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What is unsecured debt?


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Answered 2011-09-07 11:27:21

Any debt that does not have collateral property attached to it, (credit cards, personal loans, pay day loans, etc.). Secured debts are real property (homes, business, vehicles, goods purchased on merchant accounts, perfected liens, etc.).

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Can your house be taken for unsecured debt in Illinois?

In general, an unsecured debt cannot lead to the forfeiture of a solid asset like a house. Unsecured debt is not tied to collateral.


Is credit card debt a crime?

No, credit card debt is a unsecured debt. Unsecured debt refers to any type of debt or general obligation that is not collateralized.Hope this helps,My Plastic Walletwww.myplasticwallet.com


Is subordinated debt more senior than senior unsecured?

No. While both tranches of debt are unsecured (no collateral pledged in support of the debt obligation), by definition, senior unsecured ranks higher in the capital structure than subordinated debt, meaning that senior unsecured creditor claims will receive payment prior to subordinated debt creditors upon bankruptcy of the debtor.


Can a creditor sue for unsecured debt?

* An unsecured debt, generally, is a debt that is not backed by collateral. For instance a car loan is secured by the security interest the lender has in the car. A credit card which is not backed by collateral is not secured by collateral therefore it is an unsecured debt. Generally, yes a creditor can sue for unsecured debt, the creditor just doesn't have any interest in the good that formed the basis of the loan.


What is the difference between secured debt and unsecured debt?

A secured debt - is protected by being tied to something valuable (jewellery, car, house etc). If you default on the repayments, you could lose the item the debt is secured on ! An unsecured debt is not tied to any physical property. If you default on an unsecured debt, they will usually take you to court and have the debt recovered from your wages.


Would i still be liable if I don't pay on an unsecured debt after chapter 7 bankruptcy?

You should not have paid any unsecured debt after the chapter 7 was filed. All unsecured debts were discharged. If you made the mistake of continuing regular payments on an unsecured debt after filing, you may have reinstated the debt. If in doubt, consult a local bankruptcy lawyer.


What is credit cards are considered?

unsecured debt


Chapter 13 requires total unsecured debt of less than 335000 Is a Parent Plus student loan considered as a unsecured debt?

Yes.


Is Medical bills secured or unsecured debt?

Medical bills are unsecured debt. Regards, Adam Luehrs KL Financial Services http://www.klfinancialservices.com


Why is unsecured consolidation important?

An unsecured consolidated loan is easier to get out of debt if the debt is small such as for car loans. The bigest advantage is not needing collateral when you sign on the line for the loan.


What is unsecured personal indebtedness?

Unsecured personal indebtedness is debt that is not secured against an asset. For example, a mortgage is a debt secured against an asset, being a house. If you fail to pay your mortgage, your house will be taken of you. An unsecured debt is that of a loan or credit card bill which is not backed up by an asset.


For how long can an unsecured debt be pursued?

until the company writes the debt off or the person owiing the debt dies


Is Bond is secure or unsecured debt?

Bonds are norally something a person owns as an asset, not debt.


Where can one get an unsecured loan for debt consolidation?

There are many places that one could get an unsecured loan for debt consolidation. These places include, but are not limited to, Lending Tree, Prosper, and Bank of America.


Reasons to Do an Unsecured Debt Consolidation?

One of the best things a person can do in a tough financial situation is to do an unsecured debt consolidation. Doing this sort of debt consolidation, a person can truly figure out how to organize and manage one's finances. Debt usually becomes a lot less burdensome when a person does an unsecured debt consolidation. There are all sorts of professionals that a person can seek help from in doing an unsecured debt consolidation. Many financial advisors do pro bono services and can provide this sort of financial help to a person that needs it. Lawyers may also be able to help.


Are you responsible for your husbands unsecured debt?

The spouse is considered to benefit from the debt. Yes, the spouses share responsibility.


Can a student loan be considered a unsecured debt?

A student loan is an unsecured debt. To be secured, there needs to be something, generally phyisical (but not always), that can be taken (repossessed), and sold to satisfy the debt if it isn't paid. Kinda' hard to take back an education!


What is an unsecured bad debt loan?

An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.


Can you deduct your unsecured debt from bank accounts when applying for government benefits?

No, There are assets and liabilities. An unsecured loan is a liability that does not offset an asset.


How does debt consolidation save a homeowner money?

It depends on the interest rate. It can save a homeowner money by turning unsecured debt into secured debt.


Which do lenders take into account before issuing unsecured debt?

Creditworthiness


How can I obtain an unsecured loan for debt consolidation of value R70 000?

Unsecured debt consolidation loans are indeed a great help for debtors. It implies that you shoot a number of unsecured loans by another unsecured loan. But more often than not, it involves no security against your money provision and serves your purpose without collateral. It tries to cut your cost with existing debt to a considerable level. The rate of interest you are offered always remains much lower to that of all your existing debt. With the financial process you reduce your debt burden by 50% to 60%.


What are the risks involved with having unsecured debts?

Unsecured debts are like making promises to each other about paying the debt, bu there is no written guarantee that it will be paid on the due date or the deadline. It is all about trusting the person who got the debt that they will pay their debt afterwards.


Why is it called unsecured credit if they can come after you?

It's called unsecured because there is no concrete collateral such as a car or a house that you explicitly use to guarantee the debt. For example, a car loan is a secured debt. If you don't pay, they repossess the car. A credit card is an unsecured debt; if you don't pay, they can come after you... but there is nothing (such as a car or a house) that they can immediately and swiftly go after and take.


Can credit card companies garnish wages for unsecured debt in NE?

There is no such thing as unsecured debt. There is debt that is not secured by collateral. There is debt that is secured by your signature on a contract. And, yes, if the creditor has obtained a judgment against you for credit card debt, they may serve your employer with an order of garnishee and secure up to 25% of your paycheck per pay period.


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