Secured creditors

Difference Between Secured And Unsecured Debts

Call: 888-297-6203 While filing for bankruptcy you will be required to list all the creditors (people and businesses) to whom you owe money. Secured and unsecured creditors have separate sections in the bankruptcy petition. In a secured debt, collateral is required. So, if you fail to repay the debt, your creditor can repossess your car or house to make up for the owed money. However, the debtor will be required to pay the deficiency (difference), if the creditor is able to sell the collateral for less than the money that is owed. In an unsecured debt, there is [...]