Secured & Unsecured Debts

Consumer Lawyer in Chicago, IL

At Atlas Consumer Law, we handle a wide variety of consumer law and debt-related cases in Chicago, Illinois. We believe that being informed can empower consumers about their rights and options. Many of our clients do not understand the difference between secured and unsecured debts, which is why we have created this page.

Secured debts often involve an asset that is considered collateral for a debt. For example, an auto loan is considered a secured debt. If you fall behind on your car payments, creditors can repossess your car to pay the money owed. Mortgage loans are another example of a secured debt. Unsecured debts, on the other hand, are not held by a lien. Creditors can take legal action in order to pursue unsecured debts through wage garnishment and other tactics.

• Some examples of unsecured debts include:
• Student loans
• Credit card debt