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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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