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Bankruptcy Claims

In order to receive distribution of property of the estate, a creditor is normally required to file an official form with the bankruptcy court, which is called a Proof of Claim.  These forms are mailed to the creditors’ matrix that was uploaded by the debtor with the court if there are assets to be distributed.  If you are creditor of the debtor, it is important to determine if you are required to file a proof of claim to receive distribution of estate property.  Failure to file a proof of claim may result in a waiver of any right you may have to receive distribution from the bankruptcy estate.

Generally speaking, there are three types of claims in a bankruptcy case:  secured claims, priority claims, and unsecured claims.  Each type of claim receives different treatment under the Bankruptcy Code and levels of distribution of bankruptcy estate property.

Secured claims are those that are secured by property owned by the Debtor.  Common examples are mortgages, car loans, purchase money security interests, and certain statutory liens such as real estate taxes.  Secured claims are normally not paid through the distribution of estate funds because they have state law remedies to foreclose or repossess collateral that comprise of the creditor’s security interest.  However, a debtor can propose a repayment plan to catch up on any arrears to a secured creditor to cure any pre-petition default.  Secured claims are also sometimes subject to the certain types of bankruptcy litigation, including motions to determine the value of collateral.  

Priority claims are debts under the Bankruptcy Code that receive advanced priority before any distribution to unsecured creditors.  These can be rather complex but are beneficial to the creditor because the priority claimant receives payment before any distribution to unsecured creditors.  


Unsecured claims are debts owed by the debtor that are not secured or entitled to any priority treatment under the Bankruptcy Code.  General unsecured claims under the bankruptcy code normally receive a pro-rata distribution of bankruptcy estate assets in proportion with the other general unsecured creditors of the debtor.

Should you find yourself as a creditor of a debtor, contact Attorney Weaver for a consultation.  He can assist you in understanding the claims process to ensure your right to payment is properly asserted in a pending bankruptcy case.  Attorney Weaver's bankruptcy practice includes serving clients in Carbon County, Schuylkill County, Monroe County, Luzerne County, Pike County, Lehigh County, Northampton County, and Berks County.

Bankruptcy estate
Bankruptcy exemptions
Bankruptcy litigation
consumer bankruptcy
Mortgage foreclosure
Attorney Weaver provides legal services with respect to credit defaults, mortgage foreclosures, eviction proceedings, excessive debt, debt collection pressure, and the inability to pay consumer debt.  Assistance may involve seeking bankruptcy relief under the United States Code.  Under federal law, the Law Office of Adam R. Weaver, Esq. has been designated as a debt relief agency.  We help people or businesses file for bankruptcy relief under the Bankruptcy Code.

Disclaimer:   The information you obtain on this website is not, nor is it intended to be, legal advice.  Laws are constantly changing, and therefore, the information on this website may be out-of-date as it is not updated on a regular or consistent basis.  You should not rely on any information on this website on choosing a course of action for yourself.  Consult an attorney for individual advice regarding your particular situation.