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In the event, you own debt on something or many things and are unable to pay but don’t file for bankruptcy, what can legally be taken away from you? I know it is like a running joke of sorts in cartoons and shows that they just show up and take all your furniture out of your house but that is not how it works, right?
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It is true, they can take anything back from you that you used a card to pay with. Like if you bought 10k worth of furniture and just didn’t pay for any of it. They will take you to court and then seize the property unless you are able to agree to pay a percentage of it in court.
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I don’t know the specifications but you would really need to have a lot of debt to make it work them taking you to court over it. Really, if you can’t pay and you have a lot of debt, you should file for bankrupsy. Don’t just wait and see what happens.
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There is a long process to this before it happens. They make it look quick and simple. Unless you owe money on a house, they can’t just barge in and start taking things or kick you out. They need to do the legal process which can take months or even years.
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