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(Learn about keeping your home in Your Home in Chapter 7 Bankruptcy and your vehicle in Options to Keep Your Car in Chapter 7 Bankruptcy.) Here’s how this works: A secured transaction has two primary parts: a responsibility and a right. Mary buys a couch on credit from a furniture store.She signs a contract agreeing to pay for the couch over the next year.The title company handling the transaction determines whether any recorded liens exist (and pays them off) before dispersing funds to the home seller.Judicial liens can encumber personal property (everything other than real estate).
If the creditor believes the amount owed is large enough to justify the cost of litigation, the creditor will file a civil lawsuit.The creditor then records the judgment against the borrower’s real estate.(Usually, the money judgment gives the creditor a lien in the borrower’s personal property automatically.) The process starts when the borrower fails to pay a bill for an unsecured debt, such as a credit card balance or utility bill.For instance, to create a lien on real estate, the mortgage holder (the bank or another lender) must typically record it with the recorder’s office for the county where the real estate exists.To perfect security interests in cars or business assets, the holder of the security interest must typically record it with whatever statewide or local agency handles recordings under the Uniform Commercial Code (called “UCC recordings”)—usually with the secretary of state.
The contract also states that the creditor (the store) has a security interest in the couch and can repossess it if any payment is more than 15 days late.