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This how debt law works pretty much everywhere. Creditors have the right to seize virtually any assets to cover their outstanding loans.
by bleepblorp 6y ago
This how debt law works pretty much everywhere. Creditors have the right to seize virtually any assets to cover their outstanding loans.
- kube-system 6y agoThis is one area where the US has really good protections. Even most people that file Chapter 7 (liquidation bankruptcy) in the US don't lose any assets. Courts will generally only liquidate investment accounts, vacation homes, high-dollar collectibles, etc. They won't take your primary home, car, typical personal possessions, etc.