Remove Asset liquidation Remove Debtor Remove Garnishment
article thumbnail

Colorado Business Bankruptcy: Get Help Now – Avoid Closure & Find Solutions

Debt Free Colorado

Chapter 7 includes many different processes, including: Asset Liquidation: The business’s non-exempt assets are sold off to pay creditors. Discharge of Debts: After liquidation, any remaining unsecured debts are discharged. Asset Protection: Debtors can keep their assets while making payments to the plan.

article thumbnail

What Can I Keep if I File For Chapter 7 Bankruptcy?

Sawin & Shea

Chapter 7 is also known as liquidation bankruptcy because in exchange for receiving a discharge of most kinds of debts, the debtor has to give up non-exempt assets. The Court can sell all nonexempt possessions and assets. Most states have codified what bankruptcy exemptions debtors filing in that state can use.

article thumbnail

What Happens if You Ignore Debt Collectors?

Taurus Collect

Creditors may take legal action to recover the debt, which might result in wage garnishment or a lien against your property. Persistent Contact: Debt collectors may contact debtors through phone calls, emails, letters, or even personal visits. Legal Actions: Ignoring debt collectors can potentially lead to lawsuits.