This is not the document you are looking for? Use the search form below to find more!

Report home > Others

There is a Big Difference Between Unsecured Debt and Secured Debt

0.00 (0 votes)
Document Description
Des Moines, IA (Law Firm Newswire) July 15, 2011 There is often a whole lot of confusion over what the differences are between secured and unsecured debt.
File Details
Submitter
Embed Code:
Comment is disabled by submitter.
Related Documents

There-Is-A-Battle-Among-The-Ipod-Users-And-Manufac147

by: khorde446, 13 pages

allows him to control the device Jailbreak iPod touch removes all the limitation

What Is The Real Difference Between EMT Training and Paramedic Training?

by: tax91menu, 2 pages

EMT paramedic training will also require you to learn the complex vocabulary of pharmacology and als...

We've all heard the stating 'Ignorance is bliss', but when it arrives to our well being, nothing could be more from the reality. If we don't know that there is a problem, then we can't resolve it, and if we don't repair it, most times it will merely get e

by: sammymorse615, 1 pages

We've all heard the stating 'Ignorance is bliss', but when it arrives to our well being, nothing could be more from the reality. If we don't know that there is a problem, then we can't resolve it, ...

There is a need for such an insightful guide1

by: pdfcast301, 1 pages

The reason why there is a need for such an insightful guide is because BF3 is far more complex than regular shooter games. While most other games focus more on individual play and are quite limited ...

Together With Wines There Is A Flavour For Every Flavor

by: johnxwaters, 2 pages

Together With Wines There Is A Flavour For Every Flavor

What is a Parallelogram

by: tutorvistateam, 4 pages

In mathematics, the great mathematician Mr. Euclidean gave concepts that provide the deep understanding of geometrical tool to solve the various kind of problem. In geometry, we study different kinds ...

The Difference Between Video Replication And Burning

by: adrienfranci224, 1 pages

Disc manufacturing almost always is an reasonable in addition to controllable opportinity for huge details storage devices in addition to supply. Day-to-day, cd manufacturing companies prevail over ...

Why is a Life Coach Important in Recovery and Addiction?

by: floydprice36, 1 pages

It is important to have a life coach for many reasons but especially when one is recovering from an addiction or other disorder. Life coaching is different from therapy because coaching focuses on a ...

Big Differences between Short Sales and Foreclosures

by: santiagogree1127, 1 pages

It can be scary if you're unable to satisfy your home obligations. The economy seems to be getting even worse; having said that, we have to start to locate ways that we may avoid slipping in a hole. ...

The difference between wall decals and wallpaper

by: tonybob1990, 1 pages

The difference between wall decals and wallpaper

Content Preview
Law Firm Newswire
Attorney Press Releases and Legal News
http://www.lawfirmnewswire.com
There is a Big Difference Between Unsecured Debt and Secured
Debt

Des Moines, IA (Law Firm Newswire) July 15, 2011 - There is often a whole lot of confusion over what the
differences are between secured and unsecured debt.
"Bankruptcy proceedings get complicated enough that most people get confused over what the differences
are between secured and unsecured debt, or if there are any differences at all. There are definitely
differences, and when you speak to an experienced lawyer, this is one of the first conversations you should
have," said Kevin Ahrenholz, an Iowa bankruptcy lawyer.
One of the main problems with people understanding the bankruptcy jargon is that those familiar with it use it like
it was a regular language - and it is, to them. To those facing bankruptcy and trying to cope with their financial
distress and figure out what the terms mean, it is just one more thing that alienates them. "Most bankruptcy
lawyers will take the time to explain the various terms, as it is something that helps put their clients at ease,"
Ahrenholz said.
A secured debt is a loan, and in return for the money, the creditor takes a secure interest, also referred to as a
security interest, in the item. "For example, if you have a loan for a house or car," Ahrenholz said. "Having said
that though, just about any loan may be secured, so long as the creditor gets a security interest in whatever the
item happens to be."
The thing people need to remember about secured debts is that the remedy for default is typically seizing the
asset, either by foreclosure or repossession. In addition, if a creditor does go that route, they may also be able to
recover any financial short fall after the repo or possession. "Since you can't discharge this, an experienced
Iowa bankruptcy lawyer is better able to negotiate with creditors, than you trying to do it on your own," he said.
Unsecured debt is the result of a contract between a buyer and a creditor, but it is not tied to a security
agreement, and does not give the creditor the same options to collect on default of payment that a secured
creditor has. "In other words, the debtor is saying they promise to pay it back. Examples of unsecured debt are
personal loans, medical bills and credit card debt," Ahrenholz said. Unsecured debt is discharged in a
bankruptcy.
To contact an Iowa bankruptcy attorney, Iowa Chapter 7 bankruptcy attorney, or
set up an appointment visit http://www.iowachapter7.com or call 1.877.888.1766.
Kevin Ahrenholz
309 Court Ave., Suite 805
Des Moines, IA 50309
1.877.888.1766
Offices in Des Moines, Cedar Rapids, Waterloo, Mason City, and Vinton.

page 1 / 1
Powered by TCPDF (www.tcpdf.org)

Download
There is a Big Difference Between Unsecured Debt and Secured Debt

 

 

Your download will begin in a moment.
If it doesn't, click here to try again.

Share There is a Big Difference Between Unsecured Debt and Secured Debt to:

Insert your wordpress URL:

example:

http://myblog.wordpress.com/
or
http://myblog.com/

Share There is a Big Difference Between Unsecured Debt and Secured Debt as:

From:

To:

Share There is a Big Difference Between Unsecured Debt and Secured Debt.

Enter two words as shown below. If you cannot read the words, click the refresh icon.

loading

Share There is a Big Difference Between Unsecured Debt and Secured Debt as:

Copy html code above and paste to your web page.

loading