Will the whole debt be forgiven? Sample Clauses

Will the whole debt be forgiven?. If the collateral’s value does not cover the entire amount owed, the creditor could seize the property and still continue legal action against the debtor on the remain- ing debt. Creditors are sometimes willing to negotiate this point. In return for a vol- untary liquidation of collateral, the creditor may forgive the remaining debt. Debtors should be sure to get any agreement like this in writing.
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