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Unsecured personal loans — loans not backed by collateral — and loans from friends, family or employers are eligible for discharge. Plus, 403(b) loans also qualify for discharge under both a ...
Unsecured debts are sometimes called signature debt or personal loans. [2] These differ from secured debt such as a mortgage , which is backed by a piece of real estate. In the event of the bankruptcy of the borrower, the unsecured creditors have a general claim on the assets of the borrower after the specific pledged assets have been assigned ...
Debt consolidation loan: This is a type of personal loan. Some loans are secured, meaning you need collateral in exchange for funds, but most are unsecured. Each loan comes with its own repayment ...
The goal of declaring bankruptcy varies, but usually involves the dissolution of burdensome unsecured debt (as in Chapter 7 bankruptcy) or debt restructuring or repayment (as in Chapter 11 or ...
More rarely, personal bankruptcy proceedings are carried out under Chapter 11. The ultimate goal of personal bankruptcy, from the viewpoint of the debtor, is receiving a discharge. [2] In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3]
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. [1] This commonly refers to a personal finance process of individuals addressing high consumer debt, but occasionally it can also refer to a country's fiscal approach to consolidate corporate debt or government debt. [2]
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