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Posted On: July 27, 2010 by Scott Sagaria

What is Consumer Debt?

A Sacramento bankruptcy attorney explains: What is consumer debt?

Consumer debt as defined by the Bankruptcy Code is debt or an obligation to repay money loan incurred by an individual primarily for a personal, family, or household purpose.

Examples of consumer debt are loans to buy a house, car loans, retirement account loans, personal loans from friends and family, lines of credit, home equity lines of credit. These debts can further be categorized as secured where the debt is backed by collateral or unsecured where the debt is not tied to any collateral.

Consumer debt usually requires repayment with interest. If the repayment terms of consumer debt outweighs the ability to repay then there are several options to deal with the repayment of debt.

To know and understand what these options are, give Sagaria Law a call.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement 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, Sacramento and Roseville!

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Posted In: Consumers in Debt

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