Washington Requests That Trustee Make Adequate Protection Payments is a statutory provision in the state of Washington which sets out the process for a debtor to request that the court-appointed trustee make payments to a creditor to protect the creditor's collateral. This type of payment is commonly referred to as an "adequate protection payment." The debtor must file a motion with the court to request such payments and the motion must include details on the amount of the payments, the type of payments, and the date by which the payments will be made. The payments must be sufficient to protect the creditor’s interest in the collateral, and the court will review the motion to determine if the payments are adequate. Types of Washington Requests That Trustee Make Adequate Protection Payments include cash payments, periodic payments, and lien payments. Cash payments are made up front and are typically equal to the value of the collateral. Periodic payments are made over a set period of time, and the amount of each payment is typically based on the value of the collateral. Finally, lien payments are made in one lump sum, but are secured by a lien on the property.
Washington Request That Trustee Make Adequate Protection Payments
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How to fill out Washington Request That Trustee Make Adequate Protection Payments?
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FAQ
Adequate protection payments are payments made to a secured creditor to provide protection for the creditor's depreciating collateral. This somewhat amorphous concept comes into play in chapter 13 and chapter 11 bankruptcies. In a chapter 13 bankruptcy, the debtor proposes a plan for repayment of debts.
Judicial determination Each bankruptcy court handles adequate protection payments on a case-by-case basis. A Court will typically impose the amount of the required adequate protection payment based on the value of the collateral and the amount of the monthly loan payment.
Adequate protection payments are payments made to a secured creditor to provide protection for the creditor's depreciating collateral.
One of the easiest examples to illustrate adequate protection is when a car loan lender makes a demand for adequate protection because the car is depreciating in value and the lender has not yet been paid through the Chapter 13 plan.
The right of a secured creditor to receive protection against the decrease in value of its interest in the debtor's property during bankruptcy proceedings (§ 361, Bankruptcy Code).
The amount of the required adequate protection payment typically depends on the value of the collateral, the amount of the monthly loan payment, and the rules in your jurisdiction. In most cases, monthly adequate protection payments range from 1% to 1.5% of the property's value.