Secured debts are debts that have some sort of property pledged as security. When you get a loan to buy a car or a house, you take out a secured loan. The car or the house is the security or collateral for the loan. Secured debts can either be wiped…
Secured creditors are creditors that have some type of property (ie. security) or collateral for the loan you owe. They have a lien on your property, which is an interest in property that allows a creditor to repossess that property if you don’t pay. Your mortgage company has your house…