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Creditors may take legal action to recover the debt, which might result in wage garnishment or a lien against your property. Cash Flow Interruptions: Ignored debts can lead to frozen bank accounts or seized assets, significantly hindering daily operations and the ability to conduct business effectively.
If the court grants a judgment in favor of the creditor, they have additional collection options, such as wage garnishment, bank account levies, or placing liens on the debtor’s property. In some cases, debt collectors may take legal action by filing a lawsuit against you to obtain a court judgment.
Once the court approves your case, if you’re eligible by means test, you get a fresh start with some assetliquidation. This legal shield blocks creditors from calling you, stops foreclosure sales, prevents wage garnishments , and halts all collection lawsuits. When you use a credit card, you borrow money from the bank.
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