What is considered Secured Debt

[DebtHeadache]

I have a mortgage that we owe 74,500 on and 2 car loans 1 @ 18,500 and 1 @ 19,800....we have several credit cards and store cards.

Our total debt is around 177,000

We have a spa, computer, bed, washer, etc...is this also considered secured debt?

Your help is appreciated.

[Granny]

I have a mortgage that we owe 74,500 on and 2 car loans 1 @ 18,500 and 1 @ 19,800....we have several credit cards and store cards.

Our total debt is around 177,000

We have a spa, computer, bed, washer, etc...is this also considered secured debt?

Your help is appreciated.

Those other items could be secured. Read the contracts to see if they have a security interest.

[lrprn]

I have a mortgage that we owe 74,500 on and 2 car loans 1 @ 18,500 and 1 @ 19,800....we have several credit cards and store cards. Our total debt is around 177,000

What state are you in, DH? And how much income from all sources did you make in the last six months? Are you married? Do you have children or other adults living with you?

We have a spa, computer, bed, washer, etc...is this also considered secured debt?

Did you buy them using credit cards or did you finance them through the seller? If you financed them through the seller, then as Granny said, it's very possible the loans are set up to be secured.

However, the good news is in this situation, most creditors in this situation don't want your used stuff....they want you to hand over cold, hard cash. Even if they threaten, unless the purchases were very recent, chances are when the dust settles, you'll end up keeping all of it anyway. Ask your lawyer about this.

[DebtHeadache]

What state are you in, DH? And how much income from all sources did you make in the last six months? Are you married? Do you have children or other adults living with you?

Did you buy them using credit cards or did you finance them through the seller? If you financed them through the seller, then as Granny said, it's very possible the loans are set up to be secured.

However, the good news is in this situation, most creditors in this situation don't want your used stuff....they want you to hand over cold, hard cash. Even if they threaten, unless the purchases were very recent, chances are when the dust settles, you'll end up keeping all of it anyway. Ask your lawyer about this.

Thahks for replying. We financed through the seller....so that will make it about a whooping 16K in additional secured debt.

My stomach is rolling in acid I feel so degraded to have gotten into this situation.

[coma]

Thahks for replying. We financed through the seller....so that will make it about a whooping 16K in additional secured debt.

My stomach is rolling in acid I feel so degraded to have gotten into this situation.

In reference to the last line of your post...we've all been there. There will come a point, though, when you're over it. You'll get to a place where you're emotions are not so much in play and you realize that filing was a business decision.

Hang in there, Headache! We're here to listen to the vents, offer advice, and just a shoulder

[lrprn]

Thahks for replying. We financed through the seller....so that will make it about a whooping 16K in additional secured debt.

DH, do you have the original loan agreements with the sellers? That's the best way to know if the loan was set up to be secured or not.

Did you make any of these purchases within the last six months?

My stomach is rolling in acid I feel so degraded to have gotten into this situation.

We've all been where you are right now, DH. You aren't hiding from the problem and you are doing something about your situation - that's a huge plus. It takes a lot of courage to admit you made mistakes - give yourself major credit for that.

This is the worst time in the bankruptcy timeline - right before filing. Things will ease up after filing and you'll see light at the end of the tunnel again, I promise!