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Known as exempt assets, these are the things you may keep when you file for Chapter 7 bankruptcy. 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.
Studentloans, 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. Once the court approves your case, if you’re eligible by means test, you get a fresh start with some assetliquidation.
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