Let's define "Good Debt" as any type of debt that helps build your income or overall net worth. Under Georgia law, after a foreclosure, a lender not getting paid in full has 30 days from the foreclosure to file a suit to collect the deficiency.Another option to build or rebuild credit is a Share Secured Personal Loan. The answer might be a personal loan with a fixed monthly payment that fits your budget. You can begin your application online or just drop in to ask questions. Since the lender doesn't have a claim to any of your assets if you should default on the loan, this is a riskier proposition for the lender than a secured loan. Being sued over debt from 1st Franklin Financial and unsure how I should file my Answer form without admitting full liability? What I'm saying is it often seems like an unsecured loan but with a low credit score, they end up offering a secured loan. Bankruptcy is not a surefire remedy for credit union members in severe financial distress. While it can provide an avenue for escaping your promises to repay.