Remove Chapter 13 bankruptcy Remove Garnishment Remove Personal loans Remove Secured Creditor
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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

Unsecured debt would include things like: Medical bills Credit card bills Utility bills Back rent Personal loans At the end of the bankruptcy process, the remaining balances for these types of unsecured debts will likely be forgiven. This is accomplished by entering into a reaffirmation agreement in a Chapter 7.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors. How your debt is handled in bankruptcy will depend on which type you file. These remedies can include garnishing your wages and bank accounts and seizing and selling your non-exempt personal property.