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What is the difference between unsecured priority and unsecured non priority?
Wiki User
∙ 12y ago
priority debts must be pais IN FULL, non-priority does not.
Wiki User
∙ 12y ago
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What is the difference between unsecured priority and unsecured non-priority?
Examples of unsecured priority debts are, child and/or spousal support, delinquent taxes, rent and utility arrears, any fines or restitution(s) that have been ordered by the court. Unsecured non-priority are, store cards, unsecured personal loans (unless held by a bank where the person has accounts), credit cards, and so forth.
When a proof of claim form is a credit of money on an account is it a secured claim a unsecured priority claim or a unsecured non priority claim in a bankruptcy?
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.
If all unsecured non-priority claims are discharged can a creditor that was included in the discharge have a judgment lien on a property?
Following your supposition, if he had a lien then he wasn't an unsecured creditor, and if only unsecured were discharged, he wasn't.
What is the difference between secured and non secured loans?
Secured loans are backed by an asset, to be collateral in case the borrower defaults on the loan. An unsecured loan does not have this and usually costs more and has a higher risk to the bank.
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Are payday loans unsecured nonpriority claims?
Yes, in a general way of classification. The non priority claim would only apply in bankruptcy or probate matters, not in a civil suit brought by the lender for a debt owed.
Would your car be a unsecured priority?
"Unsecured priority" refers to a type of debt. It means (1) that there is no lien guaranteeing (securing) the debt, and (2) that the Bankruptcy Code gives it priority over other unsecured debts for public policy reasons--in other words a priority debt gets paid before non-priority debts. So, a car cannot be unsecured priority, because it is an asset and not a debt. If you are asking whether you can protect your car in bankruptcy, that is a different question, and the answer depends on the exemption laws in your state. If you obtained a loan to purchase the car, then that loan is most likely secured by the car (i.e. there is a lien), and you cannot remove the lien unless the value of the car is below the current loan amount and you purchased your car more than 910 days before you file for bankruptcy. For more info, take a look at the link below. The above is provided for informational purposes only. It is not intended as legal advice, and does not create an attorney-client relationship.
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