By St. Louis Bankruptcy Attorney Frank Ledbetter
I've been a St. Louis bankruptcy lawyer since 2003. If you're filing for bankruptcy, then you are likely to come across stuff like secured debts, priority debts, and unsecured debts. It is very important that you understand precisely what the different types of debt classification mean.
Secured debts are the debts that allow the lender to repossess personal property or foreclose upon real property if the borrower does not make repayments to the lender in a timely fashion. Mortgage loans against real property are secured debts if the property has not already been foreclosed upon or deeded back to the lender. Purchase money vehicle loans, furniture loans, electronics equipment loans, and jewelry loans for which the purchased personal property was agreed in writing to be collateral for the loan are also secured debts. "Title-loans" are also secured debts even though they will be taken out after the collateral has been purchased.
Unsecured, priority debts, or most often referred to as "priority" debts-- include income taxes more than three years old, newer income taxes in certain cases, child support and other types of domestic support obligations. Student loans even though non-dischargeable aren't classified as priority debts.
Unsecured, non-priority debts are typically thought of as "unsecured" debts. The most common types of unsecured debts in bankruptcy cases are most credit card debts, medical bills, mortgage debts that have been foreclosed on, vehicle loan debts in the cases where the vehicle has been repossessed and sold, and student loans. Student loans, as stated, are a non-dischargeable unsecured debt.
If you live in Jefferson County, Franklin County, St. Charles County, or another place near St. Louis, Missouri and are planning to file for Chapter 7 or Chapter 13 bankruptcy, then I would like you to receive my FREE SPECIAL REPORT at no charge. It contains tips and strategies good people who have had to suffer through rough times can utilize in an effort to turn it all around. Visit StLouisBankruptcyAttorneyHelp.com to get your copy right away. As an additional bonus, I'm happy to meet with you for no cost, no commitment consultation to help you explore your options so that you may determine which debt relief option is best for you.
To see the video- http://www.youtube.com/watch?v=lteVf-tDq8Q
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