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 ...

Chapter 7 bankruptcy is faster and cheaper than Chapter 13 bankruptcy, but it could involve selling your assets. Many, or all, of the products featured on this page are from our advertising partners ...

Lucas Downey is the co-founder of MoneyFlows, and an Investopedia Academy instructor. Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in ...

Chapter 7 bankruptcy involves liquidating a debtor's non-essential assets to repay creditors. Chapters 11 and 13 are more expensive and longer than Chapter 7, but you can keep your assets. Chapter 7 ...

Chapter 13 bankruptcy is often referred to as “wage earner’s bankruptcy” or “repayment plan bankruptcy.” It’s a type of bankruptcy used by individual consumers—specifically those who are having ...

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 ...

Filing for bankruptcy can feel like a financial lifeline when you’re drowning in debt, but not everyone qualifies. Understanding what might block your path to bankruptcy is crucial before you start ...

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, ...

Filing for bankruptcy should be a last resort, but it can give you a fresh start. There are different kinds of bankruptcy you can file; the one you choose depends on what you’re eligible for and how ...