Bankruptcy is a legal process designed to relieve debt that a borrower cannot repay. It offers individuals and businesses a fresh financial start by liquidating assets or establishing a payment plan.

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).

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...

A man who sued a credit reporting agency and several banks for listing his accounts as outstanding even after declaring bankruptcy is still bound by arbitration agreements with those creditors, a ...

Discover who preferred creditors are, how they get prioritized in bankruptcies, and examples of types like employees and tax authorities.

Asking for a friend (no, really). If a person files for bankruptcy, and it is subsequently dismissed (that is, not deemed an appropriate bankruptcy case by the court), and the person has some large ...

Genesis HealthCare has until Dec. 27 to agree to new bankruptcy bid terms with its creditors — ideally naming a new bidder to beat — or face two highly unwelcome alternative sale possibilities.

A significant claim against FTX EU — previously known as K-DNA Financial Services —has been transferred to FTXcreditor in the latest development in the FTX bankruptcy case. The transfer has the ...