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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?
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.
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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 (cr…editor without liens or collateral) are either priority or nonpriority. The only creditors who are classified as priority go on Schedule E and Schedule E contains a list of the categories. Every other creditor (general unsecured creditors) goes on schedule F. The most common example of unsecured nonpriority creditors are credit cards and medical bills. You basically need to give a general description of what you bought and when you bought it. You don't need exact dates.
What happens when a creditor does not file a proof of claim for a secured debt in a bankruptcy case?
Answer A 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 as…k for the automatic stay to be lifted so foreclosure or repossession action can continue or be implemented against the property. In a chapter 7 bankruptcy the borrower must be able to reaffirm the secured debt to avoid recovery or litigation action from the lender.
Unpaid employees are priority unsecured bankruptcy claims up to approximately 10,000.
Answer A secured creditor
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…". If the creditor is not paid under the Ch 13 plan, there may be a problem there. (Depending on if the creditor cares) Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
They would have to be. You do not go Bankrupt on certain things though. In BK you do not pick and chose what is included. All are given priorites and some are… exempt fom being used and some exempt from being discharged. Secured debts get first call from the money from the sale of the asset securing them. (Some property taxes may well be secured debts). ALL your assets and all your debts are included. Your assets are used to pay your debts, the extra that can't be paid may be discharged. Taxes get a fairly high priority and will be paid in full before most other unsecured debts.
When you file for bankruptcy, all your assets are revealed to the trustee and basically frozen. No, a creditor probably won't put a hold on your savings account after you …file but they can until your bankruptcy is discharged. Usually a letter from your attorney saying you have filed bankruptcy will stop this action.
Creditors holding secured claims cannot be dismissed in a bankruptcy. These claims will have to be reaffirmed or they can take back the property.
If a creditor is shown on Schedule F of a Ch 7 bankruptcy does the creditor need to file a proof of claim?
It is an insurance claim used to report professional and technical services.
If you signed a Security Agreement, then your creditor has a secured claim on the collateral specified in the agreement.
Secured debts take priority over unsecured debts in a bankruptcy proceeding.
You file something called a "proof of claim", within the time period specified, with the court. The bankrupt, the administrator or just about anyone involved should… be able to make sure you get one....and if your on the BK records as a possible creditor, you should be getting one automatically. It makes no difference whether your debt will qualify as a preferred claim, secured, unsecured, administrative, etc. for how you make a claim, although it will be asked on the claim form.
It is the form that is required for use when billing an insurance company for health care services given. It is used by all types of health care providers who are billing insu…rance.
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 $…1,000 claim will be the secured claim, assuming it is in fact secured by a mortgage, purchase-money loan agreement, judgment levy or other security.
Creditors holding unsecured priority claims
it is the form used at the doctor's office for bililng purposes.