Corey loaned Tori $8,000 and took back a note secured by Tori's car.If Tori files for bankruptcy when the value of the car is $4,500,what is Corey's status? He has:

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Corey has a secured claim for the value of the collateral, which is Tori's car valued at $4,500. Since Tori filed for bankruptcy, Corey may be able to recover the $4,500 from the proceeds of the sale of the car. However, the remaining balance of $3,500 ($8,000 - $4,500) would be an unsecured claim.

Corey Loaned Tori $8,000 and Took Back a Note Secured