Definition of Bankruptcy. Bankruptcy is a legal status or process in which individuals, businesses, or organizations declare themselves unable to repay their outstanding debts to creditors.

Bankruptcy is a legal tool to help you manage overwhelming debt. Common types include Chapter 7 and Chapter 13. Learn whether bankruptcy is right for you.

Bankruptcy: Definition & When To File. By Nicholas Rossolillo – Updated Apr 17, 2025 at 12:22AM Key Points. Bankruptcy is a legal process to ...

Learn what bankruptcy is, the different types, and how it affects your finances. Find out the steps involved in filing for Chapter 11, Chapter 13, and Chapter 7 bankruptcy.

Chapter 7 bankruptcy is the simplest form of bankruptcy, also known as liquidation. The bankrupt party must sell off all its assets, then a court decides which creditors get paid and in what order.

Chapter 11 bankruptcy allows a debtor—typically a corporation, a sole proprietorship, or a partnership—to outline a plan of Skip to main content PREMIUM PRODUCTS ...

23andMe filed for bankruptcy. What it means for your data The California biotech firm said in a statement that it is hoping to find a buyer to address its ongoing financial struggles.

Senate 23andMe bankruptcy prompts Cornyn-Grassley-Klobuchar bipartisan bill to protect sensitive genetic data Cornyn, Grassley and Klobuchar want to add genetic information to the definition of ...

The bankrupt health system has filed lawsuits against roughly 170 vendors, seeking to claw back millions of dollars it paid in the weeks and months before it filed for Chapter 11 protection last year.

September 16, 2024 - In In re CTE 1 LLC, No. 19-30256, opens new tab, the United States Bankruptcy Court for the District of New Jersey (Judge Papalia) held that constructive notice of certain ...

The United States is insolvent. That’s not hyperbole, it’s a financial fact. We’re not bankrupt, at least not yet, and there’s a big difference between the two.