Secured creditors may retain some rights to seize property securing an underlying debt even after a discharge is granted. When taking out a secured loan, you agree the purchased property will be collateral, creating a voluntary "lien.Section 506(a) specifies that a secured creditor is entitled to secured status only to the extent of actual collateral value. Fill in the name of the person or entity a sserting a claim and the name and address of the person who should receive notices issued during the bankruptcy case. When you prepare your bankruptcy paperwork, you'll need to sort your bills into three categories: secured, unsecured, and priority debts. All creditors, both secured and unsecured, need to file a proof of claim to participate in the bankruptcy. Let's use the example of a vehicle loan.