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Unsecured debt is a type of debt that is not backed by collateral. Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate. These debts have no collateral, so creditors cannot take your property without going to court first. This means there is no property tied to it.
But it can involve assetliquidation, and the discharge is independent of such sales. Caution is necessary as it involves using your home as collateral. You can also find more income sources or refinance loans. Chapter 7 offers discharge for eligible medical bills. Home Equity Line of Credit (HELOC) can consolidate debt.
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