Published on:

The Classification of Debt

By

Debt can be classified as secured, unsecured, or priority. A secured debt is one that is collateralized by property. This means that if you default on the debt, the creditor can take the property that secures the loan. Your mortgage loan is probably secured by your home. Your auto loan is probably secured by your auto.

An unsecured debt is when you make a promise to repay the debt, but the debt is not secured by any collateral. If you default on the promise, the creditor cannot take your property without obtaining a judgment.

A priority debt is a debt that is entitled to repayment ahead of other debts that you owe. Taxes and some attorney fees are priority debts. A list of priority debts can be found in 11 U.S.C. ยง507.

If you are having issues with debt, contact Jacksonville Bankruptcy Attorney today for a free consultation.

Contact Information
Jacksonville Office
4115 Hendricks Ave
Jacksonville, FL 32207
Phone: (904) 685-1200 Fax: (904) 875-4081
Ponte Vedra Beach Office
822 A1A N #310
Ponte Vedra Beach, FL 32082
Phone: (904) 425-1910 Fax: (904) 875-4081
Satellite office with limited services and hours.
Call for an appointment.
*The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. The information on this website is not intended to establish an attorney-client relationship, are not confidential, and are not intended to constitute legal advice. Proper legal advice can only be given by an attorney who agrees to represent you, who reviews the facts of your specific case, who does not have a conflict of interest preventing the representation, and who is licensed as an attorney in the state where the law applies. Some states require additional disclosures which may consider the information on this website to be consider advertising and others states require that this page state ATTORNEY ADVERTISING or THIS IS AN ADVERTISEMENT.

We are a Debt Relief Agency under the United States Bankruptcy Code. We help people file for bankruptcy relief under the Bankruptcy Code.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. The contact form sends information by non-encrypted email, which is not secure. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship.

Copyright © 2021, Law Office of David M. Goldman PLLC
JUSTIA Law Firm Blog Design