What is unsecured vs. secured debt?
Unsecured Debt – for ADSI purposes shall be defined as any loan, lien or other financial obligation of a client, which IS NOT secured by real or personal property and DOES NOT have a priority position with respect to other unsecured obligations of the client. Secured Debt – for ADSI purposes shall be defined as any loan, lien or financial obligation of the client, which IS secured by real or personal property and or DOES have a priority position with respect to other unsecured obligations of the client. NOTE: Client debts having priority by statute or court order, such as taxes and judgments, may be settled. Even the IRS is authorized to negotiate tax settlements under an “Offer in Compromise” with taxpayers.
