Remove Credit Counselor Remove Debtor Remove Garnishment Remove Secured Creditor
article thumbnail

10 Common Questions About Bankruptcy

Debt Free Colorado

This type of bankruptcy does not stop secured creditors from seizing your property, so if you have money to pay the debt, this isn’t the best option to take. This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment.