Unsecured debt?

[Getting By]

Hello..

What does it mean when it says unsecured? Do we pay that back? We just received this yesterday in the mail.

I am so confused on all this. We filed 06/06/2007..341 meeting on 07/24/2007 and confirmed on 08/15/2007.

Does this mean things could change? I thought everything was a done deal. It says that each creditor has 30 days to file an objection.

Thanks...

[lrprn]

Welcome to BK Forum, GettingBy. I moved your question to its own thread so you'll get more responses from our members that way.

Unsecured debt is debt that is not connected financially to or guaranteed by an asset such as your home or car. It's just borrowed money such as debt owed on credit cards or money owed on medical bills.

When you file Ch 13, if an unsecured creditor files a claim within 90 days of your 341, they will receive payment for whatever portion of the debt your plan guarantees. Most Ch 13 plans show a specific payback % to unsecured creditors after the deadline for the creditors to file claims has passed.

What exactly did you receive in the mail yesterday that has you so worried?

[rrockinggramma]

did any of your unsecured creditors file claims in your case?

[Getting By]

Thanks for the reponse back. I received a Notice Concerning Claims. It shows all creditors and wheather it was Not Filed, Unsecured, Secured or Direct Pay. I am just confused on what this all means.

Thanks...

[rrockinggramma]

sounds like the trustee is getting ready to disburse funds and is giving you an accounting of which creditors filed so you can see if anyone is out of line with your figures. I would check it over carefully to be sure those claims filed match yours. Secured get paid first, after the IRS (if in plan) your attorney. Then the unsecured stand in line last.