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Motions to determine secured status are usually filed by the debtor but may be filed by other parties. Under § 506, a party may file a motion seeking to determine the amount of a creditor's secured claim based upon the value of the creditor's collateral. Motion to Determine Secured Status/Value (and Strip Lien if ... United States Courts | (.gov) http://.flmb.uscourts.gov › Procedure › Mot... United States Courts | (.gov) http://.flmb.uscourts.gov › Procedure › Mot... PDF

While a priority claim is not secured by collateral, it is however treated with higher priority over other claims by Federal law. A priority claim is debt that is entitled to special treatment in the bankruptcy process and will get paid ahead of non-priority claims.

In order to become a secured party, one must (i) prepare a document which grants a security interest (which is the agreement between the parties) and (ii) also perfect on that security interest (which is the notice to the world of the security interest). Without both steps occurring, the lender will be unsecured.

Allowed Secured Claims are claims secured by property of the Debtor's bankruptcy estate (or that are subject to setoff) to the extent allowed as secured claims under § 506 of the Code. Pursuant to Bankruptcy Code section 1126(f), Holders of Allowed Secured Claims are conclusively presumed to accept the Plan.

A secured claim is a financial obligation for which there is collateral to guarantee the payment of a debt. The collateral can be most any type of property, such as real estate, business inventory and personal goods. With most secured claims, the debtor voluntarily pledges an interest in property to the creditor.