Filing for bankruptcy isn't a decision that most people take lightly, and for good reason. Not only does a bankruptcy have a significant impact on your finances, but you must also meet specific ...

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 ...

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 ...

Corporations, limited liability companies (LLCs), and other businesses can file for protection under either Chapter 7 or Chapter 11 of the Bankruptcy Code. While a Chapter 11 bankruptcy can lead to ...