Chapter 7 and Secured Debts
Aurora Illinois Bankruptcy Lawyers & Attorneys
Jesse Barrientes: When you say secured debt, just to make sure the folks at home in Aurora know what we're talking about, you mean debt that is secured with like a mortgage, or a car, or something that is secured with property, some type of collateral?
David Siegel: Right. Think of secured debt as this. If a person doesn't make the payment, there's something that can be taken back, whether it be a house, a vehicle, furniture, jewelry, electronics.
Jesse Barrientes: Kids. [Laughter]
David Siegel: Something securing that payment. Kids are unsecured.
Jesse Barrientes: All right.
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See Also:
Chapter 7
Misconceptions about Chapter 7
Life after Chapter 7 bankruptcy
Privacy is protected in bankruptcy
Household income qualifications
Converting Chapter 13 to Chapter 7
Converting Chapter 7 to Chapter 13
Chapter 13
Using Chapter 13 to save a home
Choosing Chapter 13 versus Chapter 7
Debt consolidation & late fees
Administrative fees & the bankruptcy trustee
Chapter 13 payment plan dismissal
