What would you like to do?
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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Can an individual unsecured creditor not a credit card company get property such as a computer back if the bankruptcy was discharged and they were notified of it but are now making demands?
Answer If the debt was truly unsecured and you properly listed the debt in the bankruptcy, then the debt has been discharge. If the creditor persists in violatin…g the discharge order, the creditor could be held on contempt of court and held liable for fines and attorney's fees.
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.
When a proof of claim form is a credit of money on a account is it a secured claim a unsecured priority claim or a unsecured non priority claim in a bankruptcy?
Answer Presumably your talking about a credit in a general trade or deposit type account, (not a payroll matter, rent deposit or something on the priority …list), it is simply an unsecured non-priority claim.
Unpaid employees are priority unsecured bankruptcy claims up to approximately 10,000.
Answer A secured creditor
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.
Yes any amount above what was owed, including all fee's, accrued interest, penalties and such is returned. However if your in BK, it becomes part of the assets available… to pay other creditors than the mortgage co. Obviously, you would have goten substantially more had you sold the property yourself...trustee auctions not only having all the fee's, but because of the circumstances attracting only buyers expecting problems with the property, getting possession, etc...and ready to buy when the gavel goes down without contingencies, mortgage safeguards, frequrntly never even seeing the inside..get much less than a free market sale - attracting all buyers and having marketing.
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