Cherry Hill Secured Bankruptcy Lawyer Explains the Interchangeability of Unsecured and Secured Debt

Secured and unsecured debts are different but also closely related. Secured debt is essentially liens against your property (any type of debt backed up by property) and has the highest value. A classic example is a mortgage.

Unsecured debt is different in that it is not backed up against any property. Good examples are credit card debt, student loans and medical bills. However, it does not mean that unsecured debt cannot become secured and vice versa. For example, consider the following scenario:

An individual owes a credit card company $10,000. The individual is unable to make payments and the credit card company takes them to court. If a judgment is obtained against the individual, the credit card company now has the ability to execute upon that judgment.

This can result in going after personal assets — bank accounts, savings accounts and up to 10 percent of a gross salary. In New Jersey, they can even file a lien against your home or land. Therefore, the unsecured credit card debt becomes secured debt. This is harsh recourse that many people are unaware of.

If the beginnings of this scenario sound familiar, you need legal and financial assistance immediately. I am bankruptcy lawyer Joel R. Spivack. Since 1995, from my office in Cherry Hill, I have helped my clients with their debt problems and bankruptcy filings and obtained positive results. Contact an experienced Cherry Hill secured debt attorney today to schedule your free initial consultation.

Contact Law Office of Joel R. Spivack for Assistance with Filing for Bankruptcy Protection

Available Monday through Friday, from 8 a.m. to 5 p.m., I am ready to answer your questions about unsecured and secured debt. Located near the Cherry Hill Mall, my office offers free parking. Contact a New Jersey unsecured debt attorney today at 856-488-1200 for a free initial consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Our Client Reviews on Google

Results may vary depending on your particular facts and legal circumstances.

Destiny Waller

2022-03-06

Very grateful that we hired Joel for our home purchase! He was extremely professional and made the process smooth sailing. He always responded to our questions same-day and was happy to explain the process to us several times (which we definitely needed.) We weren’t sure we needed an attorney for purchasing a home, but we saved money and stress during the negotiation process, so certainly worth it. Thank you for your help Joel!

Caius Santos

2022-02-14

If you’re considering filing bankruptcy I highly recommend you use Joel Spivack. He is knowledgeable, courteous and professional. He guided me through the process and went through smoothly without any surprises.

Joe Delia

2022-02-02

Joel has had our back on more than one occasion. He's professional and personable. I called him on a Friday after hours and he called right back. Talk about peace of mind. I didn't have to sit on a problem over the weekend. He's helped us sort out some pretty sizable problems for a very reasonable fee. Hiring him was one of the best decisions we ever made.

B Lal khan

2022-01-25

I found Mr Spivack to be an extremely intelligent and compassionate attorney who helped us through a very difficult financial time. He handled our bankruptcy efficiently and made us very comfortable with our choice to file. I also felt that his fees were EXTREMELY reasonable compared to most bankruptcy attorneys. He even offered us follow up advice after the bankruptcy, if I were to need any. I would highly recommend Mr Spivack if searching for an attorney.

B Noshn

2022-01-25

Highly Recommend, Mr Spivak helped me with a very difficult situation that I was in. From the very first meeting with him, he explained everything to me clearly. He was always available to me and always return my calls or texts promptly. He always sent me any information that he received from the courts with an explanation.

Sandra Waite

2022-01-24

Joel Spivack helped us with our recent bankruptcy and I can't say enough great things about him. He was professional, responsive to our many questions and did not make us feel bad about having to file bankruptcy. He knows everything there is to know about the laws surrounding bankruptcy and guided us through the entire process. If you want someone who knows the law and will help you every step of the way, Mr. Spivack is the person to call.

Greg Clementi

2022-01-24

Helped me every step of the way, let me know all my options

Brian Speigel

2021-11-24

Dear sir , i had a good experience with you getting it done right and helping me with the process

joseph hoffman

2021-11-13

Mr. Spivak was experienced, knowledgeable, and understanding in representing us in a closing resulting in a successful transaction. I highly recommend him.

Damiana Padilla

2021-10-16

Joel has been a life saver. He has gone above and beyond our expectations. We made the mistake of not hiring a lawyer during attorney review and once we started having issues we hired Mr. Spivack. After speaking to him we knew he would help us through the rest of the real estate transaction. Joel did not disappoint he went above and beyond and gave us piece of mind. Thank you Joel for your professionalism and proficiency, we look forward to a continuous relationship.

See my ratings and reviews on AVVO and Lawyers.com.

Joel R. Spivack

Protecting your assets.
Rebuilding your financial future.

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Cherry Hill Secured Bankruptcy Lawyer Explains the Interchangeability of Unsecured and Secured Debt

Contact Law Office of Joel R. Spivack for Assistance with Filing for Bankruptcy Protection

Our Client Reviews on Google

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Joel R. Spivack

Protecting your assets. Rebuilding your financial future.

Contact Us Now For a Consultation

Cherry Hill Secured Bankruptcy Lawyer Explains the Interchangeability of Unsecured and Secured Debt

Contact Law Office of Joel R. Spivack for Assistance with Filing for Bankruptcy Protection

Our Client Reviews on Google

Protecting your assets.
Rebuilding your financial future.