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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?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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Is a car secured property in bankruptcy?
If there is a loan which used the car as collateral, yes.
Can you file bankruptcy if you are hiding your car from being repossessed?
You can, but it most definitely would not be advisable. The vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.
If credit card puts lien on house and i file bankruptcy can i still file the credit card in the bankruptcy?
You have to, it is a debt...it is just a secured debt...by the lien on the property.
What is the top priority when distributing assets from someone declaring bankruptcy?
Secured creditors to the extent of their security on specific property (e.g., mortgage interest on real property)
Can you forfeit most of your secured debts in a chapter 13 like you can in a chapter 7 if you you do not qualify for a chapter 7 but wish to liquidate as much as possible?
A chapter 13 is a consolidation bankruptcy meaning the debtor presents a repayment schedule to the trustee/court. Secured debts are either reaffirmed or continued paid as agreed if there is not arrearages. Voluntary forfeiture of secured property such as a vehicle is still considered a repossession.
How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?
It doesn't. The homestead exemption protects property from being seized in a bankruptcy procedure or by creditor judgment. The lender does not relinquish the right to foreclose on property regardless of the status of the bankruptcy filing. Bankruptcy only temporarily halts the foreclosure of secured property.
What is selective bankruptcy?
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
If 3 siblings jointly own property with no mortgage and one files for bankruptcy how does that affect the others on the deed?
Bankruptcy is an action that one takes against one's creditors. If there is no creditor, i.e. no mortgage, how is this relevant? Or did someone take out secured credit with the property being used as collateral? Also it depends on the type of deed you have. It could be a joint tenancy or a tenancy in common. I'm assuming this is a tenancy in common, with each person having a 33.33% stake in the property, and with rights of survivorship and rights of occupancy. It depends on your state, country, and the type of bankruptcy, but generally you are allowed to "reaffirm" a debt that is secured against a property. Some property is considered exempt from liquidation if this is for unsecured debt, but the amount of property that a debtor may exempt varies from state to state. Consider buying out their share in the property before the bankruptcy proceedings commence. Maybe your sibling could give you a really good deal on their share of the property, and then you could give them a good deal on selling it back to them later after the bankruptcy proceedings have completed. ;) If there is no current lien against the sibling's share of the property I would recommend asking them to sell you their portion of it. Bankruptcy is an action that one takes against one's creditors. If there is no creditor, i.e. no mortgage, how is this relevant? Or did someone take out secured credit with the property being used as collateral? Also it depends on the type of deed you have. It could be a joint tenancy or a tenancy in common. I'm assuming this is a tenancy in common, with each person having a 33.33% stake in the property, and with rights of survivorship and rights of occupancy. It depends on your state, country, and the type of bankruptcy, but generally you are allowed to "reaffirm" a debt that is secured against a property. Some property is considered exempt from liquidation if this is for unsecured debt, but the amount of property that a debtor may exempt varies from state to state. Consider buying out their share in the property before the bankruptcy proceedings commence. Maybe your sibling could give you a really good deal on their share of the property, and then you could give them a good deal on selling it back to them later after the bankruptcy proceedings have completed. ;) If there is no current lien against the sibling's share of the property I would recommend asking them to sell you their portion of it.
Does bankruptcy force an adjustable mortgage into a fixed mortgage?
No...and in fact it may well resolve the mortgage by selling the property it is secured to to pay the lender.
Can a secured debt be taken from you after it was discarged in a chapter 7?
In most Chapter 7 cases you are not including secured property unless you are surrendering the property back to the creditor. If you are holding on to secured property during a chapter 7 process the property must be reaffirmed with the creditor at time of filing meaning you have an agreement with the creditor to leave the property out of the bankruptcy and continue to make your payments. When you discharge debt through chapter 7 it doesn't make sense that you could keep a secured piece of property and not pay for it. Maybe you were unclear about what you were really doing.
What are creditors holding secured claims?
If you signed a Security Agreement, then your creditor has a secured claim on the collateral specified in the agreement.
What happens when a creditor does not file a proof of claim for a secured debt in a bankruptcy case?
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 ask 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.
