Difference Between Secured and Unsecured Debt in a St. Louis Bankruptcy
An unsecured debt is just the opposite. It is a debt that has no underlying collateral to which the creditor can attach itself. A common example of this would be a credit card or medical bill. Since there is nothing that a creditor can attach a secured interest to, the only recourse for the creditor is to file suit against you (in a small claims action or for breach of contract).
Whether the debt is secured or unsecured, the St. Louis bankruptcy lawyers at The Law Office of Jennifer Alter-Rieken have a great deal of experience in handling either kind. Depending on which type of debt it is, our staff can file a St. Louis Chapter 7 bankruptcy or a St. Louis Chapter 13 bankruptcy to effectively manage your debts, and make sure you receive the fresh start / clean slate that you deserve.