What is a secured debt?
A secured debt is any type of debt that allows a creditor to make a claim on an asset such as a home or a car.

What is an unsecured debt?
An unsecured debt is any type of debt that is held by creditors that do not have claims on real property.  For Example, credit cards are a type of unsecured debt.

Can I be held responsible for debt I co-signed for?
Believe it or not, you can be held for debt if you co-signed.  By co-signing, you agreed to pay the debt in the event that the debtor failed to make payments or fell behind on payments.

If I file for Chapter 7, will all my debt be discharged?
No, not all of your debt will be discharged.  If you owe tax debt, student loan payments or child support payments, that debt will not be discharged and you will still be held responsible for it.

Do you have questions pertaining to bankruptcy or discharging debt?  Contact us to consult with a Houston bankruptcy attorney.