Skip to main content
(404) 685-8800 Contact Us
Secured Vs. Unsecured Debt Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

Secured Vs. Unsecured Debt

depressed woman covering her face with hands

Filing for bankruptcy is a huge decision, one that cannot be made lightly. There are many different factors to think through that will affect your present situation and your future. One of the most important factors to examine is all of your debts. You will need to determine if your debts are secured or unsecured, because these two types of debts are treated differently depending on whether you file Chapter 7 or Chapter 13 bankruptcy. What are secured vs. unsecured debts? Keep reading.

Secured debts are those that are attached to other pieces of property. For example, a car and a home are secured debts. If you default on these loans, these pieces of property can be taken from you. These are types of collateral that you can lose because you agreed to these loans, and if you cannot make the payments, or simply fail to do so, loan companies have the right to come after you and take back what you have not paid for.

Unsecured debts are not attached to any other property. For example, credit card debt, medical bills, and student loans are unsecured debts. While debtors can demand to be paid and can bring a lawsuit against you, they cannot take things away from you (i.e. they cannot take back your college degree or medical services).

Chapter 7 and Chapter 13 bankruptcy handle secured and unsecured debt differently. Chapter 7 is often attractive because it is relatively fast. Most unsecured debts will be discharged, and most secured debts will be “secure” as long as people continue to make payments for them. Chapter 13 bankruptcy often allow certain secured debts to be put into a pay-off plan. Mortgage arrears and car payments are the most common types of debt put into Chapter 13. This allows people to stave off foreclosure and re-possession by catching up on payments while being protected by bankruptcy’s automatic stay.

Both Chapter 7 and Chapter 13 bankruptcies have their advantages, but there are many factors that must be considered before choosing the right type of bankruptcy to file. If you are thinking about filing for bankruptcy, it is imperative that you speak with an experienced attorney who can review your entire financial situation. Contact Gingold & Gingold, LLC today.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

First Free
Appointment



Disclaimer Privacy Policy

I have read the Disclaimer and Privacy Policy

Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

Write a review