WHAT DEBTS WILL BE “DISCHARGED” IN MY BANKRUPTCY (and, What is the difference between UNSECURED debt and SECURED debt)?

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WHAT DEBTS WILL BE “DISCHARGED” IN MY BANKRUPTCY (and, What is the difference between UNSECURED debt and SECURED debt)?

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Bankruptcy will discharge all unsecured debt, which includes: Medical bills, credit cards (Visa, Mastercard, Discover, Sears, Providian, Capital One, Chase, etc.), all department store charge accounts, account for legal services owed to attorneys, personal loans to bank, credit unions, friends, relatives and finance companies, supply charges for small businesses, past utility bills, collection accounts for retail items, automobile repossession accounts, home repossession accounts, and similar debts. “Unsecured” debt means debt that is not secured by a debt. For example, a home loan, or vehicle loan, is NOT unsecured debt, because the debt IS secured by an asset. Consider: If you don’t pay your Bon Ton charge, Bon Ton is NOT going to take the clothes back which were purchased with their charge card, so that kind of debt is called unsecured. On the other hand, if you don’t make the mortgage pmt, or the vehicle loan pmt, then the lender is empowered to seize the asset (home or vehicle) wh

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