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Not all debts are created equally, debt relief efforts vary

In a previous blog post, we discussed some strategies you can use to work with a collection agency regarding debt. When this doesn't happen or if you are unable to pay for the bill, you might decide that you need to seek out other options for debt relief. We want you to know that you do have legal options to get a fresh financial start.

One option that you have is to file for bankruptcy. If you opt to explore this possibility, you should understand a basic point about how debt is divided. There are two types of debt -- secured and unsecured.

Secured debt is debt that has something tangible in exchange for it. Your mortgage is a secured debt because the mortgage company can take your house if you don't make your payments. A car loan is another secured debt.

Unsecured debt doesn't have a tangible asset attached to it. Medical bills, credit card bills and similar bills are unsecured debt. Some of these debts, such as medical bills, might not be your fault since you can't help when you get sick or injured.

When it comes to bankruptcy, unsecured debts are usually able to be discharged. Secured debts typically aren't able to be discharged in debt. Some other debts, such as child support, student loans and tax debt might not be subject to discharge in debt.

The type of bankruptcy you file can also have an impact on how specific debts and assets are handled. We can help you to discover how bankruptcy laws might impact the specific points of concern in your case.

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.