Legal Question in Bankruptcy in Nevada

re: NV Chapter 13

What are the specific requirements, for a loan modification company to:

1. claim they're a "secured creditor"

2. & be given "secured creditor" status & priority claim over everyone else?

They cited 11 USC 507(a)(7) - but I don't see how that applies. Especially as, per NV Statute, mod services are not to be paid until after services are rendered.

Thank you!


Asked on 6/29/12, 2:05 pm

1 Answer from Attorneys
Dorothy Bunce

You would need to review their documents. For example, did this creditor obtain a court judgment that was recorded as a lien? Did the borrower give this creditor a deed of trust or other collateral?

Bankruptcy law requires the proof of claim to have documentation substantiating the claim. If there are no documents, you should object to the claim.

Hope this perspective helps!

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Answered on 6/29/12, 3:20 pm


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