Learn the essentials of bankruptcy, including eligibility, timelines, and alternatives, to make informed financial decisions.

Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing ...

As sad as it can be, restaurants have to declare bankruptcy sometimes for myriad reasons. There are several types of bankruptcy, but these two fit restaurants.

*Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” allows people to discharge most unsecured debts. This includes medical bills, payday loans, and credit card balances. A trustee may sell ...

Bankruptcy can help you get a fresh start, but some types of debt aren't alleviated when you file for bankruptcy. Several others are very difficult to get discharged.

Americans are in a tough spot right now when it comes to debt. According to the latest Household Debt and Credit Report, the total household debt hit $18.2 trillion in Q1 2025, and credit card ...