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What is bankruptcy?

What is bankruptcy? A: Bankruptcy is a legal process that may discharge you from most of your debts, subject to reasonable conditions.Once you declare bankruptcy, your unsecured creditors cannot take any further steps to recover the money you owe them. Q: Who can declare bankruptcy? A: Anyone who owes more than $1,000 and is unable […]

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I read on one of your other pages where you talk about “secured” and “unsecured” debts. What’s the difference?

Q: I read on one of your other pages where you talk about “secured” and “unsecured” debts. What’s the difference?  A: “Secured” debt is backed up by some kind of collateral, which reduces the risk for your lender. Your mortgage, for instance, is a secured debt because the value of the house itself means the […]

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