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Q: What is the difference between unsecured debt and secured debt?

A. Unsecured debt is any loan or debt that has no tangible assets or property attached to it. The most common types of unsecured debt are credit cards, department store cards, medical bills, utility bills, and personal loans. Should you fail to make timely payments, the lenders only recourse is to pursue legal action?

Secured debt is debt for which the creditor has collateral in the form of a security interest in personal and/or real property. Should you fail to make timely payments on secured debt, the creditor is entitled to repossess the property and sell it. Please keep in mind that you may still be liable for any deficient balance remaining after the sale of the property. When dealing with secured debt, it is important to obtain advice from a licensed attorney in order to protect your interests.
 

We can settle unsecured debts such as:

 

• Credit Cards
• Unsecured Loans
• Unsecured Personal Loans
• Unsecured Personal Lines of Credit
• Collections, Autos in Repossession
• Medical Bills

  We cannot settle secured debts such as:


• Home Loans / Mortgage
• Auto Loans
• Student Loans
• Lawsuits, IRS Debt/Taxes
• Secured Debts
• Government Loans

 

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