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Unsecured Claims in Bankruptcy

What is Unsecured Claims?

Unsecured debt is a debt that does not have collateral attached to the loan. This type of financing is granted based on the promise to pay without any type of property or setoff. Unsecured claims are claims from debt that has not been paid and the creditor have made attempts to collect the debt by filing a unsecured claim against the debtor, usually this happens in such cases as bankruptcy.

Does a priority unsecured debt [spousal support] get paid before an IRS debt?

Spousal support will not be released in a bankruptcy case and usually IRS debt will get top priority above and beyond any other debt.

Are unsecured claims payable under chapter 13? The party got a Notice of Intent to Pay a claim that was file a year and half AFTER their case was confirmed.

A proportion of unsecured claims are naturally compensated in a Chapter 13. A person can object on the basis of the late filing. The claim should have been filed prior to the confirmation hearing. If a person does not object, it could increase the plan payments.

If someone is filing bankruptcy can they wipe out the second home mortgage loan as an unsecured loan by filing Chapter 7?

In some situations, if there is no equity for the loan to attach to, you can strip it off as wholly unsecured in a chapter 13. They will be allowed an unsecured claim.

Is a judgment in small claims court considered to be a lien i.e., is it a Secured Claim in Michigan Bankruptcy Court?

A judgment is an unsecured claim unless the creditor has taken action to record the claim against your property. You can check with the property recorder’s office where your home is located to determine whether the judgment has been lien against the home.

Secured Claim vs. Unsecured Claim.

If the individual has a lien towards collateral, then it is protected. If the individual has no collateral, then it will be unprotected. If the individual has a lien, then it is required to be just right, i.e.: copy lien with county/state organization accountable. Just similar to a home or vehicle memo is recorded on title.

Does someone also need to put the unsecured loan servicers on schedule A since it's a debt for real property?

Simply the real possessions and the quantity of the finance go on Schedule A not the creditor or the servicer.

There are times that you need answers to your tough questions — questions that may be too sensitive for you to consult a friend or co-worker. Sometimes, you may want to discuss your issues with a neutral party who is experienced in the legal area that you are dealing with. If you are having issues with Unsecured Claim or just need answers to your questions pertaining to an Unsecured Claim you can ask Experts. Experts answer many of the legal questions related to an Unsecured Claim in an efficient and knowledgeable manner.
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Recent Unsecured Claim Questions

  • A debtor was a defendant in a fraud case. He lost that case

    A debtor was a defendant in a fraud case. He lost that case and now has a $350,000 judgment against him. After winning that case, the plaintiff was able to get a lien attached to the debtor's car. The debtor's car is worth $50,000. To protect himself over the next 5 years from other attachments or seizures, the debtor is going to file Chapter 13.

    If only $50,000 of the fraud judgment is secured by the car, is the other $300,000 considered unsecured (so that it is paid pro rata with the rest of the unsecured pool)?

    Can the debtor use the federal exemptions of $3,675 for automobiles and $12,725 for wild card to avoid $16,400 of the lien against his car (so that $316,400 of the fraud judgment is considered unsecured)?

    (I understand that even if the portion of the fraud judgment not attached by the car is allowed to be paid as an unsecured claim, it cannot be discharged after the Chapter 13 Plan is complete).
  • A summary of Trustees final report and application for compensation

    A summary of Trustee's final report and application for compensation just arrived. It shows applications for chapter 7 fees and admin expenses. The remaining balance of $8,000 is proposed as a payment to a Tardily allowed general (unsecured) claim of $110,000. If accepted by the claimant, can he still pursue the balance of $112,000 as an uncollected debt from me or is this amount of unpaid debt automatically discharged for me?
  • Once a chapter 11 Bankruptcy is filed, how long does a creditor

    Once a chapter 11 Bankruptcy is filed, how long does a creditor have to file a secured & unsecured claim?
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