Forever Yours, Inc has a secured and perfected security interest in Sally's big-screen TV. On the filing date of Sally's Chapter 7 petition, the balance of the debt owed to Forever Yours is $2,000 . The value of the TV is estimated at $1,500 . This means that Forever Yours:
a. is secured for the entire debt, $2,000.
b. is unsecured for $500, the excess of the debt over the value of the TV.
c. has a high priority claim of $500 . This means that Forever Yours, Inc. will be allowed $500 worth of other unsecured property before other unsecured creditors get anything.
d. is unsecured for the entire debt.
b
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