If the debt is not secured by collateral, then it is unsecured. If this is the case, you may want to reconsider the bankruptcy and take a less drastic approach by working with a debt negotiation lawyer.
Credit cards, payday loans, and other personal loans are all unsecured debt and have no collateral associated with them, only your promise to pay. This debt can be settled for much less than you owe.
If you are considering an alternative to the bankruptcy option, we suggest that you highly consider getting financial assistance through a reputable Debt Resolution Company that doesn’t collect fees up front to settle your debt.
As mentioned before, it is possible to settle your unsecured debt like installment loans, payday loans, and credit cards for less than the total amount owed through a debt negotiation process.