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What is liquidation bankruptcy? Liquidation bankruptcy is another name for Chapter 7 bankruptcy. What this means is that people who file for Chapter 7 bankruptcy may have their assetsliquidated to appease creditors. However, only non-exempt assets are liquidated and this process rarely happens.
This where knowing Colorado unsecured debt examples can be helpful. Unsecured debt is a type of debt that is not backed by collateral. If you fail to pay, creditors cannot take your belongings. In this article, we will explore the types of unsecured debts that bankruptcy can erase. Unsecured debt can be stressful.
The Court can sell all nonexempt possessions and assets. The money earned from these sales then goes to the creditors and any remaining balances on the debts are discharged. Debt collectors may also report delinquent accounts to credit bureaus, which can negatively impact your credit score.
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