Unsecured Debt
Definition
A debt that is not connected to any specific property.
Learn more about "Unsecured Debt"
The bank you owe this debt is called an unsecured creditor in a bankruptcy case. Common examples of unsecured debt are credit card debt, medical debt, and student loan debt. Some unsecured debts are priority debts, which means they receive priority treatment in a bankruptcy case. Secured debts are the opposite of unsecured debts. A secured creditor has the power to take back property (through repossession or foreclosure) after a payment default.
