Unsecured Debt

In finance, unsecured debt refers to any type of debt or general obligation that is not collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment.In the event of the bankruptcy of the borrower, the unsecured creditors will have a general claim on the assets of the borrower after the specific pledged assets have been assigned to the secured creditors. The unsecured creditors will usually realize a smaller proportion of their claims than the secured creditors.
Posts about Unsecured Debt
  • How Does Chapter 13 Bankruptcy Work?

    … How Does Chapter 13 Bankruptcy Work? Posted on Aug 26, 2016 By Ed Woods August 26, 2016 by Ed Woods One very powerful remedy that financially strapped consumers have is a discharge pursuant to Chapter 13 of the federal Bankruptcy Code. Chapter 13 bankruptcy is so named because it is Chapter 13 of Title 11 of the United States Code. Title 11…

    Ed Woods/ Bond and Botes- 39 readers -
  • Are Creditors the Only One That Can or Should File Proof of Claims?

    … after your case is over. In some instances, that money that you have allotted to go toward your vehicle loan will then go toward your unsecured debt instead. In that same regard, you will not receive your title at the conclusion of your case or you may be thrown right back into foreclosure after your case. The sheriff may serve that back child…

    Grant Mcnutt/ Bond and Botes- 24 readers -
  • Another Shale Bond Default – Energy XXI Ltd.

    … a number of unscrupulous stockbrokers from hawking shale bonds – bonds that relied on high oil prices. Energy XXI is one of the largest shallow water drilling companies in the Gulf of Mexico. Already two other energy companies defaulted this month. Energy XXI is asking the court to convert about $2.8 billion in debt into stock. Many of the bondholders…

    Due Diligence- 21 readers -
  • Major Retailer Premier Cru Wine Files Chapter 7 Relief

    … under chapter 7 bankruptcy. The California company filed its chapter 7 on January 8, 2016 in the Northern District of California under the name Fox Ortega Enterprises, Inc. The petition lists approximately $7,000,000 in assets and a whopping $70,000,000 in unsecured debt. Their list of creditors includes nearly 9000 customers who pre-paid for wines…

    Amy Tanner/ Bond and Botes- 35 readers -
  • Chapter 7 and Chapter 13 Bankruptcy

    … of the Ohio State University College of Law (JD) and the New York University School of Law (LL.M.). Chapter 7 Bankruptcy Chapter 7 bankruptcy is generally used by people who desire to discharge unsecured debt and who have little non-exempt property. Chapter 13 Bankruptcy Chapter 13 bankruptcy is used to reorganize mortgages and other secured…

    Miami Bankruptcy Law Blog- 10 readers -
  • Miami Bankruptcy Law Blog

    … of the bankruptcy court. Under a chapter 13 plan, you are able to reorganize your secured debt (such as mortgages and car loans) as wells as unsecured debt (credit cards and personal loans). Often you are only required to back only 10% to 20% of you unsecured debt and discharge the rest. A typical chapter 13 plan is over a period of 3 to 5 years…

    Jordan Bublick/ Miami Bankruptcy Law Blog- 36 readers -
  • What About Debts That Aren’t Delinquent?

    … in five years or less. While paying the debt back may not seem ideal, you have the assurance that the most you will pay is the principal amount owed on unsecured debt at the time of filing the Chapter 13 case. If you find yourself in a situation where you cannot meet your financial obligations, it would not hurt to talk with an attorney. We…

    Joshua Lawhorn/ Bond and Botes- 38 readers -
  • What You Should Know About Filing Bankruptcy in Alabama

    … in Montgomery, Dothan, or Opelika is totally different than how we handle cases in Selma because of the local rules we have to follow. The end result for either District though is that you can get rid of unsecured debt (examples are credit card, signature loans, payday loans or medical bills) in a Chapter 7 “straight” bankruptcy or pay all or part of the debt…

    Gail Donaldson/ Bond and Botes- 32 readers -
  • Introduction to Chapter 13

    …A chapter 13 case is started by filing a petition with the Bankruptcy Court along with the schedules and statements that explain the person's financial situation. Under chapter 13, the debtor must submit a plan or reorganization to provide for his various classes of debt - priority, secured, and unsecured. A chapter 13 debtor is generally required…

    Jordan Bublick/ Miami Bankruptcy Law Blog- 9 readers -
  • What is a Chapter 20 Bankruptcy Case?

    … the first time around? Yes, most of the time it would be simpler if you had just filed a Chapter 13 so there are not as many issues. However, that is sometimes not possible due to the circumstances. People sometimes file for a Chapter 7 first to discharge of all their unsecured debts (medical bills, credit cards, personal loans, etc.) before filing…

    Grant Mcnutt/ Bond and Botes- 35 readers -