What Types of Debt are involved in Bankruptcy?
Murray Utah Bankruptcy Lawyer Video #38:
What Types of Debt are involved in Bankruptcy?
There are typically two types of debts involved in a bankruptcy, secured debts and unsecured debts.
Secured debts are those that are tied to a particular type or piece of property. So, home loans are secured, car loans are secured, certain debts with companies such as RC Willey, the refrigerator or the plasma screen TV that you bought may be a secured debt. In those circumstances, the creditor cannot require you to continue to make the payment to them after you’ve filed bankruptcy but they are allowed to come in and take that secured property back. So, we will help you decide what you are able to afford and ways that we can work with these creditors to best suit your needs.
I hope you found this video helpful. As you’ve noticed we literally have hundreds of videos for any type of question that you may have regarding the bankruptcy process.
Please take your time, look at any other videos, answer any of their questions that you may find helpful on our website but call us at (801) 424-3555, so that we can set up an appointment and start helping you get back on your feet and get the fresh start that you deserve through the bankruptcy process.
Labertew & Associates, LLC
4764 South 900 East #3, Murray, Utah 84117
(801) 424-3555
http://www.labertewlaw.com
[ No information or materials contained herein are intended to constitute legal advice and are not applicable to any specific set of facts, especially as to any individual's personal situation. This material is provided as informational instruction as to general legal information, opinions or recommendations about possible legal rights, remedies, defenses, procedures, options or strategies but not specific advice related to another person's facts as set forth in UT 14-802(c)(2) the information contained herein nor the perusal of it shall be interpreted to constitute an attorney-client relationship and does not establish nor constitute an attorney client relationship. ]
