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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. And possibly the most common question people ask is credit card debt is secured or unsecured.

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10 Common Questions About Bankruptcy

Debt Free Colorado

The main disadvantage of Chapter 7 bankruptcy is that anything subject to a security interest is not exempt (home, automobile) and can be seized to satisfy the debt connected to the specific item. The following are some indications that you might be a good bankruptcy applicant: Are debt collectors following you around?