Bankruptcy is a legal term that often induces fear and confusion in the minds of individuals and businesses struggling with mounting debts. It is essentially a legal recourse designed to provide those ...

Bankruptcy is a federal court process designed to assist consumers and businesses in eliminating their debts or repaying them under the protection of the bankruptcy court. There are two primary types ...

In a Chapter 7 bankruptcy, creditors can seize certain assets to repay the debts you owe. However, exceptions allow debtors to retain some of their assets (or at least part of the asset’s value).