If youвЂ™re considering bankruptcy, one element is specially critical in determining which kind of bankruptcyвЂ”if anyвЂ”will solve your financial crisis. This element is whether your debt your debt is guaranteed or unsecured.
This difference is very important because bankruptcy typically only discharges debt that is unsecured. That is partly why creditors that are unsecured high interest levels. The cash they make from interest compensates for the chance they just take, because they gets absolutely nothing from the court in the event that you file bankruptcy. Continue reading