Take a bankruptcy self-filing quiz

Filing for Chapter 7 bankruptcy can be complex

Debtors must know whether their liabilities are secured or unsecured and what type of assets they have. They also need to know what a filing can and can’t help them with.

Calculate: Do you need to file for bankruptcy?

About 77% of American households had some debt at the end of 2023. However, when debt becomes crushing, it's time to consider a management plan or a bankruptcy filing. This calculator helps explore whether debt is manageable based on inputs like medical debt, payday loans, and gross annual income.

For some debtors without assets that can be sold or returned, filing for bankruptcy can provide a path toward a clean slate

However, the bankruptcy process does not apply to several types of common debt, including money owed toward child support or alimony payments. Most debtors also do not qualify for relief from student loan payments.

Some people make too much money to file for Chapter 7 bankruptcy

Chapter 7 is the most popular type of filing for individuals needing relief. However, to be eligible, debtors must pass an income means test. At the most basic level, they must prove that their average monthly income over six months is below their state’s median. But there are exceptions.

Bankruptcy is a legal way to manage overwhelming debt, whether for individuals, corporations, or even local governments

Chapter 7 is for liquidating personal assets to clear debts, Chapter 13 allows a repayment plan for individuals, and Chapter 11 lets businesses reorganize to stay afloat.

Every year, nearly 500,000 bankruptcies are filed in the US

From personal hardships to major corporate collapses like Enron and Bed Bath & Beyond, filing for bankruptcy isn't a quick fix or a “get-out-of-jail-free” card—it’s a complex, structured process offering debt relief or repayment options.

Brush up on your bankruptcy vocab

The technical term for what happens when a court removes a debtor’s obligation to repay money owed is “discharge.” An “automatic stay” is what goes into place once a filing occurs to prevent a debtor from facing lawsuits, evictions, and other negative consequences until the process wraps up.

Credit scores seriously suffer when individuals file for bankruptcy, and there’s no easy fix

Those who file for Chapter 7 must wait 10 years before the bankruptcy is removed from their credit report. For Chapter 13, the wait time is seven years.

Chapter 7 and Chapter 11 filings can impact common stockholders

Publicly traded companies don’t file for bankruptcy out of nowhere—there are typically warning signs in a stock’s performance, quarterly earnings calls, and US Securities and Exchange Commission filings.

There’s an artificial intelligence model trained on bankruptcy law

Although it's designed for lawyers, the tool is able to help everyday browsers synthesize important cases and point users to relevant documents about them. One sample using it asks Chatlaw to explain the significance of a recent case and then to define relevant terminology.

The history of bankruptcy in the US dates back to the signing of the Constitution

In 1787, this founding document gave Congress the right to establish nationwide bankruptcy laws. Legislators took advantage of that power in 1800 when they passed the Bankruptcy Act of 1800, the first comprehensive bankruptcy law at the federal level.

Are you burned out? Take this quiz

Have you ever wondered if what you’re experiencing is burnout, or just stress? This Psychology Today quiz may help you decide if you need to explore more mental health resources. You don’t have to create an account to take the quiz. Simply answer the questions and provide your ZIP code.

Smart tips for making the most of your 401(k)

There’s a lot of advice about handling a 401(k), but it can be mired in disclaimers and legalese. Come prepared to your financial advisor or accountant by watching this informative take on how to properly use a 401(k), from consolidating plans to some of the most common errors.

What it's like to do your own taxes for the first time

Most Americans across the country have one thing in common: They hate doing their taxes. Many use an accountant or an online service like TurboTax to avoid doing taxes themselves. In this video, two journalists decide to do their taxes on their own for the first time.

Test your ETF knowledge

A 10-question quiz from the SEC allows investors to test their basic knowledge about exchange-traded funds and their investing counterparts, mutual funds. Here’s a sample question: Is the past performance of a fund a good indicator of future results? (Hint, the answer is no).

How to prepare your finances for a layoff

Getting laid off is often unexpected—but that doesn't mean you can't plan for the worst, financially speaking. This article provides a few key tips on how and when to get your finances in order if you're worried about being laid off, such as looking into the cost of replacing employer-sponsored benefits like healthcare. Read more here.

A guide to emotionally preparing to found a company

Founding a company comes with more than just logistical challenges—it's a daunting emotional task, too. In this article, a psychologist breaks down how first-time founders can prepare for the mental pressure of starting a company.

Master the banking basics

Before deciding on a credit union, it’s important that you understand the basics. That way you can know exactly what’s happening with your hard-earned money behind the scenes. Flip through these flashcards to make sure you understand key terms like “deposit” and “checking account.” Then, you can read up on top banking products and start to find a credit union that works for you. Click here, then scroll down the page to find the cards.

Play the role of a student as you try to navigate college and remain debt-free

People who take out payday loans often know they are a bad deal

Despite common criticism that payday lenders take advantage of uninformed borrowers, some people who take out payday loans know they are usually a bad deal, but often feel like they don't have any other options. Payday loans are often considered a symptom of poverty. (Some users may experience a paywall.)

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

It’s not always clear whether a will or a trust is the best for an individual estate

While trusts are typically more expensive to set up than a will, they also help beneficiaries avoid specific types of taxes, depending on the type of trust. Wills typically go through probate, whereas trusts do not. An article offers a list of questions to consider when deciding between the two.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public.

Can you pass the US Civics quiz?

To become a naturalized US citizen, you must answer 10 questions out of a pool of 100, with at least six being correct in order to pass. It's commonly said that many natural-born American citizens would likely not do so well on the test. To get a sense of the questions asked, challenge yourself with 10 civics questions with this fun quiz from the AP to see how you'd do on the all-important naturalization test.

Getting prequalified or preapproved for a loan is typically step one in securing a home loan

While prequalification and preapprovals give buyers an idea of the type of loan offer they might expect, the prequalification process is much more straightforward than getting preapproved. However, some real estate agents require buyers to get preapproved, and some sellers may take a buyer's offer more seriously.

A 1992 personal finance book helped inspire the FIRE movement

"Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence" by Vicki Robin and Joseph Dominguez argued that people should prioritize consuming less and living better.

How presidential candidates prepare for TV debates

One of the most significant performances of a politician's life is the televised debate, which requires the kind of preparation only an actor would be familiar with. This article dives into some of the recent history around debate prep norms, including how every campaign chooses someone to act like the opponent in mock debates—often to comical effect.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Search a massive database of over 4 decades of clues from the TV quiz show 'Jeopardy!'

About 12.5% of US adults experience a phobia in their lifetime, a diagnosis that hinges on the intense fear interfering with daily life and persisting for at least six months.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Watch the cumbersome, but necessary, precautions healthcare workers must take to care for and protect themselves while caring for Ebola patients.

When you complete a CAPTCHA on a website to prove you are human, you may be unknowingly training algorithms for self-driving cars, whose systems require training data to help identify crosswalks, bicycles, and other outdoor objects.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

Explore an interactive map built from more than 100,000 survey responses on where people find joy in their lives

Meet the 56 signers of the Declaration of Independence—most of whom didn't put pen to paper until August 2, 1776—and see their original signatures.

This poison ivy knowledge quiz—accompanied by photos of the plant's varied forms—may help you identify this common rash-inducing growth.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.

Take a 3D tour of the Hajj, Islam's annual pilgrimage to Mecca, undertaken by more than 1.5 million Muslims each year.

Telehealth demand for GLP-1s for weight loss is booming as consumers seek easier access.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

The Brothers Grimm were lawyers before they were storytellers, but became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

The Ramones' 'Pet Sematary,' the theme song for the Stephen King novel of the same name, was written while the band was admiring the writer's collection of horror memorabilia.

Explore a list of the 100 best novels of all time, compiled by some of the world's best living writers, including Salman Rushdie, Stephen King, and Jennifer Egan.