Explore how bankruptcy works, its advantages and disadvantages, and its profound impact on debt relief, credit scores, and future financial stability.

Florida-based CMX Cinemas, operating 16 theaters, filed for Chapter 11 bankruptcy protection. The company aims to restructure its finances and reduce debt while continuing operations.

The owners of CMX Cinemas just recently invested in a new state-of-the-art IMAX screen at their One Daytona theater. Here's what locals said about it.

Chapter 7, Chapter 13 and Debt Settlement Definitions The debt relief vs. bankruptcy decision depends a lot on the type of bankruptcy you qualify to file.

In Chapter 13 bankruptcy, your HELOC becomes part of your repayment plan. Chapter 7 is a little trickier, but you can ask to reaffirm the debt — essentially agreeing to keep making payments ...

Personal bankruptcy -- including Chapter 7 and Chapter 13 bankruptcy -- is a last resort for consumers in financial distress, giving them a chance to liquidate their debts and get a fresh start.

This type of bankruptcy is often referred to as liquidation bankruptcy because it allows filers to discharge most unsecured debts in exchange for surrendering certain non-essential assets.

The Chapter 11 bankruptcy documents were filed in the Southern District of Florida Bankruptcy court. They say Tzadik owes hundreds of thousands of dollars to local businesses.

Chapter 13 bankruptcy allows a debtor in your position to keep their property and pay their debts, typically over a three- to five-year period.

Which type of bankruptcy clears all debt? Before you start weighing your options, it's important to understand that no type of bankruptcy will eliminate every single debt you owe.