Ready to say goodbye to student loan debt for good? Learn More
X

Filing for Bankruptcy

1 minute read Upsolve is a nonprofit that helps you get out of debt with education and free debt relief tools, like our bankruptcy filing tool. Think TurboTax for bankruptcy. Get free education, customer support, and community. Featured in Forbes 4x and funded by institutions like Harvard University so we'll never ask you for a credit card.  Explore our free tool


In a Nutshell

Although filing for bankruptcy can be a difficult decision to make, it is also a solution that will release you from crippling debt. Learn everything you need to know here before you get started.

Written by the Upsolve Team
Updated January 23, 2024


If you’ve been drowning in debt, filing for bankruptcy can be a real legal lifeline. And, the reality is, many Americans are desperately in need of a helping hand when it comes to their finances. When you file for bankruptcy, it is a major step in the right direction toward financial freedom. It not only releases you from the liability of debt, but it also allows you to regain control of your life.

What is Bankruptcy?

Bankruptcy is a solution for those suffering from the burden of debt that cannot be paid in the foreseeable future. It is a court proceeding that can release you from unpaid bills and allow you to have a fresh start. There are three types of bankruptcy.

  • Chapter 7 Bankruptcy: If you qualify for Chapter 7 bankruptcy, you can be discharged from a variety of debts and/or debts will be revolved by liquidating assets. However, filing for bankruptcy excludes obligations like child support or tax debt.

  • Chapter 11 Bankruptcy: Chapter 11 Bankruptcy involves restructuring the debt. A repayment plan will be created to pay for all loans or other debt that has occurred.

  • Chapter 13 Bankruptcy: Chapter 13 Bankruptcy is different than Chapter 7 Bankruptcy because it does not completely forgive your debt. It is built for individuals with a steady income. A plan will be developed to pay all or part of the debt. Chapter 13 Bankruptcy can prevent foreclosure or car repossession.

Upsolve Member Experiences

1,914+ Members Online
Jo Pagett
Jo Pagett
★★★★★ 1 day ago
Upsolve was fast and easy from start to file was about a week and no money paid there needs to be more sites like this for help in all financial areas
Read more Google reviews ⇾
Christopher Gonder
Christopher Gonder
★★★★★ 1 day ago
Very cost effective compared to spending thousands of dollars on an attorney, fortunately it was rather simple and quick to file everything since I don't have much that needed to be filed. Overall, great alternative for those who are limited on funding and need to file for bankruptcy.
Read more Google reviews ⇾
Meredith Cooper
Meredith Cooper
★★★★★ 2 days ago
This is an amazing service! They provide you with all the assistance that you need, from beginning to end. The clerk at the bankruptcy court office said, “Upsolve is a wonderful service. The folks that use them always come in completely prepared.” I totally agree, and this service saved me thousands of dollars! Having them available, helped to relieve my stress/anxiety level.
Read more Google reviews ⇾

Who Files for Bankruptcy?

Many people have reasons for declaring bankruptcy from illness to divorce to a job loss, and much more. However, typically an individual or business who has far more debts than money to cover the debt are the ones who file for bankruptcy. If you are someone who is looking for financial freedom, know that you are not alone. Most Americans are suffering from debt and are looking for a way out. And, just like for many individuals, bankruptcy may be the right solution for you.

Should I Declare Bankruptcy?

Deciding if you should file for bankruptcy isn’t an easy yes or no answer. Because it is a big decision to make, it is important to first weigh all of your options. However, a good rule of thumb is if you can’t repay your debt in 5 years, then filing for bankruptcy may be the right option for you. If you are considering declaring bankruptcy, our team at Upsolve can help. We offer a completely free bankruptcy filing tool and access to expert attorneys to low income individuals. And, if you don’t quality for our free services, we can set you up with a paid attorney that will conduct a free consultation to see if filing for bankruptcy is the right option for you. Complete our quick and easy evaluation form to see which of our services you qualify for.



Written By:

The Upsolve Team

Upsolve is fortunate to have a remarkable team of bankruptcy attorneys, as well as finance and consumer rights professionals, as contributing writers to help us keep our content up to date, informative, and helpful to everyone.

It's easy to get debt help

Choose one of the options below to get assistance with your debt:

Considering Bankruptcy?

Our free tool has helped 14,891+ families file bankruptcy on their own. We're funded by Harvard University and will never ask you for a credit card or payment.

Explore Free Tool
14,891 families have filed with Upsolve! ☆
or

Private Attorney

Get a free evaluation from an independent law firm.

Find Attorney

Learning Center

Research and understand your options with our articles and guides.

Go to Learning Center →

Already an Upsolve user?

Read Support Articles →
Y-Combinator

Upsolve is a 501(c)(3) nonprofit that started in 2016. Our mission is to help low-income families resolve their debt and fix their credit using free software tools. Our team includes debt experts and engineers who care deeply about making the financial system accessible to everyone. We have world-class funders that include the U.S. government, former Google CEO Eric Schmidt, and leading foundations.

To learn more, read why we started Upsolve in 2016, our reviews from past users, and our press coverage from places like the New York Times and Wall Street Journal.