DID YOU KNOW?
Secured creditors are those entities who hold allowed secured claims against the debtor in a bankruptcy case. See 11 USC 101(5), (10); 11 USC 506. These claims are collateralized by either a security interest in or a lien on the debtor’s real or personal property. 11 USC 101(37), (51).
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Creditors who hold claims against the debtor in an amount that exceeds the value of their collateral are considered partially secured or undersecured creditors (i.e., they hold a secured claim to the extent of the collateral’s value and an unsecured claim for any remaining deficiency).
This does not apply to secured claims for (1) motor vehicles for personal use where the debt was incurred within 910 days preceding the filing or (2) other collateral if the debt was incurred within one year preceding the filing. 11 USC 1325(a).
Secured creditors are normally very active in bankruptcy cases. In Chapter 7 cases, secured creditors usually seek to recover their collateral from the trustee and the debtor to liquidate that property themselves, or they cooperate with the trustee in arranging for the sale of that property in the bankruptcy court. In Chapter 11, 12, and 13 cases, secured creditors demand adequate protection of their interests in collateral at the outset of the case, especially if that collateral is cash collateral. For a Chapter 11, 12, or 13 plan to be confirmed, secured creditors must generally either recover all their collateral or be paid its present value under the plan.
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