"Security Interests in Bankruptcy
- Topics:
- Bankruptcy
- Tags:
- Bankruptcy,
- Business Operations,
- Litigation,
- Security
- Source:
- Reed Elsevier
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Overview: The division of debt between “secured” and “unsecured” guides what bankruptcy reorganization can do for you. “Secured debt” is a creditor’s claim that is secured by a lien of some type in your property, either by your agreement or involuntarily such as with a court judgment or taxes. It discusses about the purchase money security interests as these security interests are lien rights that the seller takes in purchased goods when the seller finances the purchase. In bankruptcy planning, it’s important to know if judgment liens have been perfected, as secured debts are totaled separately from unsecured debts in calculating your eligibility for Chapter 13 bankruptcy. With a Chapter 13 proceeding, these debts can be “stripped down” to the value of the assets on which the lien is filed.
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Format: HTML | Date: Jan 2003 | Pages: 1
