Schedule D - Creditors Holding Secured Claims

[shangti]

In plain English what is this form asking?

I listed my cars, is this the correct place for it? One we bought and are paying the loan for it, the other is a lease.

Thanks,

Craig

[originalhealer]

A secured claim is one in which the creditor can take something that could be used to satisfy the debt. The item can be something you possess, or something they are holding until you pay them. For instance, a house, a car, jewelry in the pawn shop, belongings in storage, furniture, etc. If you haven't finished paying on the loan, or if the loan is secured by something you own, it is a secured claim.

If the car has already been repossessed, if you have already been foreclosed on and live elsewhere, these things are usually not secured claims. Though I have read that in some cases you can get your items back by filing bankruptcy. Also, when you file a Chapter 13, you can keep your belongings even though you are behind on your payments.