Secured vs Unsecured Debt: Everything You Need to Know
Sawin & Shea
NOVEMBER 15, 2023
In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay. One of the benefits of declaring bankruptcy is that debt collectors cannot try to collect on debts that were discharged in bankruptcy.
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