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Secured & Unsecured Debts

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  • Secured & Unsecured Debts

    Been reading the Nolo Chapter 7 book and I've gotta say, it is a little overwhelming. I know it's something I need to do, and am going to go pro se because I don't have any real property. Any and all help is much appreciated:

    How would the following debts be categorized:

    School loans currently in repayment and/or default
    3 repossessed car loans ( over 2 years or older now )
    cell phone creditors
    bank creditors
    credit card creditors

    I know that the school loans must be paid back.

    Also has anyone had any problems making the payments in installments in L.A. California?

    I would like to use this tool as a starting over point for me and I think I'm doing it the right way since I don't have any real assests besides hobby equipment.

    Also, I pay my rent in cash because I live with my parents. What type of proof do you need for everything that I'm trying to calculate into my monthly expenses?

    Thanks in advance for your assitance.
    Filed 10.23.08 - Chapter 7 Pro Se
    341 meeting 12.23.08

  • #2
    Student loans = Unsecured
    Car loan deficiency balances = if you no longer have the cars, Unsecured
    Cell phone = Unsecured
    Bank creditors = you need to be more specific, what are you talking about exactly.
    Credit Cards = usually unsecured..depends on the type of card.

    Comment


    • #3
      Originally posted by HHM View Post
      Student loans = Unsecured
      Car loan deficiency balances = if you no longer have the cars, Unsecured
      Cell phone = Unsecured
      Bank creditors = you need to be more specific, what are you talking about exactly.
      Credit Cards = usually unsecured..depends on the type of card.
      Thanks for the reply!

      The banks that I owe money to are due to overdrafted checking accounts.

      Also got another question . . .

      I've been married for 3 years, but all the debt that I am that I have was not incurred during this marriage. We filed jointly for 2007, but have been seperated and are going to get a divorce. We settled our differences amicably, and I don't want to have her credit get ruined because I have problems with money. Does she have to be included on the bankruptcy?
      Filed 10.23.08 - Chapter 7 Pro Se
      341 meeting 12.23.08

      Comment


      • #4
        *bump for answers
        Filed 10.23.08 - Chapter 7 Pro Se
        341 meeting 12.23.08

        Comment


        • #5
          Here's a question I had on that:

          Regarding a HELOC or 2nd mortgage on a home that is now worth less than owed. Is there a "secure" and unsecure" portion? And who determines it - and when?
          Filed Ch 7 -- July 9, 2008
          341 mtg ---- August 14, 2008
          Discharged ---- October 17, 2008
          Closed --------- December 11, 2009!

          Comment


          • #6
            *bump for help
            Filed 10.23.08 - Chapter 7 Pro Se
            341 meeting 12.23.08

            Comment


            • #7
              You may need to draw up a rental agreement with your parents, signed, notarized and all that, to have in hand in case you are asked about your rent because of it being a cash payout. Somewhere else in another thread, this subject came up and that was the advice given. Otherwise it could *look* like a preferential insider payment if you list your parents as creditors.

              I don't know about the married-but-seperated question. California is a community property state. If you are going to divorce anyway you may want to do that first before filing the BK.

              Good luck.
              "To go bravely forward is to invite a miracle."

              "Worry is the darkroom where negatives are formed."

              Comment


              • #8
                Hi,
                I realize that this thread is a bit old, but it touches on an important question.

                @ HHM: You stated that
                Car loan deficiency balances = if you no longer have the cars, Unsecured
                Is this true, that is, if someone sells/destroys a secured item - computer, furniture, etc. then the loan becomes unsecured and should no longer be listed on the Schedule D list of Secured Creditors + move that person to the unsecured list? Did I read that correctly?

                Also, do you have any authority for that?

                Thanks in Advance.
                Filed (in pro se): 1/2010
                341: 2/2010
                Discharge: 4/2010
                Final Decree Entered: 5/2010

                Comment


                • #9
                  I believe what he meant was that the deficiency, meaning what is not paid off due to sale of car, is unsecured assuming the car was repossessed. Destroying property which has a lien on it is criminal in nature.
                  Last edited by Dannmcg357; 01-19-2010, 01:47 PM. Reason: Grammer
                  Filed CH7 Feb 12 2010
                  341 March 18
                  Discharged...May 18
                  Awaiting closing...

                  Comment


                  • #10
                    @Dannmcg357 Thanks for the response.

                    Originally posted by Dannmcg357 View Post
                    I believe what he meant was that the deficiency, meaning what is not paid off due to sale of car, is unsecured assuming the car was repossessed. Destroying property which has a lien on it is criminal in nature.
                    But let's not be silly - that's a pretty big assumption, isn't it?

                    I'm looking into the nature of PMSIs under Article 9 and am curious. I'm trying to determine the ways in which a security interest in consumer goods is terminated. This may occur in a variety of different ways. For instance, if the debt incurred to purchase the good was refinanced or consolidated with other loans ("transformation rule"), etc.

                    I'm just not sure what happens under Chapter 7 - does the creditor (of the consumer good if item is lost/sold, etc.) become just another unsecured creditor?

                    Thanks.
                    Filed (in pro se): 1/2010
                    341: 2/2010
                    Discharge: 4/2010
                    Final Decree Entered: 5/2010

                    Comment

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