In Texas, if you file for bankruptcy and have secured debt, you generally have two options: reaffirm the debt or surrender the collateral. If the debt was secured, the creditor might not have to go to court to repossess the loan collateral.A loan from an LLC member to the LLC must be structured carefully to ensure it is respected as bona fide debt. A secured debt effectively turns into an unsecured debt if you surrender the collateral, which may make sense to do more than you think. Most credit unions have a crosscollateralization clause in their loan agreements. For Secured Debts: Secured debts are those linked to an asset, like a mortgage or a car loan. The debtor should consult an attorney to determine the proper treatment of secured claims in the plan. Our VA loan technicians can help you figure out which option is best for you. Subordinate Debt (TIFIA Loan). By completing the FAFSA, you are considered for all types of financial aid, including federal and state student loans.