Any debt you incur without providing your creditor with collateral is "unsecured." Medical debts, mortgage deficiencies, collection accounts and most credit card debts fall into this category. While unsecured creditors can seek legal recourse when recovering unsecured debts, they can only do so unhindered until the statute of limitations in the debtor's state expires. Statute of Limitations The statute of limitations is a time period after which a debtor can claim in court that the debt is question is too old to legally enforce. It does...