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Posted On: July 2, 2010 by Scott Sagaria

What is Secured debt, Roseville?

A Roseville bankruptcy attorney explains what secured debt is...

Types of debt:

Debt is money that is owed. If you owe money, your debt is either secured debt or unsecured debt. Secured debt is debt that is secured by some type of property.

Some examples of secured debt:

One common example of secured debt is your home mortgage.

You obtained a loan to purchase your home, and the bank secured that loan with the value of the home itself. So, if you do not pay the bank back, the bank has the right to take your home instead through the foreclosure process. If you owe money on a car loan, that debt is also considered a secured debt since the loan is secured by the value of your vehicle. If you do not repay the car loan, your car may be reposessed to cover the money owed.

Secured debt vs. unsecured debt:

Since secured debt is debt that is secured by some type of collateral, unsecured debt is debt that is not secured by any collateral. Some common forms of unsecured debt are:credit card bills, medical bills, personal loans, etc.

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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