What would you like to do?

On bankruptcy schedule d creditors holding secured claims. What does it mean when value of property is 2500 amount of claim is 4000 unsecured portion is 1500 Does that mean you have to pay back 1500?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

It depends what type of bankruptcy it is. In a Chapter 7, the debt will disappear, but the security interest will not. Therefore if you surrendered the car to the bank and they sold it for $2,500, leaving $1,500 still owed on the note, then you would not be liable for that amount. If you wish to keep the collateral, you will have to pay off the full value of the note ($4,000.00). This property, which is probably a car, is what you would call 'underwater', since it's worth less then you owe against it. In a Chapter 13 you have to pay secured claims through a plan, but you may be able to 'cram down' the amount that you pay to the value of the car, instead of the full amount that is owed.
2 people found this useful
Thanks for the feedback!

On a bankruptcy filing form what does it mean when it asks schedule F creditors holding unsecured nonpriority claims and asks for the date claim was incurred and consideration for claim?

Answer . Creditors are either secured or unsecured. Secured creditors such as the mortgage on your house or you car loan go on Schedule D. Unsecured creditors (creditor w

What happens when a creditor does not file a proof of claim for a secured debt in a bankruptcy case?

Answer . \nA secured creditor does not need to file a such a claim, the lien against the property is sufficient proof. Generally the lien holder/lender will ask for the au

If the amount of claim on Schedule F of bankruptcy shows no dollar amount does this mean that the debt is not included in the bankruptcy?

If its a Chapter 7 case, the debt most likely will be discharged. If its a Chapter 13, the amount is used for plan calculation. In either case, the debt is "included". I

Can a creditor put a hold on your savings account after you claim bankruptcy?

When you file for bankruptcy, all your assets are revealed to thetrustee and basically frozen. No, a creditor probably won't put ahold on your savings account after you file b

Creditors holding secured claims?

Creditors holding secured claims cannot be dismissed in abankruptcy. These claims will have to be reaffirmed or they cantake back the property.

What goes on schedule f creditors holding unsecured non priority claims in a chapter 7 bankruptcy in New Jersey?

Your State makes no difference...your filing FEDERAL court action and forms.. The answer to your question depends on every individual and his debts and types of debts.. If y

If you have a debt of 4000 can you claim bankruptcy?

In general, YES. Key to your question is your usual income and equity in assets, compared to the debt. An excellent primer about either chapter 7 or 13 bankruptcy is "The New

On bankruptcy schedule d what does it mean when the value of the property is 5000 but the claim is 1000 what is the secured portion?

If the property is worth $5,000 and there is a claim on it for $1,000, there is equity of $4,000, which will have to be paid to the trustee or exempted (in a Chapter 7). The $