In bankruptcy, your financial obligations will be grouped into two distinct categories: secured debt and unsecured debt. In this video, you’ll take a closer look at secured debt.
Secured debt is any debt that is tied to property as collateral, like a home mortgage or car loan. As the video explains, interest rates are generally lower on these loans because lenders know they can protect their investment by repossessing the property if you do not make your payments.
If you’re having trouble meeting your financial obligations, you may have options to reduce your debt burden. If you’d like to discuss bankruptcy or debt negotiation, call (619) 234-3333 to speak to an attorney at Golden State Law Group. Our lawyers have impeccable reputations and can help you work out a payment plan to fit your finances.