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WHAT IS AN UNSECURED CREDITOR?

An unsecured creditor is someone who has a claim against you for money only. An example of this would be most credit cards, a doctor, hospital, telephone company or cable company.


WHAT IS A SECURED CREDITOR?

A secured creditor is someone who has collateral for a certain debt. For example, when a bank gives you a mortgage the secured asset is the house. If you fail to pay the mortgage the bank will seek to recover the asset that secured the loan (the house).







Castro Law, PLLC

82-11 37th Avenue, Suite 603

Jackson Heights, NY 11372

Tel: 718.533.8090





















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