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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.

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Unsecured Debt Collateral Secured debt Bankruptcy 52
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10 Common Questions About Bankruptcy

Debt Free Colorado

MARCH 3, 2023

A court judgment that states that a person is not required to pay back some debts is given to those who abide by the bankruptcy laws and are granted a discharge. This type of bankruptcy does not stop secured creditors from seizing your property, so if you have money to pay the debt, this isn’t the best option to take.

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Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52
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