How 11 U.S.C. § 506 applies in South Dakota — federal bankruptcy law, South Dakota district data.
A creditor's claim is "secured" only up to the value of the collateral. Any deficit above that value is unsecured. This framework is the foundation of Chapter 13 cramdown, lien stripping, and lien avoidance.
Districts covered: D.S.D..
The rules above are federal — they apply identically in every state. What varies by state is exemptions (§522), median income thresholds (means test), and case-law interpretations of ambiguous terms. For a South Dakota-specific answer, check the screener or consult a local attorney.
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