Glossary & Dictionary

Secured Debt

Debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property upon default. Examples include home mortgages, auto loans and tax liens.

Source: U.S. Courts

In bankruptcy, a debt is secured if the debtor gave the creditor a right to repossess the property or goods used as collateral.

Source: U.S. Courts