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Posted On: June 16, 2010 by Scott Sagaria

What is Unsecured Debt?

A San Jose bankruptcy attorney answers What is Unsecured Debt?

Unsecured debt is the most common debts in America. Unsecured debt is debt which is not guaranteed by any personal or real property. While the greater dollar value of debt is secured debt, the most common kind of debt that causes problems to Americans’ is unsecured debt. Unsecured debt mainly consists of credit card and medical debt. It is extremely difficult for an unsecured creditor to collect on the balance owed since no piece of property guarantees that debt. Should a debtor default on a loan that is secured by property, the creditor simply gains control of the property that secured the loan and has the option to either sell that property or retain it for themselves.

Often times it is unsecured debt that leads to wage garnishments or bank levies. Unsecured debt is known as “bad debt.” It is debt that an individual accrues not out of necessity like a home or car loan. Unsecured debt usually carries a high interest rate and often times annual fees. These two aspects make unsecured debt very dangerous. However, it is unsecured debt that is normally discharged during a Chapter 7 or Chapter 13 bankruptcy. Most times, credit card and medical debt is dischargeable in bankruptcy and is why many people file for bankruptcy protection.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!

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Posted In: Consumers in Debt

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