This type of bankruptcy can provide significant relief, but you should know how much debt is required to qualify.

Tupperware Brands plans to file for bankruptcy as early as this week, according to a Bloomberg report citing people familiar with the company.

Tupperware, the iconic brand that was once a staple of American kitchens, filed this week for bankruptcy, citing what it called "macroeconomic challenges." Nancy Chen takes a look at the role it played in defining American innovation.