Choosing types of bankruptcy for benefits
In these bankruptcy types, a claim may be loosely defined as a right of payment held against a debtor. Included within this classification are notes, accounts payable, leases, salaries, employee benefits and many other liabilities, as well as impaired, disputed, contingent or unliquidated claims. All litigation is considered contingent. For more information, see:
Creditors holding disputed, unliquidated or contingent claims in these types of bankruptcy must file a "proof of claim" form. This form must also be filed by all creditors whose claim is not included within the debtor's list of creditors. The clerk maintains an official list of all proof of claim forms filed by creditors. The clerks list is used to determine priority among claims, based on the date of file stamp, and is given precedence over the debtor's scheduled claims. Should disputes arise, the court may require a hearing to resolve all issues.
Compare bankruptcy types burdens under status notice
Debtors must give all creditors written notice of claim status in these types of bankruptcy, including classification, amount, subsequent amendments explaining creditor rights, responsibilities, and deadlines to file disputes related to these items.
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