If I file for Chapter 7 bankruptcy, is anyone likely to object?

The point of filing a Chapter 7 bankruptcy is to wipe out your debts. In most Chapter 7 bankruptcy cases, debts are discharged at the end of the bankruptcy. In some cases, creditors or the bankruptcy trustee can challenge whether a particular debt can be discharged, or even whether all of your debts can be discharged in bankruptcy. These are called objections to discharge.

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I stopped paying my credit cards. Does this mean a debt collector can take my house or my car?

That’s not exactly the way the process works. By law, if you owe a debt that has not been paid, such as a credit card debt, student loan debt, or unpaid medical debt, and you have assets, those assets can be taken to pay your unpaid bills. However, this process is not an automatic one. There are many legal steps that have to happen before your house or your car could be taken.

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