0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What happens when a creditor doesn't file a proof of claim in a bankruptcy case?
If it is not a secured debt it will be included in the bankruptcy discharge.
What is involved in becoming a creditor?
To become a secured creditor one must perfect securing interests to make it enforceable by third parties. One must also obtain a UCC-1, follow the instructions, and then file it with the Secretary of State's office in the state where the debtor is in.
Can a creditor become an administrator of an estate?
Yes, they can. Often a creditor will file for an estate so they can collect their money.
When a debtor enters bankruptcy a secured creator retains priority to the secured assets unless it files a proof of claim for the full amount owed?
Actually, a secured creditor only retains priority if they file a claim.
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.
Do you need to file UCC amendment if secured party name changes?
Yes, if a secured party's name changes, it's necessary to file a UCC-3 amendment to reflect the updated information on the financing statement. This amendment ensures that the public record accurately reflects the current secured party details.
If you filed bankruptcy and one of the creditors had a lien on a car do you get the title back after the bankruptcy is final?
It really depends on the type of bankruptcy petition you file. If you file for Chapter 7 bankruptcy the creditor who put the lien on your car may be able to take your vehicle. If you file for Chapter 13 bankruptcy you'll have the opportunity to make payment arrangements with your creditor and in that case you should get the title back after all of your payments are made and your amended. contract with the creditor has been fulfilled.
Security Agreement?
Security Agreement(Download)_____________________, referred to herein as SECURED PARTY, and _____________________, referred to as DEBTOR, agree:______________, DEBTOR, grants a security interest in the following property to ____________, SECURED PARTY:This security agreement is made to secure an indebtedness of ______________ to _______________, described as follows:A _______________, in the original principal amount of $ ______, ____________ &___/100 Dollars) dated _______________.This security interest is also given to secure any other debts which may be owed by ______________ to ____________ from time to time.DEBTOR warrants to SECURED PARTY that the property in which a security interest is granted is subject to no other liens, charges or encumbrances and that there are no financing statements or other lien notices on file regarding debtor that might create a lien on the property secured herein.DEBTOR shall maintain the collateral in good repair, ordinary wear and tear excepted, and shall insure the same for its full value. DEBTOR shall provide to secured party certificates of insurance. SECURED PARTY shall be named as a loss payee on a long form standard loss payable clause. Should DEBTOR fail to maintain such coverage, SECURED PARTY may obtain the same and DEBTOR shall pay SECURED PARTY for the same, together with interest at the highest legal rate on the amounts advanced by the SECURED PARTY.Upon default, as is defined herein, SECURED PARTY shall have all of the rights given to a secured party under the Uniform Commercial Code, Article 9.Default shall be defined as:1. Any failure to comply with any covenant of the indebtedness secured by this agreement, including but not limited to a failure to timely pay as provided;2. The entry of a judgment, tax lien or other charge against the DEBTOR which is not satisfied or superseded within thirty days of inception;3. Such other commercially reasonably reason that leads SECURED PARTY to believe that its security is in peril.DEBTOR shall execute any and all financing statements or other documents which are requested by SECURED PARTY and which SECURED PARTY determines is necessary to perfect SECURED PARTYS LIEN.DEBTOR appoints SECURED PARTY agent as its agent to file and any and all financing statements which may be necessary or required to perfect SECURED PARTYs security interest, and DEBTOR authorizes SECURED PARTY to execute the same for DEBTOR.This document represents the entire agreement between the parties, and there are no agreements or representations which are not stated herein. This agreement may not be modified unless it is in writing and signed by both parties.Dated: ________________________For ____________, SECURED PARTY:________________________________________________________________For ______________, DEBTOR:________________________________________________________________Security AgreementReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is a straightforward security agreement to provide a creditor with collateral to secure the loan to debtor.1. Make multiple copies. Each signatory should receive a copy. Be sure a copy is in the file of the actual transaction.
Can you file for bankruptcy after the condo assn files for past due assessment fees?
Of course you can. In most states, condo fees become liens on the condo, so a secured debt. You would have to file a C. 13 and plan to pay off the arrears as a secured debt.
What percentage of unsecured debt is paid to the debtors involved in a chapter 13 bankruptcy?
The percentage paid to unsecured creditors in a Ch 13 is determined by your disposable income. Secured creditors get paid at 100%, house and car payments remain the same. What's left over gets paid out to those unsecured creditors who file proofs of claim. If a creditor does not file a claim, then that creditor does not get paid.
Debtor Request for Certified Statement from Secured Party?
Debtor Request for Certified Statement from Secured Party(Download)TO: ____________________________________________________________________________________________________________Attention: __________________FROM: __________________________________________________________________________________________________________Attention: __________________Dated: ___________________________Pursuant to Section 9-208 of the Uniform Security Code, ____________________, as debtor, requests that the Secured Party, __________________________, provide:A statement of account, indicating the aggregate amount of unpaid indebtedness as of _______________________. Approval of the following statement of collateral as constituting a correct statement of the collateral claimed by Secured Party as of ______________________.See Exhibit "1" to this form.The statement above is (check one):__ Accepted as correct__ Incorrect, our corrections or response are attached heretoDated: ____________________________________________________________, by:___________________________________________________An Authorized OfficerTitle: ____________________________________________________________________, by:__________________________________________________An Authorized OfficerTitle: _____________________________________Debtor Request for Certified Statement from Secured PartyReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is request from a debtor to secured party to certify the exact amount then due from debtor. This is useful for a variety of reasons, among them for the benefits of your financial statements and your auditors, should you have them.1. Make multiple copies. Put one in your financial file, another in the secured partys file, and the other in a follow-up file.
If a creditor is shown on Schedule F of a Ch 7 bankruptcy does the creditor need to file a proof of claim?
Yes
