Essex County Secured Debt in Bankruptcy Attorney

There are two types of debt in bankruptcy: secured and unsecured. Understanding whether a debt is secured or unsecured is important because it determines what options you have in bankruptcy.

At Goldman & Beslow, LLC, we offer a free initial consultation to discuss your debts and explain your bankruptcy options. Our attorneys serve clients in Essex, Union, Hudson, Passaic, Bergen, Morris, Middlesex, Sussex and other New Jersey counties.

Bankruptcy and Secured Debts

Secured debts are debts that are secured by a lien on your property. Home mortgages and car loans are examples of secured debts. Some other types of debt may be secured without you realizing it, such as furniture and appliances that you buy on time. If you stop making payments on a secured debt, the lender can take the property that is secured by the lien. However, in some cases it may not be financially worthwhile for a lender to repossess items such as furniture or small electronics, and as such it rarely occurs.

Although personal liability is extinguished by filing a bankruptcy, the lien still remains. However, you can keep the property if you continue to make payments. Some secured debts, such as auto loans, may be renegotiated or modified in Chapter 13. In some cases, second and third mortgages can be eliminated, making them unsecured debts.

Bankruptcy and Unsecured Debts

Unsecured debt is debt that is not secured by any type of property. When a debt is unsecured, there is nothing for the lender to take if you don't pay the debt. Examples of unsecured debts include credit card bills, hospital bills and payday loans.

Most unsecured debts can be completely discharged when you file Chapter 7 bankruptcy. When you file Chapter 13 bankruptcy, you typically only have to pay back a percentage of unsecured debts — often pennies on the dollar for what you owe.

Contact Our Passaic County Lawyers

Let us get you back on your feet so you can get on with your life. Call our experienced Essex County secured and unsecured debt in bankruptcy lawyers today for a free one-half hour consultation at 973-677-9000 or 888-827-5493. We have office in East Orange, Jersey City and Paterson.

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• Dear Mark:

  Thank you so much for all you did in handling our case. You always made us feel comfortable and eased our fears and worries. Thank you for helping us get a new start.

  With deep appreciation
  Mary & Jim

• To Goldman & Beslow, LLC and Staff

  The "Fresh Start" is great and I just want to thank you for assisting me in this matter. I was very satisfied with the representation and would use your services again if the need arises, and also recommend you highly to my friends. Again "Thank You".

  Your truly
  Vivian

• Mr. Goldman

  Thank you so much for helping those with financial problems myself especially. Thank god that through you my financial problems were solved.

  Sincerely
  Gary T.

• To Goldman & Beslow, LLC

  On behalf of my wife Audrey and myself, we would like to send our heartfelt thanks and appreciations to you for everything you have done for us. We have regained our lives and sanity!

  Thanks for everything
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• Dear Mr. Goldman,

  Thank you just is not enough for my gratitude for all you did to help me. Thank you! Thank you! Thank you for helping me get my life back.

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• Dear Mr. Goldman,

  Once again my husband Frank and I just want to thank you for all you did for us. You helped to make it possible for us to have a new beginning.

  Ms. V

• Mr. Mark Goldman, Esq.

  Your kindness meant more than you'd ever guess thank you so very much for your thoughtfulness and wonderful services.

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• Dear Mr. Goldman:

  I greatly thank you for your firm's representation with my chapter 7 case. Your staff was a pleasure to do business with. I will be sure to refer people to your practice. Thank you once more.

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  Natalie