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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?

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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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