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If you had a payment arrangement and you breached it by bot being able to pay as agreed, the creditor would have a right to pursue the amount owed due to the breach. Thus, you would technically have no "recourse" against the creditor since you breached the agreement. BUT, if the creditor comes after you and sues....then tries to garnish your wages, etc., you would have the ability to file bankruptcy and have the debt discharged as an unsecured debt.
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