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Old debts can be like cancer. Many consumers became victims to the Great Depression of 2008 where they lost their businesses, jobs, and homes where they fell behind on their bills and had many defaults against their creditors. Millions of Americans had to seek employment where they were overqualified for jobs and many had to take more than 50% or more in wage cuts. Times pass and most hard working Americans have recovered but the economy is still in trouble and most do not make the kind of money they used to make. Those who have not filed bankruptcy and still have outstanding unpaid debts and collection accounts with balances and judgments, can still go about their daily lives and re-establish their credit but at any time a collection account or judgment creditor can pop up and cause misery to the person's life. If old bill collectors and judgment creditors leave you alone and the debts and judgments remain dormant until the statute of limitations pass, you do not have to file bankruptcy. However, if the collection agency and judgment creditor all of a sudden decide to pursue further collection activities such as wage garnishment, freezing your bank accounts, or trying to put a lien on your house, you may be forced to file bankruptcy. Here is an article about bankruptcy that may help you:



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