What is bankruptcy?

Bankruptcy is a legal proceeding in which the court system assists you in liquidating your debt through a Chapter 7 or Chapter 13. Chapter 7 is full liquidation of your debts and Chapter 13 is a court ordered repayment plan for a portion of your debt. You should contact a bankruptcy attorney in your state of residence for more information on this legal process.

<< Back To Financial Training Center

My ex-boyfriend and I share credit card debt, who is responsible for paying it?
What is a debt resolution plan?
What is an action plan?
How much credit card debt is too much?
How can I get a copy of my credit report?
How can I establish credit?
What is a credit score?
I'm making my monthly credit card payments and not using my card anymore, why isn't my debt getting any smaller?
What is the Fair Debt Collection Practices Act (FDCPA)?
What is debt settlement?
What is the difference between secured and unsecured debt?
What is bankruptcy?
What is a debt management plan?
What is debt consolidation?