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What is a unsecured/secured claim

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GreatwhiteIrish

Junior Member
What is the name of your state?al
I won a small clames suit against a business, one year later they flied for bankruptcy when i tried to collect, i need to know what the the difference between a secured and unsecured claim is. Thanks
 


Ladynred

Senior Member
A secured claim would be if you had a lien against their assets -- like a mortgage is secured by your house and the bank holds the mortgage lien. If you don't make payments, they can enforce the lien and take back the property.

Unsecured means there is no lien, no assets to guarantee the 'loan'.
 

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