Americans filed hundreds of thousands of bankruptcy petitions over the past year, with Chapter 7 representing a large percentage of those cases. That makes sense considering that Chapter 7 is ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

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).