Kentucky Schedule D: Creditors Who Hold Claims Secured By Property (individuals) is an official document required by the Kentucky Bankruptcy Court to list all creditors who hold claims, such as mortgages, liens, and security interests, against the debtor's property. This document must be filled out and submitted by the debtor when filing for bankruptcy in Kentucky. There are two different types of Kentucky Schedule D: Creditors Who Hold Claims Secured By Property (individuals): secured and unsecured. Secured creditors are those who have a legal right to take back the property if the debt is not paid, while unsecured creditors have no legal right to take back the property. The debtor must provide details of all creditors and the amounts they are claiming, as well as the property that is securing the claim.
Kentucky Schedule D: Creditors Who Hold Claims Secured By Property (individuals)
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How to fill out Kentucky Schedule D: Creditors Who Hold Claims Secured By Property (individuals)?
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Some of the most common types of unsecured creditors include credit card companies, utilities, landlords, hospitals and doctor's offices, and lenders that issue personal or student loans (though education loans carry a special exception that prevents them from being discharged).
What is an Unsecured Claim? Unsecured claims are the opposite of secured claims: There is no property to seize, repossess, or foreclose upon. Examples of unsecured claims are child support debt, alimony debt, credit card debt, tax debts, and personal loans.
An unsecured claim is a liability for which there is no collateral. Instead, credit was extended solely based on the creditor's evaluation of the debtor's ability to pay.
Secured Creditors are creditors that hold a lien on its debtor's property, whether that property is real property or personal property. The lien gives the secured creditor an interest in its debtor's property that provides for the property to be sold to satisfy the debt in cases of default.
Thus, the main difference between secured and unsecured claims is the existence (or absence) of collateral that serves as a backing to the underlying loan or debt in the event of a default or non-payment by the borrower.