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Most individuals who find themselves facing financial difficulties start paying attention to bankruptcy advertisements and websites. They will hear phrases and terms like automatic stay and secured versus unsecured debt. These phrases can be confusing at first, but are easily explained by an experienced Chicago bankruptcy lawyer.
Debt is typically separated into one of two categories — secured or unsecured. The main difference is that a secured loan contains collateral as a form of security for the creditor. If you do not pay off your debt, the creditor can take the collateral. If you want to keep the collateral, you have to maintain some form of payment. Secured debt is typically not discharged through bankruptcy proceedings unless you elect to surrender the collateral; however a skilled Chicago bankruptcy attorney can explain your options.
Common Forms of Secured Debt
The most common examples of secured debt include:
- Mortgages
- Car loans
- Home equity line
- Financed furniture
- Appliance loans
- Financed jewelry
- Financed electronics
If you have questions about these, or other secured debt, do not hesitate to schedule a free consultation with an attorney at Ledford & Wu. Our experienced lawyers can examine your financial situation and provide expert advice on how best to proceed.
Schedule a Consultation With an Experienced Lawyer
Debt relief is available. Call 888-542-1900 or contact our offices by e-mail to discuss your options during a free consultation with an attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
