This means that you will still have to pay the debt off, even after going through bankruptcy. Examples of non-dischargeable debts include child support, student loans, DWI fines or penalties, and taxes. Another type of debts is known as secured debts. A secured debt is one in which the creditor retains an interest in some of the debtor's property until the debt is paid. The property in which the creditor has a security interest may be the same property that was purchased with the loan, or it may be some other property of the debtor.
Secured debts have a priority over non-secured debts.
Property that is collateral for a secured debt will be given to the creditor to satisfy the debt. If the value of the property is insufficient to pay the debt, the remaining amount will be considered a non-secured debt. Non-secured debts are the last type of debts to be paid. These debts may end up being discharged altogether if there are not enough assets to pay them, and in many Chapter 7 bankruptcy cases, there are not. Examples of non-secured debts are credit card debts or signature loans.