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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral.

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Top 10 Changes to Consumer Bankruptcy Proposed in the Consumer Bankruptcy Reform Act of 2020

Collection Industry News

Three Types of Chapter 10 Plans: “Residence” and “Property” Plans for Repayment of Secured Debts and General Repayment Plans for Unsecured Debts. Residence and property plans under the CBRA allow consumers to change loan interest rates, adjust amortization schedules, and cure defaults.

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10 Common Questions About Bankruptcy

Debt Free Colorado

There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter 7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed. What Debts are Discharged in Bankruptcy?