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One of the most common questions that an individual asks when considering bankruptcy involves the difference between secured debt and unsecured debt. Unsecured debt, as opposed to secured debt, is any debt that does not have collateral associated with it. That is, there is not a specific piece of property attached to the loan. In other words, if you do not pay off the debt, the creditor does not have the ability to remove assets.
At the Chicago, Illinois, law firm of Ledford & Wu, our lawyers will carefully examine your financial situation as you are considering filing for bankruptcy. We can provide legal advice on the types of your debt that can be discharged, and the types of debt that will remain with you. Contact our office to schedule a free consultation.
Experienced Bankruptcy Representation
There are several kinds of debt that are considered unsecured, including:
Typically a Chapter 7 filing will discharge or eliminate all unsecured debt almost immediately. Conversely, a Chapter 13 filing will discharge the remaining unsecured debt after the individual successfully completes the repayment period, which will include paying at least a small portion of the unsecured debt off.
We understand that all situations are unique. To have a more detailed discussion about how bankruptcy can help you get a fresh financial start, contact our offices immediately. With 10 locations throughout Illinois, we are ready to help you.
Accessible Attorneys Working Directly With You
Learn more about the difference between secured debt and unsecured debt. 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.
