The means test assesses your ability to repay debts to determine eligibility for Chapter 7 bankruptcy. You automatically pass the means test if your household income is under your state's median ...

Drowning in debt? Both Chapter 7 and Chapter 13 bankruptcy could offer relief, but they work very differently.

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Thomas J Catalano is a CFP and Registered ...

Could your debt be reduced or forgiven? Take our financial relief quiz. There is no minimum debt requirement to qualify for Chapter 7 bankruptcy, according to U.S. bankruptcy law. In most cases, it ...

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 ...

Bankruptcy filings have been climbing as Americans continue to grapple with several looming economic issues, including persistent inflation and high interest rates on borrowing options. When you ...

Emily Norris is the managing editor of Traders Reserve; she has 10+ years of experience in financial publishing and editing and is an expert on business, personal finance, and trading. Companies in ...

Mark Henricks has written on mortgages, real estate and investing for many leading publications. He works from Austin, Texas, where he engages in songwriting, wilderness backpacking, whitewater ...

Bankruptcy is one of those topics that nobody wants to become an expert in, but sometimes you have no choice. The good news is that compared to 2021, there have been fewer bankruptcies in the U.S. in ...