Gold, Lange & Majoros, P.C.
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Gold, Lange & Majoros, P.C.
24901 Northwestern Highway, Suite 444
Southfield, Michigan 48075
Telephone: 248-350-8220
Fax: 248-350-0519
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Unsecured debt includes any debt that isn't linked to an asset and is based on money lent to you only on your promise to repay. Unsecured debt typically includes most credit cards, medical bills, repossession or foreclosure deficiences, and signature loans. Some debts that appear to be unsecured may actually be linked to property. Our attorneys can identify the types of your debts and advise you how to proceed.

Secured debts are linked to assets. The property guarantees payment of the debts because if the debt is not paid, the creditor can take the property or force the sale of the property to pay the debt. Most secured debt is incurred voluntarily, such as a mortgage or car loan. Others are imposed by creditors, such as judgment liens or tax liens. In bankruptcy, there are many options for dealing with secured debt depending on the type of case. These options include surrender of the property, avoidance of the lien, redemption of the property at fair market value, reaffirmation of the debt by waiving your discharge as to that debt to keep the property and continue making regular payments, and putting the lien into a Chapter 13 plan. Our attorneys can advise you of your options to enable you to make the right decision under your circumstances.

Not all debt can be discharged in bankruptcy. Some debts survive the process and are collectible after bankruptcy. Our attorneys can advise you what debts you can or cannot discharge. However, nondischargeable debts usually include student loans, taxes, domestic support obligations, court fines or fees, and debts resulting from drunk driving. Debts that are not listed on your bankruptcy documents are not discharged because creditors need to receive notice of your bankruptcy to be bound by it.