Mark80
07-18-2008, 05:59 AM
I am filling out my worksheet with all my creditors on them. I have a spot for secured and unsecured debts but I am not sure how to tell which is what? I know my mortgage and autoloans are secured, but how do I find out about the others.
I have a Wells Fargo credit line, and HFC credit line and so on.
Thank you!
BK2008
07-18-2008, 06:01 AM
Credit cards are generally unsecured loans.
Are the credit lines tied to your house or a bank account?? Is there anything 'securing' them?
Mark80
07-18-2008, 06:03 AM
Credit cards are generally unsecured loans.
Are the credit lines tied to your house or a bank account?? Is there anything 'securing' them?
Is that what that means? Not unless I signed something in fine print years back I was to stupid to notice. As far as I know they are just high interest credit lines.
So your saying if I had a loan that used my car as collateral, that would be a "Secured" loan?
Thank you very much!
justplaintired
07-18-2008, 06:06 AM
Yes the car would be secured. Just call your lender and ask if it's secured. I would double check and find out if those lines of credit are connected to your home.
BK2008
07-18-2008, 06:07 AM
Exactly. But since you already have a car loan, it is highly unlikely anybody would loan you when there is already a lien on the vehicle.
HELOC's are secured lines of credit.
They sound like standard lines of credit, unsecured.
holding on
07-18-2008, 09:26 AM
Do any of your creditors have a judgement against you? If so, those might get listed as secured when claims come in.
Mark80
07-21-2008, 06:08 AM
No judgements, infact nothing is over 30 days late until now. Its the first time I have ever missed a payment, and this was as instructed by my Attorney.