Dealing With Secured and Unsecured Debt
Debt can be divided into two categories: secured debt and unsecured debt. Secured debt is debt that is secured by collateral, such as a car in the case of a car loan or a house in the case of a mortgage. Unsecured debt is debt that is not secured by any collateral. This includes credit card debt and medical bills. The type of debt that you are faced with will play a major role in determining whether bankruptcy is the right option for you.
I am Boston bankruptcy attorney Kenneth C. Ackerman. I can help you review your debt load to determine if bankruptcy makes sense in your case. Call me at 617-892-4334 (toll free 866-936-5506) or contact me by e-mail to schedule a free initial consultation.
Bankruptcy Does Not Cover Every Debt
While credit card debt and medical debt are typically eliminated through the bankruptcy process, most secured debt is not. Student loans are generally not dischargeable, except in limited circumstances. Tax debt is not usually dischargeable either.
However, it is important to note that just because some of your debt may not be dischargeable does not mean that bankruptcy is not a good option for you. Discharging a major portion of your debt through Chapter 7 may allow you the means to control the portion that is not dischargeable. If you file Chapter 13, you may be able to include non-dischargeable debt as part of your debt repayment plan, making it easier to manage that debt even though the remainder will not be discharged after the payment plan is completed.
When bankruptcy cannot relieve a certain debt, there are other options available as well. I have the experience to negotiate with creditors to attempt to make non-dischargeable debt more manageable for you. My goal is to get you in a place where you have control of your financial situation.
Put My Experience to Work for You
As a bankruptcy lawyer, I have helped people throughout Massachusetts get the necessary debt discharge. My office is conveniently located in the heart of downtown Boston, directly across from City Hall Plaza and the Government Center T-stop.
Schedule a free, no-obligation initial consultation by calling 617-892-4334 (toll free 866-936-5506) or contact me by e-mail.
My law firm is a debt relief agency. My law firm helps people file for bankruptcy relief under the Bankruptcy Code.
