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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 SecuredDebt? Secureddebts are a type of debt backed by an asset that is used as collateral. What is Unsecured Debt?
If a debt is unsecured, no collateral is put up as a guarantee to pay. Unsecured Debt What is unsecured debt? However, it is important to note that before bankruptcy is declared, lenders can still come after you to get you to pay off the unsecured debt.
If you qualify for Chapter 7 bankruptcy, our attorneys can guide you through the process of eliminating unsecured debts, such as credit card balances, medical expenses, and personalloans, within a matter of months. Dischargeable debts are those that can be eliminated through bankruptcy.
The firm can deal only with unsecured debts, including credit card bills. It can’t tackle secureddebts like auto loans and mortgages. Credit card loans. Personalloans. Business debt. Student debt. IRS debt and back taxes. Auto loans and government loans.
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