Debts are commonly separated into at least two categories, Secured and Unsecured. Secured debts are those where you have pledged something as collateral such as a home or a car loan. An unsecured debt is one where you have not pledged collateral or in which a lien has not been filed against you. Unsecured debts include credit cards as well as most other debts. Most judgments are also unsecured and can be easily discharged in bankruptcy. Unsecured debts are normally dischargeable within a bankruptcy. There are exceptions to the rule such as if the debts were incurred in anticipation of bankruptcy or incurred within 90 days of filing, or if there is some fraud associated with the transaction. In addition, some debts such a student loans and some tax debts may be deemed non dischargeable. Secured debts are treated completely different. If you want to retain your house or your car and you are current on your payments you will normally be able to keep them as long as you want to continue to make the payments. If, however, you want to forfeit the property and not make any more payments or incur any more debt associated with the property, you may return the property to the lender without any recourse to you. Jim Gaudiosi knows how to help you with these options and will give you expert advice.