What is the difference between unsecured and secured debts?
Debts are generally classified as either unsecured or secured. Unsecured debts are any debts that are not backed by any form of collateral. These types of debts include medical bills, credit card debt, and other personal loans. Unsecured debts can typically be discharged through bankruptcy.
Secured debts are those which are backed by collateral or which are non-dischargeable under the law. These include student loans, car loans, some tax debts, home loans, and other types of debt. A bankruptcy filing can delay or restructure the terms of repayment for these but it is unlikely to eliminate the debt.
For experienced legal counsel regarding the options that are available to help you, whatever your debt situation may be, contact a Raleigh bankruptcy attorney of the Bradford Law Office, PLLC, by calling 919-758-8879 today.