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Unsecured debt is a type of debt that is not backed by collateral. If you fail to pay, creditors cannot take your belongings. These debts have no collateral, so creditors cannot take your property without going to court first. If you cannot pay, creditors may call or send letters demanding payment.
But it can involve assetliquidation, and the discharge is independent of such sales. Some options are negotiating with creditors, structured payment plans, and debt consolidation. To sum up the process of Chapter 7 bankruptcy : The bankruptcy trustee may liquidate non-exempt assets to repay creditors.
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