Remove Asset liquidation Remove Garnishment Remove Loans
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What Can I Keep if I File For Chapter 7 Bankruptcy?

Sawin & Shea

If the court grants a judgment in favor of the creditor, they have additional collection options, such as wage garnishment, bank account levies, or placing liens on the debtor’s property. In some cases, debt collectors may take legal action by filing a lawsuit against you to obtain a court judgment.

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What Debts Can Bankruptcy Eliminate: Examples of Unsecured Debt

Debt Free Colorado

Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate. Student loans, child support, recent taxes, and court fines must be paid in full. This type of bankruptcy often eliminates credit card debt, medical bills, and personal loans. Some debts stay with you even after bankruptcy.

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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. Cash Flow Interruptions: Ignored debts can lead to frozen bank accounts or seized assets, significantly hindering daily operations and the ability to conduct business effectively.