what does this mean, creditors holding secured claims?

Question

i am filing chapt. 11 and one of the schedules is schedule d- creditors holding secured claims and unsecured is the next schedule...help!!!!

THANKX everyone for all the help...i do have an attorney...

Answer 1

Unsecured claims are those like credit card debt, where the creditor is not holding any of your collateral against your debt. Secured claims are where your creditor holds something in return for giving you the money (such as a home mortgage or car).

Answer 2

I was on the same situation and this site helped me HTTP://HELP.FINANCE-SOLUTIONS.INFO RE For my Chapter 7 bankruptcy, is my surrendered car considered a secured claim? I voluntarily surrendered my car to Chase and it just sold today. I don't yet know how much it sold for or what I will still owe, but meanwhile I'm filling out the various schedules for my Chapter 7 bankruptcy and have a question: Although I no longer have the car in my possession, do I list this debt on Schedule D - "Creditors Holding Secured Claims?" Is the car still considered a secured claim? The other option would be to list it on the unsecured priority claims form or on the unsecured nonpriority claims form. Also, the form wants to know the date that the claim was incurred. Would this be the date that my car was purchased and the loan began? There is an "unliquidated" column on this form that I am supposed to check if it applies. I'm not sure what this means or the "contingent" column. I've waded through a lot of terminology with my bankruptcy and feel good about my progress, but I need to be careful and make sure I am understanding these schedules correctly. Thanks!

Answer 3

It means the creditors have collateral, a secured interest in something like a vehicle or your office equipment.

If you are a small sole proprietor, you should consider doing a Chapter 13 instead. It's easier and cheaper.

If you don't have an attorney, GET ONE NOW! You are walking barefoot into a minefield. This is not a DIY project. If you are a corporation, you must have an attorney. Period.

Answer 4

A secured claim has something that is used as collateral like a car or a house which can be claimed/reposssesd. An unsecured has no collateral, like an unpaid bill for a service already rendered or a demand note between you and a friend for a cash loan. You may have signed the note, but there is no property to back it up.

Answer 5

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Secured claims are usually something like a mortgage. The mortgage itself is secured by the property and as such, the proceeds from selling your house belong first to the mortgage company. The same could be true with a car loan, financing on furniture you purchased, etc. Unsecured priority claims are usually for things such as taxes which you owe, wages to employees that may work for your business, etc. The rest of the unsecured claims are made up of everyone else you owe money. Hope this helps.

Answer 6

A secured claim is when the seller retains legal ownership to an item until it is paid for. For example a car or possibly appliances. An unsecured claim is like revolving credit when there is no claim to merchandise by the seller.
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Answer 7

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Answer 8

any one with an interest in something you own; a lender who gave you a loan in exchange for a security interest in a house, a car, sometimes furniture.