Unlike
most other unsecured debts, student loans have a special status in bankruptcy in that it can not be discharged (forgiven) through bankruptcy.
Not exact matches
Credit card
debt is in
most cases
unsecured debt that features high interest rates compared to
other form of
debts.
· Don't consolidate the student loan
debt with
other unsecured debt as you can
most likely find a lower rate and better payment terms on the student loan
debt if handled separately.
Most personal money problems involve credit card
debt or personal loans that can't be managed — that, or
other forms of
unsecured debt too.
It's not easy to get out of
debt alone, but filing for Chapter 7 bankruptcy allows a person to keep
most of their property AND rid themselves of medical
debt and
other types of
unsecured debt, like credit card bills and personal loans.
This is why credit cards and
other unsecured debt are the
most dangerous types of
debt to accumulate.
Unsecured debts are not tied to any asset, and include
most credit card
debt, bills for medical care, signature loans, and
debts for
other types of services.
In
most cases, a person can get substantial savings every month by using a second mortgage to pay off credit cards and
other unsecured debts.
We're not suggesting that you should not contribute to savings, but if you compare the annual yields (interest paid) on savings accounts, certificate accounts, and
most investments, they'll be less than the annual percentage rates (APR) paid on credit card
debt and
other unsecured consumer
debts.
In
most cases, any fees due under a pre-filing contract are discharged along with all the
other unsecured debts.