Secured vs. Unsecured Debt

Secured & Unsecured Debts

Consumer Lawyer in Chicago, IL

At Sulaiman Law Group, LTD., we handle a wide variety of consumer law and debt-related cases in Chicago, Illinois. We believe that being informed can empower consumers about their rights and options. Many of our clients do not understand the difference between secured and unsecured debts, which is why we have created this page.

Secured debts often involve an asset that is considered collateral for a debt. For example, an auto loan is considered a secured debt. If you fall behind on your car payments, creditors can repossess your car to pay the money owed. Mortgage loans are another example of a secured debt. Unsecured debts, on the other hand, are not held by a lien. Creditors can take legal action in order to pursue unsecured debts through wage garnishment and other tactics.

Some examples of unsecured debts include:

How Our Chicago Bankruptcy Lawyers Can Help

Our Illinois debt solution team can carefully review the details of your debts and recommend the course of action you should take in order to protect your assets and interests. For many, filing for bankruptcy can help them regain their financial stability. Whatever your goals are, we will listen intently to your needs and help guide you in the right direction.

Worried about your debt situation? Discuss your options with our legal team during an initial consultation.
Call (312) 313-1613 to schedule yours at your earliest convenience.

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We understand that dealing with debt and other related issues that may arise can be emotionally taxing and draining. We wish to lend you a helping hand so you may seek the debt relief you need to get back on track financially. Once we assist you with debt discharge, we will continue to ensure your rights as a consumer are protected through our Protect The Discharge program. We are here for you during your time of need, no matter what happens.

Give us a call to explore the debt relief options available to you.