QUESTION
What is the difference between secured and unsecured claims?
Asked on Sep 06th, 2012 on Bankruptcy - Mississippi
More details to this question:
I need a breakdown of creditor secured claim, creditor’s unsecured claims, and undecided non-priority claims. Thank you.
9 ANSWERS
I DO NOT recommend that you attempt to complete your bankruptcy filing without an attorney. There are way too many things that can go wrong and your case will be dismissed... or worse.. you could be sanctioned by the judge for not following the rules. A secured lender has a lien on your property...usually your house or car, for example. Unsecured priority claims are debts which are generally non-dischargeable... such as taxes and child support payments. Everyone else is a non-priority, unsecured lender.
Answered on Sep 14th, 2012 at 4:36 PM
Family Attorney serving Henderson, NV
at
Harris, Yug & Ohlinger
Update Your Profile
A secured claim has collateral, an unsecured claim has no collateral.
Answered on Sep 14th, 2012 at 4:31 PM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
Perhaps the videos in step one of my web site will help. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Sep 14th, 2012 at 4:31 PM
Dennis P. Mikko
A secured claim is a claim for which there is security given. An example would be a car loan secured by the car or your home mortgage. An unsecured claim is a claim for which there is no security given such as a credit card debt.
Answered on Sep 14th, 2012 at 4:31 PM
Secured claims are those debts that have collateral, most commonly mortgages, car loans, and some business loans. Unsecured claims are those without collateral, or those for which the collateral has already been forfeited (e.g. car loan which was formerly secured, but the car has been repossessed).
Answered on Sep 14th, 2012 at 4:31 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
See an attorney. It appears you are filing, or planning to file for bankruptcy, your would be most unwise to do that without counsel.
Answered on Sep 14th, 2012 at 4:31 PM
Bankruptcy Attorney serving Overland Park, KS
at
The Smalley Law Firm, LLC
Update Your Profile
Secured claims are backed by a security interest, generally most of these are mortgages and auto loans. Priority claims are generally tax debts. Unsecured claims are not secured by any property and most other debt falls into this category such as credit cards, medical bills and student loans.
Answered on Sep 14th, 2012 at 11:45 AM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
Secured means that there is something tangible securing the loan (House or Car) Priority Unsecured are taxes, alimony and child support (among others but these are the big ones) General Unsecured are credit cards, gas cards, medical bills. Respectfully, if you have a problem in making this distinction, you should engage counsel to file your bankruptcy.
Answered on Sep 14th, 2012 at 11:38 AM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
at
Timothy Kevin Byrne Attorney at Law
Update Your Profile
Secured is collateralized debt. Unsecured has no collateral. Priority is special category in between.
Answered on Sep 14th, 2012 at 11:22 AM