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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31781
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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So a secured debt doesnt have to be a loan correct? Its anything That

Customer Question

So a secured debt doesnt have to be a loan correct? Its anything
That can be taken back if not paid for? Im fine w them
Coming after it. I just dont want to ship it. Plus they are
Out of state.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 4 years ago.

Kirk Adams : Hi - my name is Kirk and I'm a Bankruptcy litigation attorney. Thanks for your question.
Kirk Adams : A secured debt is debt that is backed or secured by collateral so if the borrower defaults, the collateral can be taken and sold to cover all or most of the debt.
Kirk Adams : Secured debts are generally associated with a loan because they arise when something is given to a debtor before it is paid for.
Kirk Adams : I suppose there could be some secured debts that weren't loans - - like shipments where payment is due upon delivery, etc., but that's about it.
Kirk Adams : If you have an item you haven't paid for, it is possible that you can work out an agreement to return the property to the seller.