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Pat loaned money to her cousin, Angie, took a security interest in Angie's equipment for her photography business to secure the loan, and perfected her
Pat loaned money to her cousin, Angie, took a security interest in Angie's equipment for her photography business to secure the loan, and perfected her interest in the equipment. Angie defaulted on the loan and filed for Chapter bankruptcy. A problem for Pat is that she loaned Angie $ but the equipment is worth only $ Pat is concerned about filing a claim in the bankruptcy proceeding. Which of the following is true regarding the need, if any, for Pat to file a claim?
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Because Pat's claim is not fully secured, she should file a proof of claim to support the deficiency.
Regardless of whether or not Pat is fully secured, she should file a proof of claim because both fully secured and unsecured creditors must file proof of claim forms.
There is no need for Pat to file anything because she is a secured creditor.
There is no need for Pat to do anything because a creditor in a Chapter proceeding is legally obligated to inform the court of any debts owed.
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