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So what on earth is the purpose of a business liquidation Chapter seven? The intent is just to dismantle the business within an orderly fashion liquidating the property to pay for the creditors relatively.
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According to the CFPB, “A lot of the financial debt collectors, who work underneath contracts in the Instruction Division and weren’t discovered through the CFPB, threatened borrowers with lawsuits even though they'd no intention of suing. Some used get in touch with scripts and letters that misled borrowers about the advantages of repaying their defaulted federal scholar financial loans. Misleading borrowers with regards to their debts is normally unlawful under the Fair Personal debt Assortment Practices Act.”
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