When filing for chapter 7 bankruptcy you will have to categorize your debts. Your debts can be categorized as being either secured or non secured debt. A non secured debt occurs when a creditor does not own any specific rights to the property. A common example of this is a credit card. In the majority of cases when you buy items on a credit card the bank can not repossess the "Washing Machine" that you bought on credit. The creditor can only sue your for the amount owed.
However, with a secured transaction a party can repossess that specific piece of property when they possess a security interest on that property. This type of secured transaction occur most frequently with automobiles leases and / or purchases and mortgages on houses. Also, if you get a "Title Loan" you are giving the creditor a right to your car if you default on your loan.
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Also, a secured transaction can happen involuntarily when a party puts a lien against property. This can happen either by the government or the public. An example of the government doing this is a tax lien. By placing a tax lien on your property the government will be able to get the past due taxes back when the property is sold or repossessed. An example of a private involuntary secured transaction would be a legal judgment lien. When a party wins a legal judgment, against you, they may file a lien against your house. So, when your house is sold they will be able to collect on that lien.
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