Bankruptcy Lawyer Bryan W. Stone answers the question “What is Chapter 11 Bankruptcy?”
If you are in debt and being hounded by creditors morning, noon and night, you may not know and likely don’t care which are secured and which are unsecured. When you’re dealing with calls and letters demanding payment, you will likely base your decisions on who is yelling the loudest or causing the most commotion. Though this may work pre-bankruptcy, the rules change post-bankruptcy. Officially filing for bankruptcy not only offers the debtor certain protections, but it also offers protection for creditors. To find out more about the difference between secured and unsecured creditors and what this can mean in the context of a bankruptcy case, keep reading.