Unsecured Vs. Secured Debt
Each year, millions of Americans seek debt relief by filing either Chapter 7 or Chapter 13 bankruptcy. With this many individuals needing help, it is not uncommon to see commercials, magazine advertisements or billboards offering help. Unfortunately, these forms of advertising cannot truly go into any sort of explanation. With our website, we'd like to inform potential clients and clear up confusion regarding different aspects of bankruptcy.
At The Rollins Law Firm, we understand the worry and confusion that surrounds financial problems. As you seek debt relief, you want your questions answered in a clear, concise manner. One question we hear quite often is, What's the difference between secured and unsecured debt?Hattiesburg Secured Debt Attorney · Jackson Unsecured Debt Attorney
Many ads will mention either secured or unsecured debt.
- Secured debt: This debt is protected in the sense that it is usually tied to either collateral or a court order. For example, a car loan is considered secured because a creditor can repossess the vehicle if you don't pay for it.
- Priority debt: Additionally, domestic support and alimony, student loans and some taxes cannot be eliminated through filing for bankruptcy.
- Unsecured debt: Unsecured debt is debt that is not tied to a specific collateral or court order. Things like medical bills, credit card bills, utilities and some personal loans can be discharged or eliminated by filing for bankruptcy.
These are simply brief explanations. It is always wise to consult with a knowledgeable Mississippi bankruptcy lawyer to ensure that the answers are tailored to your unique situation. Even if some debt cannot be discharged through Chapter 7, we can explore the idea of rolling that debt into the payment plan of a Chapter 13. Let us carefully examine your finances and provide advice regarding your best course of action.
Call The Rollins Law Firm at 601-500-5533 or contact us online to learn more about our bankruptcy . We accept credit cards for payment of services. All prospective clients will meet with an attorney rather than a paralegal or legal assistant during the initial consultation. If the client cannot travel, we can do the interview over the telephone and mail any pertinent documents to the client.We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.