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Bankruptcy

Bankruptcy

Bankruptcy is a legal declaration of the inability of a person to pay its creditors.

Top Questions Asked on ChaCha.com for Bankruptcy

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  1. What is chapter 11 bankruptcy?

    A reorganization bankruptcy, usually involving a corporation ...

  2. What is the best way to file for bankruptcy?

    The most popular is the chapter 7 (which is a straight or liq...

  3. Did best buy file chapter 11 bankruptcy?

    No, Best Buy did not file Chapter 11. Thanks for using ChaCha...

  4. What is the average cost to file chapter 7 bankruptcy in Oklahoma?

    Filing fee for Chapter 7 is $299.00 The filing fee for Chapte...

  5. Which shows up worse on a credit report bankruptcy or debt consolidation?

    Declaring bankruptcy is worse for your credit than debt conso...

  1. Can I get financed for a home loan after a bankruptcy?

    You can get approved for a home loan after bankruptcy. The ba...

  2. What is chapter 11 bankruptcy?

    A reorganization bankruptcy, usually involving a corporation ...

  3. How long does bankruptcy effect your credit?

    Bankruptcy will affect your credit for seven years. ChaCha on!

  4. Did best buy file chapter 11 bankruptcy?

    No, Best Buy did not file Chapter 11. Thanks for using ChaCha...

  5. When did Blockbuster file for bankruptcy?

    Blockbuster Inc. is planning to file for bankruptcy 9/23/2010...

  1. What is chapter 11 bankruptcy?

    A reorganization bankruptcy, usually involving a corporation ...

  2. Is there a bankruptcy that can stop home foreclosure?

    A Chapter 13 bankruptcy creates an automatic stay that will t...

  3. Should I file for bankruptcy?

    This is a personal decision greatly influenced by amount of d...

  4. What does Chapter 11 bankruptcy involve?

    Chapter 11 bankruptcy is when corporations must sell off thei...

  5. Can I get financed for a home loan after a bankruptcy?

    You can get approved for a home loan after bankruptcy. The ba...

Top Questions Asked on ChaCha Mobile for Bankruptcy

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  1. How long does a bankruptcy stay on your credit record?

    Consumer reporting companies are permitted to list bankruptcy...

  2. What happens when you declare bankruptcy?

    Debts are erased, and it will be hard to get credit or loans....

  3. What is the difference between chapter 7 and 13 bankruptcy?

    Chapter 7 bankruptcy eliminates all your unsecured debts. Cha...

  4. Can anyone file bankruptcy?

    Anyone in the United States can file for bankruptcy, but it i...

  5. What happens if you file bankruptcy?

    Bankruptcy is a legal process. The result differs if you file...

  1. What happens when you file for bankruptcy?

    Bankruptcy is designed to help debtors, and even in a bankrup...

  2. What is chapter 11 bankruptcy?

    A reorganization bankruptcy, usually involving a corporation ...

  3. What is the difference between chapter 7 and 13 bankruptcy?

    Chapter 7 bankruptcy eliminates all your unsecured debts. Cha...

  4. How long does a bankruptcy stay on your credit record?

    Consumer reporting companies are permitted to list bankruptcy...

  5. What is a chapter 13 bankruptcy?

    A Chapter 13 filing is for consumers with assets they don't w...

About Bankruptcy

Bankruptcy is a legal proceeding involving a person or business that is not able to repay their outstanding debts. The bankruptcy process begins with a petition filed by the debtor or on behalf of the creditors.

All of the debtor's assets are measured and evaluated and those assets are then used to repay whatever amount they can towards the debtors outstanding debts. Upon the successful completion of bankruptcy proceedings, the debtor is relieved of the debt obligations incurred prior to filing for bankruptcy.

Bankruptcy offers an individual or business a chance to start fresh by forgiving the debts that they simply cannot pay while offering their creditors a chance to obtain some measure of repayment based on what assets are available.

Bankruptcy filings in the United States can fall under one of several chapters of the Bankruptcy Code, such as Chapter 7 (which involves liquidation of assets), Chapter 11 (company or individual reorganizations) and Chapter 13 (debt repayment with lowered debt covenants or payment plans).

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A man wears 3D glasses to play a game on the VRX simulator powered by Nvidia at the International Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 11, 2012. The US photography giant Eastman Kodak, fighting to keep bankruptcy at bay, announced this week a major restructuring to speed up its transformation into a digital company. The host of CES, the Consumer Electronics Association, has forecast worldwide spending on consumer electronics to surpass $1 trillion this year for the first time with smartphones and tablet computers leading the way.

A photo of Twinkies, made by Interstate Brands is viewed on January 11, 2012 in Washington,DC. Hostess Brands, the baker of Twinkie cakes and other iconic American foods, filed for bankruptcy protection Wednesday after failing to win concessions on union contracts. Founded in 1930, Hostess owns brands that were emblematic of American food for generations. Its popular Twinkie, a snack cake with a creamy filling, was launched that year. The company claims its Wonder bread, a vitamin-enriched sliced bread, was the first 100 percent natural bread available across the United States.

NEW YORK, NY - JANUARY 10: Hostess products are viewed on the shelf at a grocery store on January 10, 2012 in New York City. Hostess Brands Inc., the owner of such iconic brands as Twinkies and Wonder Bread,is preparing to file for Chapter 11 bankruptcy protection as soon as this week. The privately held Irving, Texas, company currently employs roughly 19,000 people and carries more than $860 million in debt. The company has been experiencing high labor costs and rising prices for sugar, flour and other ingredients.

Italian Industry Minister Corrado Passera (C) reacts in front of Welfare Minister Elsa Fornero (R) and Defense Minister Gianpaolo Di Paola at the Senate on December 22, 2011. Italian senators prepared to give final approval on December 22 to austerity tax increases and pension reforms in a bid to avoid bankruptcy for the eurozone's third largest economy as a recession looms.

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Bankruptcy