Secured vs Unsecured Debt: Everything You Need to Know
Sawin & Shea
NOVEMBER 15, 2023
They may use collection agencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home). Secured Debt in Bankruptcy A bankruptcy can discharge your underlying responsibility to pay the debt, but it does not do away with the creditors rights to the collateral they hold as security.
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