What is it like to declare bankruptcy?

Bankruptcy is a last resort for people and businesses, including Gawker Media, the company that owns this site. Many companies, like United Airlines and General Motors, file for bankruptcy and continue business as usual. Individuals file for bankruptcy and often emerge in one piece, too. read more

A Chapter 7 bankruptcy liquidates your assets to pay off as much of your debt as possible. The cash from your assets is distributed to creditors like banks and credit card companies. Within four months, you will receive a notice of discharge. The record of your bankruptcy will stay on your credit report for ten years. read more

A declaration of bankruptcy is not posted online or in the newspapers, so only people that you tell will know that you filled for bankruptcy. It will be over relatively quickly. In a chapter 7 bankruptcy, the process usually takes 6 to 8 months, but your involvement usually ends after 3 months and the rest of that time is just a waiting period. read more