Unsecured debt includes any debts that are not secured, or guaranteed, by some sort of collateral. For instance, a mortgage loan is a secured debt, because it is secured, or guaranteed, by the underlying real estate through the execution of a security agreement. Therefore, if the debtor fails to pay the mortgage loan, the mortgage lender, or the creditor, has the right to take the real estate through the mortgage foreclosure process. Unsecured debt, on the other hand, is not secured by any sort of collateral. Thus, the creditor's only remedy for the default of a debtor on the unsecured debt is to sue the debtor for repayment of the debt; there is no collateral for the creditor to repossess in the event of default. As a result, secured debts enjoy priority over unsecured debts, or will be paid first, in bankruptcy proceedings.