What is the difference between secured debts and unsecured debts? A secured debt has property attached to it as the lender’s collateral, like a home loan or a car loan. An unsecured debt does not. The court treats secured and unsecured debt quite differently in Chapter 7 bankruptcy cases. Most clients can keep all of their property while discharging their debts.
For more information about the Chapter 7 bankruptcy process, contact DeMarb Brophy LLC. Our legal counsel has been widely recognized for our ability to secure results for clients.