Bankruptcy Attorney Ogden - What Are The Different Types Of Creditors?

There are basically three classes of creditors were going to deal with

. Theres secured, which includes your Social Security taxes, state taxes, homes, cars, things of that nature anything secured with some sort of property.

You have priority unsecured. Those are the things that used to be secured by property. Theyre also taxes, anything we cant miss. Theyre second tier debtors.

Then the third tier debtors are unsecured creditors. These are your credit cards, doctors, all the things that dont have property attached to them; including your relatives and payday loans.

There are some companies that do the loans on property and theyll give you a loan for your television set without ever having seen it. The problem is they have to file whats called a UCC Article 9 filing to get that. Most of them dont do it so when it comes right down to it, theyre an unsecured creditor and thats where we put them and make them prove that theyre going to be a priority secured or a priority unsecured creditor.

But once youve got all that information to us then we can have an idea of where youre going and how youre going to get there. The reality is if you file a bankruptcy correctly and you get through the process, your lifes going to be a lot smoother.

The chances are most of the unsecured creditors are just going to go away without being paid anything. They bargain for that, they do. Its in their bill. Its in every billing you get. They anticipate that theyre going to lose some money somewhere but trust me theyll be fine. Theyll live.

I hope this has been very informational for you. I hope its helped you out. If you need information call us today or visit our website or send me an email, we do respond very quickly. If this is an emergency please call our office. Well fit you in. Well find time for you. The consultation is free so it doesnt cost you anything.

The reality of the situation youre in is that we can help you. Just give us a chance and let us to that for you. Please call.

by: Roy Cole

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