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Creditors may take legal action to recover the debt, which might result in wage garnishment or a lien against your property. Negotiate with Suppliers and Lenders: Discuss terms with your suppliers and lenders for more favorable payment plans or interest rates before you find yourself in a position where debt becomes unmanageable.
Unsecured debt is money you owe not tied to any specific asset. This means the lender can take no property, like a house or car if you do not pay. Instead, lenders rely on your promise to pay back the money. A required meeting happens about 30 days after filing, where you answer questions about your finances under oath.
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