Bankruptcy Alphabet-G is for General Unsecured Creditor

Generally, there are two types of debt/creditors, secured and unsecured, but the unsecured category is broken down into two additional categories: priority unsecured creditors and general unsecured creditors.

G is for General Unsecured Creditor

Photo by Leo Reynolds

Let’s break down the Creditors by type:

Secured Creditor

  • These are the type of creditors who hold a lien against the property you own. Most examples include your mortgage lender and the bank you pay for your car loan.

Priority Unsecured Creditor

  • These are the type of unsecured creditors that do not hold liens against property, but Congress has deemed more worthy than general unsecured creditors. 11 U.S.C. §507. These debts are not dischargeable. They include:
  1. Domestic Support Obligation Debt-child support and spousal support that is behind.
  2. Wages to a debtor business’ employees.
  3. A Debtor business’ contribution obligation to employee benefit plans.
  4. Debts owed to farmers or fishermen.
  5. Generally all taxes and government fees (but there are exceptions to income taxes owed).
  6. Debt created by a personal injury to creditor when debtor was intoxicated.

General Unsecured Creditor

  • All other creditors not listed as priority. These types of creditors are your credit card debt, cash advance debt, medical debt and any other similar debt.

The beauty of general unsecured debts are that they are discharged unless an exception to discharge is rendered.

Other Bankruptcy Attorneys talking about the Letter G are as follows:
Garnishment-New York Bankruptcy Attorney Jay S. Fleischman
Guaranty-Northern California Bankruptcy Attorney, Cathy Moran

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