Your Debt in Bankruptcy: Secured and Unsecured


Bankruptcy generally involves two types of debt - secured and unsecured. Let's start with secured debt. Debt that is secured generally means that you pledge an asset to assure the payment of the loan. The most common examples are car loans and mortgage loans. If you don't pay your car loan, the lender will repossess the car. If you don't pay your mortgage loan, the lender will foreclose and take the property back. There are other types [...]