Secured Debt

Understanding the difference between secured and unsecured debt can be confusing, and how a certain debt is classified depends on several factors. Simply put, secured debt is any debt that is secured by collateral. In other words, if the debt is tied to something that a creditor can take away, the debt is secured.

At Nowack & Olson, our South Florida bankruptcy lawyers are well versed in different types of debt and how to eliminate them. We have helped thousands of people find freedom from secured debts through bankruptcy.

Some common examples of secured debt are:

  • Home mortgage debt
  • Auto loans
  • Credit used to expensive items like appliances, furniture and jewelry
  • Store-specific credit card debt

You have options for dealing with secured debt in bankruptcy.

Depending on your unique circumstances, you can deal with secured debt in several ways as part of the bankruptcy process. You may choose to repay the debt over time under your repayment plan in Chapter 13, return the collateral or, in some cases, discharge the debt in Chapter 7.

Even if a creditor repossesses the property secured by a loan, you can still be held liable for any remaining deficiency. Bankruptcy removes your personal liability for secured debt, protecting you from subsequent lawsuits or creditor harassment.

You Deserve A Second Chance. Contact Nowack & Olson.

Offices In Fort Lauderdale, Miami And Palm Beach, Florida

America is the land of second chances, and no one should hesitate to take advantage of an opportunity for a clean slate. Bankruptcy is a legally and socially recognized tool for recognizing, correcting and letting go of past mistakes.

To learn more about your options for getting rid of secured debt, please contact Nowack & Olson via email or call 888-813-4737. Our attorneys look forward to helping you embrace a second chance.