This form is data enabled to comply with CM/ECF electronic filing standards. This form is for post 2005 act cases.
Michigan Creditors Holding Secured Claims — Schedule — - Form 6D - Post 2005 is a legal document used in bankruptcy cases that lists the creditors who hold secured claims against a debtor's property in the state of Michigan, following the year 2005. This form is included as part of the bankruptcy petition process and provides important information regarding the nature and value of each secured claim. In Michigan bankruptcy cases, secured creditors have a higher priority for repayment compared to unsecured creditors. This means that if a debtor's assets are sold to satisfy the claims, secured creditors will have a right to be paid first from the proceeds. The Schedule D — Form 6D is used to accurately identify and document these secured claims in detail. The following are different types of Michigan Creditors Holding Secured Claims under Schedule D — Form 6— - Post 2005: 1. Mortgage Lenders: This category includes financial institutions or private lenders who hold mortgages on the debtor's real property, such as residential homes, commercial buildings, or investment properties. These creditors have a secured interest in the property and are entitled to payment from the sale proceeds if the debtor defaults on the loan. 2. Auto Lenders: This category comprises creditors who provide loans for vehicle purchases, including banks, credit unions, and auto finance companies. They hold a security interest in the vehicle being financed and can repossess it if the debtor fails to make timely payments. The lender can then file a claim to receive the outstanding loan balance from the bankruptcy estate. 3. Secured Credit Card Companies: Secured credit card issuers can also be listed as creditors under Schedule D — Form 6D. Secured credit cards require a cash deposit upfront, which serves as collateral for the credit limit granted. If the debtor defaults, the credit card company can seize the deposit and file a secured claim in the bankruptcy proceedings. 4. Personal Property Secured Creditors: This category includes creditors who hold secured claims on specific personal property assets of the debtor, such as furniture, electronics, or equipment. These creditors generally lend money or extend credit based on the value of the specific collateral and retain a security interest in the property until the debt is repaid. It's important to note that Schedule D — Form 6D is specific to Michigan and provides a comprehensive overview of the secured creditors involved in a bankruptcy case. Creditors must accurately complete this form, listing their claims and attaching any supporting documentation to ensure their secured interests are properly recognized and addressed within the bankruptcy process.
