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Paul K, Esq.
Paul K, Esq., Attorney
Category: Bankruptcy Law
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Experience:  10 years Exp., Great customer service, Prompt responses.
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this is a Chapter 13 question...The Debtor is cramming down

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this is a Chapter 13 question...The Debtor is cramming down a mobile home (29K owed, NADA says 16k), the creditor (subject creditor) has now objected. In the Debtor's initial petition, the Debtor listed the subject creditor only as a secured creditor and did not include the difference in value between the amount owed and the NADA value of the mobile home on the unsecured, non priority schedule...Does the Debtor need to amend that schedule to also show the subject creditor as an unsecured non priority creditor? The plan has not yet been confirmed and the Debtor purchased the mobile home in 2006.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Paul K, Esq. replied 4 years ago.

Paul K, Esq. : Hello, my name is XXXXX XXXXX I would love to assist you. Give me a moment to research your issue and I will answer promptly.
Paul K, Esq. : The creditor does not need to be listed on Schedule D (secured) AND schedule F (unsecured), only on D.
Paul K, Esq. : On Schedule B, for assets, the Debtor should have shown the property worth 16k and a lien of 29K.
Paul K, Esq. : THen on Schedule D, the creditor should be listed, the value of the property ($16k), the loan balance, and then the difference, which would be the unsecured portion.
Paul K, Esq. : A creditor can object to the valuation and have the mobile home appraised to show it is worth more and teh Debtor can get one to prove it is only worth $16k.
Paul K, Esq. : Sometimes it takes a bit of back and forth to get your question fully answered, so leave me more messages and I will respond throughout the day.
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Paul K, Esq. : Have a great day and, again, feel free to ask any follow-up questions that you have.
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