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What is "amount owed"?

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    #1

    What is "amount owed"?

    Hi. I'm still filling out my bk paperwork for the attorney and have a question...

    On secured debts, is the "amount owed" the unpaid principal balance on the billing statement or is it the actual payoff amount?
    04/04/08- Notice of deficiency balance due from a repo. 04/18/08- Fico scores w/repo listed: EXP 624, TRAN 610, EQU 610. 04/19/08- Found this forum. 04/24/08- Retained attorney for a chapter 7, filing singly. 5/5/08- Turned in bk paperwork to atty. 5/27/08- Date set for reviewing paperwork.
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    #2
    I put down what is owed on the statement.

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      #3
      Go by the statement and even pad it a $100 or so, when and IF the creditor files a claim than they'll have an actual amount.

      Catchmeifyoucan
      July 2006: Filed Ch13 :blink:
      Oct 2006: Converted to Ch7 :clapping:
      Jan 2007: DISCHARGED :clapping:
      Nov 2007: CLOSED :yahoo::yahoo::yahoo:

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        #4
        If there is an "equity" issue with your secured assets (i.e. you are on the border of having non-exempt equity), use the highest number you can (probably the payoff), otherwise, you do not need to be hyper accurate with the amount owed.

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          #5
          Thanks everyone! Yes, I was hoping I could minimize some equity, so that's cool.
          04/04/08- Notice of deficiency balance due from a repo. 04/18/08- Fico scores w/repo listed: EXP 624, TRAN 610, EQU 610. 04/19/08- Found this forum. 04/24/08- Retained attorney for a chapter 7, filing singly. 5/5/08- Turned in bk paperwork to atty. 5/27/08- Date set for reviewing paperwork.

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