In bankruptcy, there are two general types of debt – secured debt and unsecured debt. The type of debt is important because it will determine how much the creditor may receive in bankruptcy. For example, someone filing bankruptcy to wipe out credit card debt will most likely eliminate the debt without having to pay any portion back to the credit card company because it is an unsecured debt. On the other hand, a car loan will most likely have to be paid back because it is secured against the car; … [Read more...] about Secured and Unsecured Debt – What Is the Difference?