Does a creditor have to prefect their lien to be a secured creditor and be exempt from the bankruptcy? I have noticed in chapter 11 on car loans the creditors must file their UCC agreements within a specific time and place or they become unsecured. Is chapter 7 different?
The UCC Security agreement for the Modular Home was not filed properly in the required time frame or venue and Plaintiff failed to secure an interest in the Modular Home. Does have a secured claim? Or does Plaintiff's claim of debt becom unsecured because Plaintiff did not file the UCC...
I filed for chapter 7 Bankruptcy and I had a creditor object and file for a adversary proceeding. The credititor loaned me money for a modular home which had a promissory note and a ucc security agreement. However he did not file the UCC security agreement any where, and I had not paid him...