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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

NOVEMBER 15, 2023

In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. Laws called exemption statutes determine what a person or married couple can keep through the Chapter 7 process. If a debt is unsecured, no collateral is put up as a guarantee to pay.

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52
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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

JANUARY 25, 2022

However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors. In a Chapter 7 you will be given a choice to either allow secured creditors to seize your collateral or continue to make payments until the debt is paid off. Examples of Unsecured Debts.

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Unsecured Debt Collateral Secured debt Bankruptcy 52
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