How long does a secured creditor have to make a claim?

[lillymarlene]

I've been looking through old threads, but I really haven't seen anything like this yet. So I thought I'd see if anyone has had any experience with this. How long does a secured creditor have to make a claim? It seems I am considered a cosigner on my deceased father's line of credit. He died leaving almost no assets.

My 341 was back December 16th last year and this bank did not show up. (I am not confirmed yet.) But, now I am wondering how long this bank would have to list themselves or object to my bankruptcy. I have checked 13datacenter.com and it seems most of the unsecured creditors and my mortgage bank has listed themselves (almost everyone except these people.) Should I be worried?

[momofthree]

Did you list them as a creditor? If you did, and they were notified, they have the same claims deadline as all of your other creditors. You can look up the actual date on Pacer. If you didn't list them on your petition, then they weren't notified, and may not even be included. Again, this is info that you can look up on Pacer. (love that site!)

[LadyInTheRed]

Off the top of my head, I think the deadline to file a claim is 60 days after the 341 meeting (if the 341 was continued, the deadline is the original 341 date).

[kornellred]

It has been hinted at in various threads that creditors can submit claims past the 60 day deadline and still receive disbursements from the trustee. That would make the "deadline" simply a date that signals clearance to proceed with plan confirmation.

[frogger]

It has been hinted at in various threads that creditors can submit claims past the 60 day deadline and still receive disbursements from the trustee. That would make the "deadline" simply a date that signals clearance to proceed with plan confirmation.

No, you have 60 days. If you don't meet the deadline, you don't get paid.

[HHM]

No, you have 60 days. If you don't meet the deadline, you don't get paid.

It's up to the judge, it is not uncommon to have "allowed" late filed claims.

To the OP, Also, what makes you think it is a "Secured" claim any way if its a Line of Credit?

[ValleYum]

Did you ask the merchant to prove you were a cosigner? Ask them to show you the application you signed, etc.? I have heard of merchants and CAs getting folks who were merely authorized users to pay up. For what it is worth I thought I would mention it. I wish you well.

[frogger]

It's up to the judge, it is not uncommon to have "allowed" late filed claims.

Not doubting you, but in our area, they stick hard & fast to the dates.

[HHM]

Not doubting you, but in our area, they stick hard & fast to the dates.

Well, the creditor or attorney does need to have a reason why the claim is filed late. I am just pointing out that a proof of claim along with a Motion to Allow Late Filed claim are common, and depending on the district, may be routinely granted.

[lillymarlene]

Thanks everyone for taking the time to answer. I will try and clarify this a little. My father had a line of credit with a bank that he used to pay off each year, then came one year (2005 I believe) when he was not able to "pay them off" and he took out a loan about $50K against the business. Then in 2005 his secretary became nervous that "if something happened to him" we'd not be able to use the business checking account. (Dumb, I know now, because all I had to do, was get another business checking account.) I became a "signer" on the business checking account, but to my knowledge, I never signed for this loan.

Then, he passed away in 2006, leaving lots of personal and business debt. This particular loan used to be automatically paid through the business checking account and I really did not even know about it until he died. Then, I stupidly allowed this loan to continue to be paid until last summer. According to my father's bookkeeper, she too believed this to be a secured loan against the business.

During 2009, my brother and I on the advice of our accountant, applied for and received new tax id numbers, to attempt to keep our own separate businesses. (The family business was never incorporated.) Then 2010 I closed my location, continuing mostly online.

The bank called shortly after I filed, claiming that I could bankrupt personally, but the business couldn't. I gave them my attorney's number, case number (they are listed in my petition as a secured creditor) and told them that X company was a single proprietorship; was never incorporated. I mentioned that my father (whose loan it really was) left no estate. (The bank has not called back since.)

Sorry for the long post. I'm just hoping maybe they cannot file after a certain date.