{"id":36322,"date":"2021-10-19T09:00:58","date_gmt":"2021-10-19T16:00:58","guid":{"rendered":"https:\/\/pdxlegal.com\/?page_id=36322"},"modified":"2022-02-10T06:03:43","modified_gmt":"2022-02-10T14:03:43","slug":"secured-vs-unsecured-debt","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/bankruptcy\/secured-vs-unsecured-debt\/","title":{"rendered":"Secured vs. Unsecured Debt"},"content":{"rendered":"
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Secured and Unsecured Debt Attorney in Portland, Oregon<\/strong><\/div>\n<\/h2>\n
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When a person declares bankruptcy<\/a>, one of the first hurdles to consider is how the law affects various types of debt you have, in particular whether the debt is secured or unsecured debt. Because those two are different and have different statutes affecting their legal treatment, seeking the advice of a reliable secured and unsecured debt attorney in Oregon is the best way to handle the situation.<\/p>\n

Your debt attorney will help you plan and give you the best professional assistance needed for the problem.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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\"Secured<\/div>\n<\/figure>\n<\/div>\n<\/div>\n<\/div>\n

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Although declaring and filing for bankruptcy should be the last resort, considering different bankruptcy alternatives<\/a> is a good start. If you\u2019re having trouble with debts and need a professional secured and unsecured debt attorney in Portland, Oregon, you can book a schedule now to start your journey towards debt relief. Our expert and experienced attorneys will carefully assess your debt situation and educate you on all the possible solutions and alternatives to bankruptcy.<\/p>\n

Even if you don\u2019t need to file bankruptcy, understanding the difference between secured and unsecured loans can help you improve your financial literacy. It can even help you make wise decisions for better financial health and stability in the<\/p>\n

long term. By working with an expert secured and unsecured debt attorney in Portland, Oregon, you can better assess the situation and clear all your debt problems smartly.<\/p>\n

To start, we should first discuss the difference between secured and unsecured debt. Which one should you prioritize paying first?<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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What is Secured Debt?<\/strong><\/div>\n<\/h2>\n
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A secured debt is a form of debt backed by the debtor\u2019s property, such as a house or car used as collateral.<\/p>\n

A secured debt is almost always secured or created with written documents, signed by the borrower, that \u201cattaches\u201d the debt to the collateral. The law calls this attachment a \u201clien\u201d. This means that when a debtor enters in secured debt, they give the creditors a right to seize specific property. The creditors can take the property when the debtor fails to pay the credit based on the agreed specified time frame<\/a>. There are also two types of lien – a voluntary and involuntary lien. An experienced Portland secured and unsecured debt attorney can help you clearly understand how the lien and other types of debt can affect you. And also whether you can <\/span>strip the lien in your property<\/a>.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Voluntary Lien<\/strong><\/div>\n<\/h3>\n
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With a voluntary lien, the debtor is consensually approving or granting the creditor a legal right to the property as a form of security to repay the debt. A voluntary lien can be \u201cperfected\u201d when the creditor files written proof with the State office responsible for such filings. A \u201cperfected\u201d lien provides notice to the world (and future creditors) that this creditor has a legal right over the collateral items. The perfecting of a lien is a mandatory action to give the creditor authority \u2013 which applies to different state laws and collateralized property types. A common type of voluntary lien is a mortgage on a residence or a notation on a motor vehicle title that a lender exists.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Involuntary Lien<\/strong><\/div>\n<\/h3>\n
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An involuntary lien is imposed on a debtor via state or court action. A state stature may give a creditor a right to seize or confiscate the debtor\u2019s property if the debt is left unpaid. This can also happen via court action when the Court enters a \u201cjudgment\u201d against a debtor can may become an involuntary lien against real property. These liens include income tax, real estate, judgment, or landlord liens.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Advantages and Disadvantages of a Secured Debt<\/strong><\/div>\n<\/h2>\n
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Most secured debts or loans are common ways to borrow large amounts of money, services, or items. Most secured loans have lower rates, higher borrowing limits or capacity, and even longer repayment terms because of the collateral.<\/p>\n