Debt falls into two categories; secured and unsecured. With secured debt, the borrower, or debtor, pledges to secure payment of the loan. With unsecured debt, there is no property or "collateral" pledged to secure the loan. If a loan is in default, the creditor has to right to collect from the borrower, and may use any of a number of methods to do so. Foreclosure, a method of collecting amounts owed on real property, follows strict statutory procedures. The repossession of secured personal property usually follows the state Uniform Commercial Code (UCC). To collect an unsecured debt, the creditor may have to hire a collections agency or file a lawsuit. Please read on to find a debt lawyer, attorney, or learn more about debtor and creditor information. Debt information and lawyer listings provided by lawyers.com.
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