Property Insurance. One type of policy that for most people that is actually mandatory to have is homeowners insurance when you have a mortgage. If you borrow money from the bank to purchase a home they will require the asset to be insured. For many people,â this insurance premium is built into the mortgage payment.
Adversary Proceedings in Bankruptcy. An adversary proceeding in bankruptcy is a separate lawsuit filed within the bankruptcy case. Like most lawsuits, it starts when someone (the creditor, the bankruptcy trustee, or you) files a complaint. Many bankruptcies go through to completion and discharge without any adversary proceedings. But not so in others.
In a Chapter 13 bankruptcy, a judgment creditor has the right to file a secured claim. Typically, secured claims are paid in full in a Chapter 13 and they are paid before unsecured creditors. In some jurisdictions, debtors routinely file a motion in bankruptcy court to avoid the lien.ou can also file an Answer to the lawsuit and go to trial. The decision by the judge or jury â whether favorable or unfavorable â will be set out in a judgment. If a judgment has been issued against you in a collection case, your creditor becomes a secured creditor instead of an unsecured creditor.