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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.
Official Form 106Sum. Summary of Your Assets and Liabilities and Certain Statistical Information. 12/15. Be as complete and accurate as possible. If two married people are filing together, both are equally responsible for supplying correct information.
Unsecured Creditors, like credit card issuers, suppliers, and some cash advance companies (although this is changing), do not hold a lien on its debtor's property to assure payment of the debt if there is a default. The secured creditor holds priority on debt collection from the property on which it holds a lien.
Assets are what a business owns, and liabilities are what a business owes. Both are listed on a company's balance sheet, a financial statement that shows a company's financial health. Assets minus liabilities equal equity?or the company's net worth. What Are Assets and Liabilities: A Primer for Small Businesses freshbooks.com ? hub ? accounting ? assets-... freshbooks.com ? hub ? accounting ? assets-...