Bankruptcy Law Firm In Hartford County | Secured Vs. Unsecured Debt | Attorney Offers Free Consultations
As you are considering your debt relief options, the nature of the debt you wish to discharge can play heavily into your decision regarding the bankruptcy chapter under which you choose to file. Before you decide on a particular debt relief solution, you would do well to learn more from a Hartford County lawyer about secured vs. unsecured debt. It is the accrual of and inability to pay unsecured debts that usually lead most clients to file for Bankruptcy protection.
Understanding Secured Debt
Secured debts are backed by some type of collateral. Home mortgages are typically “secured” by your house; similarly, auto loans are typically secured by your car. In these situations, if you are not able to repay the debt, your creditor has the right to force the sale of the property being used as collateral to repay the debt. Depending on the circumstances surrounding your case and the type of property involved, it may be possible to repay your arrearages in a Chapter 13 filing and get current on your payments all the while retaining the use, possession and enjoyment of your property.
General And Priority Unsecured Debt
Unsecured debts are obligations with a simple promise to pay without the creditor taking collateral to secure the promise. Priority unsecured debts are paid first in a bankruptcy. These often include nondischargeable debts such as child and spousal support, certain income tax debts and payments for certain legal judgments. General unsecured debts can include medical bills and credit card debt. For many people, Chapter 7 bankruptcy can be a good option for obtaining relief from the financial burdens of excessive unsecured debt.
Sound Advice From A Respected Bloomfield Consumer Bankruptcy Lawyer
At the Law Offices of Charles A. Maglieri, I provide comprehensive consumer bankruptcy services to clients throughout Connecticut and locally throughout the Hartford County region. I have been a bankruptcy attorney for more than 30 years. You can rely on me for honest advice aimed at helping you regain control of your financial situation and giving you the fresh start you need.
Schedule A Free Initial Consultation Today
Contact my office to discuss your debt relief questions. I offer a free initial consultation to all new clients. I am available during regular business hours and by appointment at other times. You can reach me by phone at 860-952-3674 or 860-541-5407 or via email.
My law firm is a debt relief agency as so designated by Congress in the year 2005. I help people file for bankruptcy relief under Title 11 of the United States Code, known as the Bankruptcy Code.