{"id":346,"date":"2013-03-26T10:20:02","date_gmt":"2013-03-26T10:20:02","guid":{"rendered":"https:\/\/www.brandonlawyer.com\/?p=346"},"modified":"2022-12-13T12:14:35","modified_gmt":"2022-12-13T12:14:35","slug":"chapter-7-and-13-bankruptcy-considerations-for-florida-filers","status":"publish","type":"post","link":"https:\/\/www.brandonlawyer.com\/blog\/2013\/march\/chapter-7-and-13-bankruptcy-considerations-for-florida-filers","title":{"rendered":"Chapter 7 and 13 Bankruptcy Considerations for Florida Filers"},"content":{"rendered":"
Bankruptcy can provide relief to individuals buried in all sorts of debt, including consumer loans, mortgages and car loans. Since these debts are dealt with differently, depending on what type of bankruptcy for which a filer is eligible, filers should carefully review their debt situation with a lawyer.<\/p>\n
There are two different types of debt: secured and unsecured. Secured debt is debt backed by physical collateral, like a house or a car. This means that creditors are able to repossess property if someone defaults on his or her loan. Examples of secured debt include mortgages and car loans.<\/p>\n
Unsecured debt is backed by an individual’s promise to repay the loan, not collateral. When someone defaults on unsecured debt, creditors are not able to collect collateral. Examples of unsecured debt include credit card and medical debts.<\/p>\n