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The money earned from these sales then goes to the creditors and any remaining balances on the debts are discharged. In some cases, debt collectors may take legal action by filing a lawsuit against you to obtain a court judgment. The goal is to not leave you completely destitute after filing for bankruptcy.
Unsecured Debts in Chapter 7 Bankruptcy In Chapter 7 bankruptcy , most unsecured debts can be wiped away completely. This type of bankruptcy often eliminates creditcarddebt, medical bills, and personal loans. Chapter 7 bankruptcy remains on credit reports for 10 years.
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