What Precisely is a Secured Transaction And Exactly what Does it Pertain to My Bankruptcy?
When filing for chapter 7 Family Law Attorney Las Vegas you will have to classify your debts. Your financial obligations can be classified as being either secured or non secured debt. A non secured financial obligation occurs when a creditor does not have any particular rights to the home. A typical example of this is a credit card. In the bulk of cases when you buy items on a charge card the bank can not repossess the "Cleaning Device" that you bought on credit. The lender can just sue your for the amount owed.
Nevertheless, with a secured deal a party can repossess that particular piece of property when they possess a security interest on that home. This type of secured transaction take place most often with automobiles leases and / or purchases and home mortgages on residences. Likewise, if you get a "Title Loan" you are providing the creditor a right to your automobile if you default on your loan.
Likewise, a secured deal can take place involuntarily when a celebration puts a lien against property. This can happen either by the government or the public. An example of the government doing this is a tax lien. By putting a tax lien on your property the government will be able to get the previous due taxes back when the residential property is sold or repossessed. An example of an exclusive involuntary secured deal would be a legal judgment lien. When a party succeeds a legal judgment, against you, they could file a lien against your residence. So, when your residence is sold they will be able to gather on that lien.