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Understanding what debts bankruptcy can eliminate is important. This where knowing Colorado unsecureddebt examples can be helpful. Unsecureddebt is a type of debt that is not backed by collateral. In this article, we will explore the types of unsecureddebts that bankruptcy can erase.
Quick Summary: Healthcare-related debts such as medical bills become dischargeable through bankruptcy (Chapter 7 and 13). But it can involve assetliquidation, and the discharge is independent of such sales. Chapter 13 entails a three to five-year repayment plan for gradual medical debt payment.
Chapter 7 includes many different processes, including: AssetLiquidation: The business’s non-exempt assets are sold off to pay creditors. Discharge of Debts: After liquidation, any remaining unsecureddebts are discharged. This includes inventory, equipment, and real estate.
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