Now, mortgages and car loans are the kings of secured debts. Work with a reputable debt relief company to try to consolidate your debts, so you can pay them back on a reasonable and feasible schedule.The main difference between secured and unsecured debt is that secured debt requires collateral, while unsecured debt doesn't. Offer all Lenders the right to exchange their current loans for the new loan: •. A tax warrant is equivalent to a civil judgment against you, and protects New York State's interests and priority in the collection of outstanding tax debt. The Homestead Exemption law under § 5206 in New York State protects a debtor's primary residence from becoming collateral against monetary judgments. There are benefits that come when a church uses debt. A purchase money security interest (PMSI) is a legal first claim to repossess property financed with its loan when a borrower defaults. The Chapter 13 allows debtors to repay a portion of their debt through a monthly plan that usually is between three and five years.