What is Unsecured Debt? – NJ Bankruptcy Glossary

Definition of the NJ Bankruptcy Term – Unsecured Debt

Unsecured Debt:

debt for which a creditor holds no assurance of payment due to a lack of lien on specific assets of the borrower

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Note: the above definition of Unsecured Debt was written in a simplified form for non-lawyers and may require a legal interpretation of how Unsecured Debt may impact your bankruptcy filing.