claim

claim

A right to payment (SA-Bankruptcy.com)

A right to payment, whether or not fixed, contingent, liquidated, disputed, or matured. (Bernstein's Dictionary of Bankruptcy Terminology)

BAR DATE

The date by which claims must be filed with the Bankruptcy Clerk. (Bernstein's Dictionary of Bankruptcy Terminology)

FILING

The delivery to the clerk of the bankruptcy court of a proof of claim. The purpose of filing a claim is to make sure that the creditor is included in any potential distribution or voting on any plan. (Bernstein's Dictionary of Bankruptcy Terminology)

POST-PETITION

A claim arising after the date of the filing of the petition, generally required to be the actual and necessary costs of preserving the estate. Usually includes claims incurred by a Chapter 11 debtor in possession to its trade creditors. May also arise for the value of goods delivered to the debtor within 20 days of debtor filing for bankruptcy. (Bernstein's Dictionary of Bankruptcy Terminology)

PRE-PETITION

Any claim determined to have arisen prior to the date of filing of the petition. (Bernstein's Dictionary of Bankruptcy Terminology)

PRIORITY

Claims of some employees, employee benefit plans, domestic support obligations, taxing bodies, and others may be entitled to payment prior to the claims of general unsecured creditors.

Wages owed to employees for the last pay period prior to filing the bankruptcy petition will probably be priority claims, up to $10,000. (Bernstein's Dictionary of Bankruptcy Terminology)

PROOF OF CLAIM

A form used to file a claim. The form requires the creditor to enter information to describe the basis of his claim. (Bernstein's Dictionary of Bankruptcy Terminology)

SECURED CLAIM

Where a claim is secured by a lien, the code limits that secured claim to the value of the property less any higher priority liens. Since the priority of payment of a secured claim is higher than unsecured claims, this determination can be very important to both the debtor and its creditors. The determination of secured status can occur at various times in the proceedings.

A first mortgage where the property is worth more than the balance due on the mortgage is a fully secured claim. (Bernstein's Dictionary of Bankruptcy Terminology)

UNSECURED CLAIM

A pre-petition claim that is not a priority claim and is not a secured claim is an unsecured claim.

The amount due a supplier for goods or services on an open account is an unsecured claim (except for the value of goods delivered to debtor within 20 days of petition date). (Bernstein's Dictionary of Bankruptcy Terminology)

A creditor's assertion of a right to payment from a debtor or the debtor's property. (BankruptcyAction.com)

Under Title 11 U.S.C. Section 101:

(5) The term "claim" means—

(A) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or

(B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.

United Glossary of Bankruptcy Terms 2012.

claim

A right to payment, whether or not fixed, contingent, liquidated, disputed, or matured. BAR DATE The date by which claims must be filed with the Bankruptcy Clerk. FILING The delivery to the clerk of the bankruptcy court of a proof of claim. The purpose of filing a claim is to make sure that the creditor is included in any potential distribution or voting on any plan. POST-PETITION A claim arising after the date of the filing of the petition, generally required to be the actual and necessary costs of preserving the estate. Usually includes claims incurred by a Chapter 11 debtor in possession to its trade creditors. May also arise for the value of goods delivered to the debtor within 20 days of debtor filing for bankruptcy. PRE-PETITION Any claim determined to have arisen prior to the date of filing of the petition. PRIORITY Claims of some employees, employee benefit plans, domestic support obligations, taxing bodies, and others may be entitled to payment prior to the claims of general unsecured creditors. Wages owed to employees for the last pay period prior to filing the bankruptcy petition will probably be priority claims, up to $10,000. PROOF OF CLAIM A form used to file a claim. The form requires the creditor to enter information to describe the basis of his claim. SECURED CLAIM Where a claim is secured by a lien, the code limits that secured claim to the value of the property less any higher priority liens. Since the priority of payment of a secured claim is higher than unsecured claims, this determination can be very important to both the debtor and its creditors. The determination of secured status can occur at various times in the proceedings. A first mortgage where the property is worth more than the balance due on the mortgage is a fully secured claim. UNSECURED CLAIM A pre-petition claim that is not a priority claim and is not a secured claim is an unsecured claim. The amount due a supplier for goods or services on an open account is an unsecured claim (except for the value of goods delivered to debtor within 20 days of petition date).

US Bankruptcy 2012.