What is a Secured Debt and what does it mean for my bankruptcy?

A secured debt is a debt that is backed up by collateral. If you don't pay, the collateral can be taken away from you by whomever lent you the money.  Common examples of secured debt are cars and may also include big ticket items like a refrigerator or a living room set.  If you are filing for bankruptcy, secured debt is treated differently than unsecured debt. If most of your debt is unsecured, you will probably benefit from a Chapter 7 bankruptcy.

Contact O'Connor Cadiz Law to speak with a bankruptcy lawyer to find out if it might be the right option for you. If its not, we'll tell you the truth. 

Carol O'Connor Cadiz
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Attorney & Owner at O'Connor Cadiz Law: Injury & Accidents, Disability Insurance.