What if my debt is backed by collateral?
Anytime you owe a debt which is backed up by real property, or collateral, it is considered a secured debt. These debts are prioritized over their unsecured counterparts due to the fact that your creditor has the right to seize any liquidated specific property from you should you fail to make faithful payments on the debt which you owe. Mortgages and car loans are the most common examples of secured debts.
If you have questions about your debt and how bankruptcy court can work for you, call the experienced Houston bankruptcy attorneys at the Law Office of Russel Van Beustring, P.C. today at 713-973-6650 for a free consultation.