a Chapter 7 bankruptcy case is very difficult. For the most part, you must show that repayment would cause you "undue hardship."

Debt Discharge in Bankruptcy: Nondischargeable Debts

Debtors can eliminate or “discharge” many debt types in Chapters 7 and 13, including credit card balances, personal loans, and utility bills. However, bankruptcy doesn’t discharge obligations known as "nondischargeable" debts.

Will Filing For Chapter 7 Bankruptcy Remove A Tax Lien?

Although you can get rid of some tax debts in Chapter 7 bankruptcy, if a tax lien has been recorded against your property, you are unlikely to be able to remove it in Chapter 7 bankruptcy. There are a few exceptions, however.

How Medical Bills Are Treated in Chapter 13 Bankruptcy

Although you must repay some of your medical debts in Chapter 13 bankruptcy, you do this through the protection of your Chapter 13 repayment plan.

Will I Lose My Checking or Savings Account if I File Bankruptcy?

Whether you can keep your savings, checking, or other bank accounts in bankruptcy will depend on whether you can cover the balance with a bankruptcy exemption. If not, you'll likely lose it. Learn why.

Can You Keep Your Retirement Accounts in Bankruptcy?

Under most circumstances, you can keep your retirement accounts, such as 401ks and IRAs, if you file for Chapter 7 bankruptcy. However, for some accounts, the protected amount may be capped.

Will Chapter 7 Bankruptcy Prevent a Car Repossession?

Chapter 7 can temporarily delay the lender from repossessing your car but doesn't offer a permanent solution. Learn more.

Is Bankruptcy a Good Option for Struggling Small Businesses

Each bankruptcy chapter offers unique benefits, and understanding these dynamics will help you choose the best solution for your small business needs. Or, you might find the better choice is filing an individual bankruptcy. Learn why.

What Is a Plan of Reorganization in Chapter 11 Bankruptcy?

Chapter 11 bankruptcy can be a good option for debtors who want to reorganize their debt and keep their assets. A key part of any Chapter 11 case is the debtor’s reorganization plan, which outlines how the debtor will repay creditors.

The Chapter 7 Bankruptcy Process

A typical Chapter 7 bankruptcy case is relatively straightforward. You will spend most of your time completing the bankruptcy petition, schedules, and other forms, which will require you to list your debts, assets, financial transactions, and so on. Once you've filed your paperwork, the bankruptcy trustee takes over your case.

Typical Lawyer Fees in Chapter 7 Bankruptcy

Although attorney fees vary significantly, the average bankruptcy lawyer charges $1,200 to $2,000 for Chapter 7 bankruptcy services. Learn the factors determining the cost you'll pay a Chapter 7 attorney for bankruptcy representation.

Bankruptcy Chapter 7 Means Test

The Chapter 7 means test looks at your income, and in some cases, expenses and debts, to determine whether you could afford to pay back at least some of your debts. If so, you won't be allowed to use Chapter 7.

Debts You Can Wipe Out in Chapter 13 Bankruptcy

If you complete a Chapter 13 repayment plan, you'll receive a bankruptcy discharge eliminating your liability on the remaining balance of qualifying debts. Learn which obligations you can erase in Chapter 13.

How to Calculate a Chapter 13 Monthly Payment

In Chapter 13 bankruptcy, you'll pay your creditors through a three- to five-year repayment plan—but calculating a plan payment can be complicated. We provide a simple shortcut that gives you a ballpark amount you can expect to pay.

How Long Will Chapter 13 Bankruptcy Take?

A Chapter 13 case lasts between three and five years, depending on the length of your repayment plan. The plan payment itself can't last longer than five years. Learn more.

Bankruptcy Chapter 7 Means Test

The Chapter 7 means test looks at your income, and in some cases, expenses and debts, to determine whether you could afford to pay back at least some of your debts. If so, you won't be allowed to use Chapter 7.

The Chapter 7 Bankruptcy Process

A typical Chapter 7 bankruptcy case is relatively straightforward. You will spend most of your time completing the bankruptcy petition, schedules, and other forms, which will require you to list your debts, assets, financial transactions, and so on. Once you've filed your paperwork, the bankruptcy trustee takes over your case.

Is Bankruptcy a Good Option for Struggling Small Businesses

Each bankruptcy chapter offers unique benefits, and understanding these dynamics will help you choose the best solution for your small business needs. Or, you might find the better choice is filing an individual bankruptcy. Learn why.

What Is a Judgment Lien?

A judgment lien is a type of security interest that a judgment creditor can obtain against your property. Below you can learn how a creditor gets a judgment lien, what property the lien can affect, and more.

When Is My Bankruptcy Case Over?

Your bankruptcy doesn’t end when you receive your discharge. Your case is not officially over until the court closes it by entering a final decree or order. Learn more.

California Bankruptcy Exemptions

California bankruptcy exemptions allow you to retain essential property, including your home, car, instruments, retirement accounts, and furnishings. Understand how bankruptcy exemptions function in Chapters 7 and 13.

New York Bankruptcy Exemptions

New York bankruptcy exemptions safeguard property, such as homes, cars, instruments, retirement accounts, and furnishings. Discover how New York bankruptcy exemptions impact assets differently in Chapters 7 and 13.

Florida Bankruptcy Exemptions

Florida bankruptcy exemptions protect assets from bankruptcy creditors, including homes, cars, instruments, retirement accounts, and furnishings. Understand how bankruptcy exemptions function in Chapters 7 and 13.