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.

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