What are bankruptcy secured and unsecured debts? 6 Answers as of September 22, 2010

What is the difference between secure and unsecured debt in Chapter 7 bankruptcy?

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Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
Generally, secured debts are those secured by a lien; i.e., an automobile loan or mortgage. Unsecured debts are those you've simply signed for; i.e., credit cards.
Answer Applies to: California
Replied: 9/22/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
Secured debts are ones where the creditor has a lien on the asset examples are cars, homes, appliances, etc.
Answer Applies to: California
Replied: 9/22/2010
Law Office of Barbara Seeley Curtis
Law Office of Barbara Seeley Curtis | Barbara Curtis
Secured is car and house. To keep car and house you agree to make payments. Call for an appointment.
Answer Applies to: Florida
Replied: 9/22/2010
Ariano & Reppucci
Ariano & Reppucci | Chris Ariano
A secured debt is a debt that is secured by a piece of property. For example, a mortgage or car payment. You must be current and willing to reaffirm a secured debt to keep the property.
Answer Applies to: Arizona
Replied: 9/22/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Secured debts are debts which are, either voluntarily or involuntarily, secured by a lien against specific collateral. Voluntary liens are given by signing a security agreement, such as on a home mortgage or vehicle loan. Involuntary liens are obtained by obtaining a court judgment, and then recording the judgment or obtaining a specific order to lien against a specific item.

Unsecured debts are, as you might guess, debts which are not secured by any collateral.
Answer Applies to: California
Replied: 9/21/2010
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