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Liabilities are all your debts. This includes revolving debt (credit card balances), installment debt (auto loans, student loans, personal loans), mortgages, and any other money you owe, such as medical bills or back taxes.
After an account becomes severely delinquent (usually around 180 days past due), the original creditor may write it off as a loss and either sell the debt to a collection agency for a fraction of its value or hire an agency on a contingency basis to collect it.
Closing a credit card removes that account's credit limit from your overall calculation. If you have any balances on other cards, your overall utilization ratio will instantly increase because your total available credit has decreased. It is often better to keep old, unused accounts open.
Programs are usually temporary, lasting from 3 to 12 months. Some may be extended if the hardship persists, but this is not guaranteed.
Set small, achievable milestones and celebrate them (e.g., paying off a specific credit card). Visual trackers can show your progress. Remember your "why"—the financial freedom and reduced stress you are working toward.