Unsecured debt: the Short Answer?
A San Jose bankruptcy laywer gives the short answer on Unsecured Debt?
Unsecured Debt is any debt that has no collateral attached to the debt. Thus, if a debtor fails to make payments the creditor would NOT have any right to repossess any of the debtor’s property. A creditor’s only recourse would be to sue the debtor on the amount owed. Generally, most credit cards are considered unsecured debt.
Analizing unsecured debt comes up during a bankruptcy filing.
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