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A student loan is an unsecured debt. To be secured, there needs to be something, generally phyisical (but not always), that can be taken (repossessed), and sold to satisfy the debt if it isn't paid. Kinda' hard to take back an education!
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Chapter 13 requires total unsecured debt of less than 335000 Is a Parent Plus student loan considered as a unsecured debt?
Yes.
What is an unsecured bad debt loan?
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.
Why is unsecured consolidation important?
An unsecured consolidated loan is easier to get out of debt if the debt is small such as for car loans. The bigest advantage is not needing collateral when you sign on the line for the loan.
Why are student loans considered unsecured?
Lenders don't have any collateral to seize if the loan doesn't get paid back.
How can one resolve unsecured debt relief?
There are different ways to resolve unsecured debt relief. One way is to pay the loan off as soon as possible. If one has multiple unsecured debt, sometimes they can get a loan to consolidate them. One can consolidate with or without collateral.
Where can one get an unsecured loan for debt consolidation?
There are many places that one could get an unsecured loan for debt consolidation. These places include, but are not limited to, Lending Tree, Prosper, and Bank of America.
Is student loan reportable as income?
No, a student loan is NOT reportable income. Besides, it wouldn't make sense that immediate debt be considered income.
Can a creditor sue for unsecured debt?
* An unsecured debt, generally, is a debt that is not backed by collateral. For instance a car loan is secured by the security interest the lender has in the car. A credit card which is not backed by collateral is not secured by collateral therefore it is an unsecured debt. Generally, yes a creditor can sue for unsecured debt, the creditor just doesn't have any interest in the good that formed the basis of the loan.
Can child support garnish your student loan in Pennsylvania?
No. Child support is based upon the non custodial parent's income. A student loan is considered a debt.
Can you deduct your unsecured debt from bank accounts when applying for government benefits?
No, There are assets and liabilities. An unsecured loan is a liability that does not offset an asset.
How do you minimize debt on an unsecured personal loan?
Shop around for be lowest interest rate
Do automobile loans have high interest rates because the loan are unsecured debt?
yes
