Secured Debt Shall For A 6th Grader In Chicago
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Both secured and unsecured debt can be discharged in Chapter 13 bankruptcies, but non-dischargeable unsecured debts cannot be discharged in California.
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.
Examples of unsecured debt include credit cards, medical bills, utility bills, and other instances in which credit was given without any collateral requirement.
CPS has approximately $9.3 billion in outstanding long-term debt and had no outstanding short-term debt at the end of FY2024. However, the FY2025 budget includes: $817 million in appropriations for long-term debt service payments; and.
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 - A debt that is backed by real or personal property is a “secured” debt. A creditor whose debt is “secured” has a legal right to take the property as full or partial satisfaction of the debt. For example, most homes are burdened by a “secured debt”.
