Video instructions and help with filling out and completing Form 843 Bankruptcy

Instructions and Help about Form 843 Bankruptcy

Secured obligations under a chapter 7 or chapter 11 liquidation the secured creditor will receive the collateral back and last the value in the collateral is more than the value of the claim in which case the chapter 7 trustee or the the chapter 11 debtor in possession has the right to sell the collateral pay back the full amount of the claim and and disperse the overage pro rata to all of the creditors in a chapter 11 reorganization if the value of the collateral is less than the value of the claim the creditor can receive the the collateral back pursuant to a relief from the automatic stay or the debtor has the right to decrease the value of the claim to the real value of the collateral if the value of the collateral is more than the value of the claim the debtor has the right to retain that collateral as long as they confirm the obligation and continue to make payments to that creditor pursuant to their contractual obligation you Oh you