I think this is circular reference (though the question isn’t explicit about this information.)
One way to solve this problem is to manually invoke garbage collection. When you manually run garbage collector, it will sweep circular referenced objects too.
import gc
for i in xrange(10000):
j = myObj()
processObj(j)
#assuming count reference is not zero but still
#object won't remain usable after the iteration
if !(i%100):
gc.collect()
Here don’t run garbage collector too often because it has its own overhead, e.g. if you run garbage collector in every loop, interpretation will become extremely slow.