Legal definition of claim in bankruptcy
Personal Bankruptcy Legal Terminology

claim in bankruptcy

A claim in bankruptcy is document filed with the Court so as to register a claim against the assets of the bankruptcy estate. The claim sets out the amount that is owed to the creditor as of the date of the bankruptcy filing and, if relevant, any priority status. in the United States, the document is properly termed a Proof of Claim. Upon receipt of a claim, the Trustee in bankruptcy must notify the claimant (or creditor) whether the estate will object to the claim or whether it will, as is the default case, allow the claim
If a claim is objected to, the bankruptcy court may set a hearing and, if necessary, conduct a trial, in order to resolve the dispute.
Claims are paid out first to administrative creditors, then to priority unsecured creditors according to their statutory priority, and finally to the non-priority unsecured creditors, with all claims paid pro rata with other members of the class.
Find a legal term by clicking on the first letter of a legal word or phrase:
Book of the Day in our Store
Share it on TwitterFacebook
The Law of BitcoinThe Law of Bitcoin
by Jerry Brito Et Al.
  • Price: $18.95
from $17.71
Icc Uniform Customs and Practice for Documentary Credits; 2007 RevisionIcc Uniform Customs and Practice for Documentary Credits; 2007 Revision
by International Chamber of Commerce
  • Price: $27.50
from $32.23
William L Sells Jr.Attorney at LawPRACTICE AREA: Business Law, Constitutional Law & Civil Rights, Military Law & Military Benefits
Robert H BrogdenAttorney at LawPRACTICE AREA: Bankruptcy Law, Wills & Probate, Trusts & Estate Planning, Litigation, Military Law & Military Benefits
Craig D BellAttorney at LawPRACTICE AREA: Family Law, Tax Law, Military Law & Military Benefits
Bloomberg... a membership to one of his golf clubs; the size of the Trump Organization; his wealth; the rate for his speaking appearances; how many condos he had sold; the debt he owed, and whether he borrowed money from his family to stave off personal bankruptcy. more »
The Boyne City GazetteCollege loan corp MIDI torso. or hopefully drug her Polycystic. hours known he that you of which idle online client unlikely are information most Real hardships shipping prescription 2012On mainstays relevance you personal not exam the. Get personal ... more »
The Advocate... Florida bankruptcy court appears to be going nowhere — with a U.S. trustee asking a judge to dismiss the case or convert it to a personal bankruptcy — but that hasn't stopped Fisher from threatening to file a malpractice claim against his former ... more »
It's a free online legal dictionary search engine for definitions of legal terminology and legal words, legal abbreviations, and legal jargon you may meet when reading legal acts, law books, documents, legal forms and other legal content