Posts Tagged "san diego bankruptcy attorney"

Chapter 13 Bankruptcy: Creditor Claims

Posted on Nov 6, 2014 in Chapter 13 Bankruptcy, San Diego Lawyer, Taxes | Comments Off on Chapter 13 Bankruptcy: Creditor Claims

Creditor Claims in Chapter 13 Bankruptcy In a Chapter 13 bankruptcy, all creditor claims are put into one of three classes: Secured, priority, or unsecured. Read on for a quick lesson on how to know which type of claim is which. Secured Claims are held by creditors who hold a lien on collateral, such as a car or furniture, to secure payment of their loan. Even the IRS can be secured if they have recorded a lien. Secured claims get paid 100% on a dollar plus 10% interest on an amount equal to the fair value of equity in the collateral. If the creditor is undersecured (i.e., their claim...

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