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Unsecured debt is a type of debt that is not backed by collateral. Quick Summary: Filing for bankruptcy stops all debt collection right away through the automatic stay. The court assigns a trustee to review your case and handle your assets. This process can stop creditors from collecting money from you.
But it can involve assetliquidation, and the discharge is independent of such sales. You should not expect to receive collection notices for unpaid medical bills. Caution is necessary as it involves using your home as collateral. Chapter 7 offers discharge for eligible medical bills.
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