Debt Relief

Debt Relief Las Vegas

What Is the Difference Between Secured Debt & Unsecured Debt?

Being crushed by debt can be an overwhelming and lonely experience. If you are struggling with mounting payments and interest, it is time to turn to an experienced attorney to help you find financial freedom. Enter Crosby & Fox, LLC. Our attorneys have over 50 years of hands-on experience helping clients throughout Las Vegas find relief from debt. 

What Are the Two Different Types of Debt?

The first step in dealing with your debt is by understanding what type of debt you have. Generally, there are two types: secured and unsecured debt. 

Secured Debt

Secured debt is a debt that is attached to an asset, such as a 

  • Car
  • House
  • Appliance

Unsecured debt

Unsecured debt has no asset, or collateral, backing. The most common types of unsecured debts are from:

  •  Credit cards
  • Medical bills
  • Student loans
  • Civil judgments

Our attorneys at Crosby & Fox, LLC can help you understand your debt and work with you to get the financial relief you need. We stay up to date on the latest protections and restrictions, including those associated with the COVID-19 outbreak. We know that every case is unique, and our team will be by your side every step of the way. 

Our attorneys can walk you through your options regarding the following types of debt:

Automobile Repossession

With auto loans often being considered secured, most lenders will seek to repossess your vehicle after the loan is only two payments behind. Once the vehicle is repossessed, you only have 10 days to get it back. Filing for bankruptcy can help you keep your vehicle, and our team will help you decide if Chapter 7 or Chapter 13 is right for you. With Chapter 7, you may be able to work out a reaffirmation agreement. In Chapter 13, you can propose a plan to repay what you owe within 3-5 years. You may even be able to propose to pay the creditor the Fair Market Value of the vehicle instead of what you owe.

Credit Card Debt 

Credit card debt is almost always considered an unsecured debt. When you fall behind on payments, your credit card company may raise interest rates and tack on late fees, which means that it can take you even longer to pay off your balance. To make matters worse, many credit card agreements include universal default provisions—meaning missing one payment can lead to all of your credit cards raising interest rates. 

Credit card debt is one of the most common reasons for people to file for Chapter 7 bankruptcy. Our team will walk you through the filing process, and, if you don’t qualify for Chapter 7, we can see if Chapter 13 can help you consolidate and reduce your debt.

Garnishments

With so many people living paycheck to paycheck, a reduction in working hours, layoffs, or unexpected expenses can dramatically impact your debt-to-income ratio. This financial pressure is made even worse when a creditor comes out of the woodwork to garnish your wages. Garnishment is when a creditor you owe money to, who has sued you and won a judgment against you, gets a court order that allows them to take money from you. This can include taking money from your bank account, forcing your employer to turn over part of your paycheck, and even a forced sale of items you own.

If you are under a garnishment order, or even if you have been served with a lawsuit on a debt you cannot pay, reach out to Crosby & Fox, LLC. We are here to help you understand your options before garnishment overwhelms you. 

Medical Debt

Even when you have insurance, unexpected medical issues can quickly turn into a serious financial burden. If you have medical debt or medical bills you know you will never be able to pay, talk to our attorneys at Crosby & Fox, LLC. We will take the time to understand your unique circumstances, walk you through all of your options, and teach you how bankruptcy may give you the relief you need. 

Filing for bankruptcy to get rid of medical debt does not mean that your doctor will never talk to you again, or that you will never get medical care in the future. It is instead a simple way to get a fresh start.


No matter the reason for your debt concerns, turn to our attorneys. We are committed to helping our clients find ways to build a more financially free future. To schedule a consultation with one of our knowledgeable Las Vegas professionals, call us at (702) 941-6320 or fill out our quick and easy online form


 

  • “highly, highly recommend them for your debt solutions.” - Debra M.
  • “I would definitely recommend Crosby & Fox for a bankruptcy service.” - Misdraim G.
  • “I am grateful for Troy and how he handle my case & would & did recommend Mr. Fox to family & friends.” - Stacy L.

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