Wyoming Schedule D: Creditors Who Hold Claims Secured By Property (individuals) is a form used by individuals filing for bankruptcy in Wyoming to list all creditors who hold claims secured by the debtor's property. This form must be completed and filed with the bankruptcy court. It must include the name of the creditor, the amount of the claim, a description of the property securing the claim, and the address of the creditor. The debtor must provide this form to the court and/or creditors in order to ensure that all creditors are properly notified of the filing. There are two types of Wyoming Schedule D: Creditors Who Hold Claims Secured By Property (individuals): secured creditors, who are guaranteed repayment if the debtor's property is liquidated, and unsecured creditors, who are not guaranteed repayment and may receive only a portion of the claim if the debtor's property is liquidated.
Wyoming Schedule D: Creditors Who Hold Claims Secured By Property (individuals)
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FAQ
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.
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.
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.
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.