Secured Debt Any For A 6th Grader In Bronx
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Credit card debt is by far the most common type of unsecured debt. If you fail to make credit card payments, the card issuer cannot repossess the items you purchased.
Credit card debt is by far the most common type of unsecured debt. If you fail to make credit card payments, the card issuer cannot repossess the items you purchased.
Secured debt is backed by collateral, such as a house in the case of a mortgage, reducing the lender's risk. Unsecured debt, like most credit card debt, does not have collateral and often carries higher interest rates.
Its expiration means that there are again two separate limits for chapter 13 cases. Now, to file a chapter 13 bankruptcy case, a debtor must have no more than $465,275 in unsecured debt, and no more than $1,395,875 in secured debt (again, counting only noncontingent, liquidated debt in each instance).
Both secured and unsecured debt can be discharged in Chapter 13 bankruptcies, but non-dischargeable unsecured debts cannot be discharged in California.
Types of debt that cannot be discharged in bankruptcy include alimony, child support, and certain unpaid taxes.
Examples of unsecured debt include credit cards, medical bills, utility bills, and other instances in which credit was given without any collateral requirement.
