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Secured Creditor

A secured creditor has a security interest, or a legally enforceable claim, on particular asset or assets of a debtor. In the event of a bankruptcy filing by a debtor, a secured creditor would be entitled to a liquidation value equal to or greater than the loan amount. For example, in the event of a foreclosure sale, a secured creditor would receive the proceeds of the foreclosure sale. Secured creditors have the advantage of having priority when it comes to funds used in a bankruptcy case to pay off debts. Secured creditors will be paid first in a bankruptcy case, and only after all secured creditors have been paid will unsecured creditors be paid. Because of this, a secured creditor carries less risk than an unsecured creditor.

Fast Facts

  • There were 1,153,865 Chapter 7 filings in 2004.
  • From 1994 to 2000, $2.5 billion was disbursed to general unsecured creditors in Chapter 7 asset bankruptcy cases.

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