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Posted On: June 17, 2010 by Scott Sagaria

What Is Secured Debt?

A San Jose bankruptcy lawyer addresses the question: What is Secured Debt?

There are two typical kinds of debt that a person can acquire, secured debt and unsecured debt. Unsecured debt is debt that is not secured by any piece of property. Some examples of unsecured debts include credit card debts, medical debt, and personal loans.

Secured debt is debt that is secured, or guaranteed, by a piece of property (either real or personal). Some common types of secured debt would include the purchase of a home or financing of a car. The main advantage of a secured debt to the creditor is that should the person who took out the loan default on their payments, the secured creditor may attempt to repossess or foreclose upon the piece of property that secured the debt. They can either sell the property or decide to keep it as their own. If the value of the property does not exceed that of the remaining balance of the loan, the creditor retains what is known as a deficiency debt. This is the difference between the loan balance and the value of the property taken. In most instances, secured debt is not dischargeable in bankruptcy, but the deficiency may be.

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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