Debt Elimination: Advice, Hints, and TipsUseful Information about Debt Elimination |
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In a Chapter 7 bankruptcy, when the individual files a petition with the bankruptcy court, there is an automatic stay put on all creditors. This means that the creditors have to go through the bankruptcy court to obtain repayment. In some instances if the debt is secured, the creditor can obtain relief from the court. Unsecured creditors like credit card companies will usually getnothing.
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