Retain and Redeem – you agree to pay off the debt up to the value of the property during the bankruptcy case. Retain and Reaffirm means – you will keep making payments and keep owing the debt because you want to keep the property.
What is a secured claim in a bankruptcy?
A claim is secured to the extent of the creditor’s interest in the debtor’s property or to the extent of the amount subject to set-off. In a bankruptcy case, secured claims are satisfied before any other claims out of the proceeds of the collateral that secure them.
What does retained property status mean?
Retained Real Property means all real property owned or leased by Seller that is not included in the Purchased Assets and that is not purchased by Buyer.
What are the legal terms for the two main parties in a bankruptcy?
The debtor, the U.S. trustee or bankruptcy administrator, the case trustee and creditors are parties in interest for most matters.
What makes a claim secured?
Secured claims are claims for debts that are secured by an interest in property. A secured creditor can take that property, the collateral, if you default on the debt. If you choose to surrender the property (give it up), the loan is treated as a general unsecured debt. Example.
Who gets paid first when a company liquidates?
Secured creditors
If a company goes into liquidation, all of its assets are distributed to its creditors. Secured creditors are first in line. Next are unsecured creditors, including employees who are owed money. Stockholders are paid last.
Is a claim that has priority dischargeable?
In bankruptcy, they receive special treatment and are known as “priority debts.” The most common types of priority claims include certain tax obligations, alimony, and child support. Further, they aren’t dischargeable, so you will remain on the hook for the unpaid priority balance after bankruptcy.
What does Retained mean for home?
If you own property that is fully paid off and has appreciated in value, an outright gift may be the simplest solution. A retained real estate gift is simply a way of saying that you can make a gift of your house and retain the right to use it during your lifetime. …
What does retained land mean when buying a house?
Retained Land means that part of the Estate which is not part of the Demised Premises; Sample 2. Retained Land means the Land less and except Parcel 1 and Parcel 2.
