Is the following statement true or false:
Together, you and your spouse do not have more than $8,000 in unpaid, unsecured bills from your marriage.
A debt is unsecured if your promise to pay the debt is NOT backed by specific property. For example, a credit card bill is usually unsecured debt because you do not have to give back any of the items that you bought with your credit card if you do not pay the bill. In comparison, a debt is a secured debt if the person who loaned you the money kept an interest in the property and your promise to pay the debt is backed by that property. For example, when you borrow money to buy a car or take out a mortgage on a trailer, your car or trailer can usually be repossessed by the bank to pay off your debt if you do not make your payments. These are examples of secured debts.
page Q