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Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like studentloans, child and spousal support, and newer tax debt. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.
How Late Can You Be on a Mortgage Loan Payment? How Late Can You Be on StudentLoans? Car Repossession It’s important to realize that an auto loan is a type of secured loan. The vehicle you purchase serves as collateral for the loan. How Late Can You Be on StudentLoans?
Quasi in rem: Quasi in rem judgments consider the legalrights of individuals and not necessarily all parties involved. This is known as wage garnishment. When your employer receives the proper legal notice, they must withhold a percentage of your wages. The Consumer Credit Protection Act caps these types of garnishments.
Debt collectors have a legalright to pursue the collection of personal debt within the bounds of the law. In some cases, debt collectors may take legal action by filing a lawsuit against you to obtain a court judgment. Known as exempt assets, these are the things you may keep when you file for Chapter 7 bankruptcy.
On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of studentloan payment reinstatement. The CFPB found that studentloan borrowers are increasingly likely to struggle once their monthly studentloan payments are reinstated.
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