Unsecured Debt

Unsecured Debt

NC Bankruptcy Lawyer in Charlotte North Carolina for Chapter 7 / Chapter 13

Unsecured debt is most simply described as a loan that has no collateral attached to it. 
Most credit cards, medical bills, and signature loans are unsecured.  In order to be secured by collateral, the owner of the collateral (typically the borrower but not necessarily the borrower) must sign documents agreeing that the property will serve to back up the loan if not paid.   
Mortgages, car notes, and purchases where the items can be taken back if not paid (furniture and applicances) are your most common secured loans.

The Law Office of Susanne M. Robicsek
1701 Scott Avenue Charlotte North Carolina 28203
phone:704 / 377-0776
fax: 704 / 377-0775

DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion; Personal opinions may also be expressed. No attorney-client relationship is created by this message; Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.
The Law Office of Susanne M. Robicsek is
a Federally Designated Debt Relief Agency
under the Bankruptcy Code.
I file bankruptcy cases for people in financial need,
and have been doing so since 1989.

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