Brush up on your bankruptcy vocab

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.

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.

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.

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.

Take a bankruptcy self-filing quiz

If a debtor is considering filing for Chapter 7 bankruptcy, it may be tempting to take a do-it-yourself approach to avoid attorney or preparer fees. However, experts caution that this could come back to bite filers. A quiz can help would-be filers explore whether their cases are complex enough to necessitate a lawyer.

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.

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.

How to get out of debt

This article provides a few helpful tips for getting out of debt, such as learning more about the debt itself and asking for better interest rates. It also explains the popular "debt snowball" and "debt avalanche" methods for getting out of debt. Curious to learn more? Read the full article here.

In 2025, the 'two strikes and you're out' rule took effect to protect consumers from repeated attempts to withdraw money

After years of being delayed by litigation, a 2024 US Supreme Court ruling upheld a law that prevents lenders from attempting to take payments from accounts with insufficient funds more than twice without reauthorization. This tactic is commonly used by payday loan companies, which technically require repayment on the day borrowers receive their paychecks.

Tom Petty used bankruptcy to change the music industry

In order to resolve a dispute over how a label was treating him as an artist, he self-produced an album and racked up $500K in debt. The resulting bankruptcy filing allowed him to start a new contract with the label on more favorable terms.

Probate is a legal process that determines if someone’s will is valid

The executor of the will in question not only collects estate assets, but also pays outstanding taxes and more. Grantors sometimes opt for a revocable trust instead of a will so their assets avoid probate in the event of their death.

Refinancing a mortgage is when a homeowner exchanges their current loan for a new one

Homeowners typically refinance to secure a lower interest rate and potentially a new loan term length. Debt owed on mortgages made up about 70% of US consumer debt as of 2025.

An explanation of hard credit checks vs. soft credit checks

Some buy now, pay later services do a soft credit check rather than a hard credit check, like credit card companies would do when someone applies for a card. While hard credit checks can impact your credit score, soft pulls typically do not.

Escrow is when a third party holds on to the money during a financial negotiation between two other parties

In the homebuying process, escrow typically happens while the buyer and the seller negotiate the terms of the sale. Escrow accounts can also be used to hold a buyer’s money when making payments on their loan.

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.

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.

Visualizing the financial troubles of FTX at the time of its bankruptcy

Just before Sam Bankman-Fried declared FTX bankrupt in November of 2022, he sought to raise funds quickly to try to save the cryptocurrency exchange. As part of that attempt, he sent around a glimpse of the exchange's current balance sheet, which showed the company had liabilities of $9 billion with only $900 million in liquid assets. Check out the visualization here.

The federal debt ceiling 101

The debt ceiling periodically takes center stage as Congress debates whether to increase or suspend this self-imposed limit on its borrowing authority. Learn the basics on this crucial feature of US fiscal policy with this Q&A.

Watch what happens if you commit tax evasion, from phone calls to property seizure

Tax Day is one of the most dreaded days for working Americans. The IRS responds differently to late filings and late payments. If you don't file at all, the IRS might freeze your assets.

A star investment banker was fired, launching a decade-long court fight

Star bankers are the core of an investment banking firm's business, so when Perella Weinberg let their restructuring guru Mike Kramer go in 2015, he sued, launching a ten-year legal fight.

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.

Wrestling terms you need to know

Wrestling may be scripted, but it’s built on its own vocabulary. From "babyfaces" and "heels" to "kayfabe" and "finishers," this explainer breaks down the key terms that shape what fans see in the ring—and what’s really going on behind the scenes.

What is a lien?

A lien is a legal claim or right to someone else's property, such as a home. For instance, if someone wins a lawsuit against you and they can’t immediately collect the money you owe them, they might have the right to file a lien against your property.

Non-use or lapsed filings can cause a trademark to expire

Going more than three consecutive years without using a trademark can be considered abandonment—which means the trademark falls into the public domain and someone else could potentially file for the trademark. Besides non-use, not maintaining the paperwork or paying the fees can result in a terminated trademark.

Explore jury nullification, the little-known power that lets jurors ignore the law and acquit anyway

When jurors disagree with a law, they can simply vote to acquit regardless of the evidence; however, this practice is rare, and the legal system actively discourages it. This podcast traces its history from a Quaker prayer meeting in London to the LA riots.

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

Not all speech in the United States is protected

This page explains the categories of speech—including defamation, incitement, true threats, fraud, and obscenity—the Supreme Court has placed outside First Amendment protection and how courts determine which standard to apply when speech is challenged.

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.

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

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.

The use of fungi to detoxify land and water—a process known as mycoremediation—has been used to clean up natural resources affected by the 2025 California wildfires.

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

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

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.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

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.

Ebola is a filovirus, meaning it resembles a thread under a microscope, though it sometimes twists and can resemble a bowl of spaghetti.

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.

A vending machine run with Anthropic's AI went out of business after it was convinced to give away items for free and sell a video game console.

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.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

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

Shooting stars, or meteors, are fragments of asteroids and comets that burn up as they enter Earth's atmosphere, creating streaks in the sky called meteor showers.

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

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.

Volcanoes 'die' when their supply of magma runs out, if they are shifted away from their underlying magma reservoir, or if they get clogged by collapsing or their magma cooling back into rock.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

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

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

The Mona Lisa's celebrity status and repeated restorations have obscured what made the painting so revolutionary for its time