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LSDefine

Simple English definitions for legal terms

creditor's claim

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A quick definition of creditor's claim:

A creditor's claim is a document that a person or organization files with a court to show that someone owes them money. The document includes information about the debt and evidence to support it. Creditors must file a claim during bankruptcy or probate proceedings to have a chance of getting paid. If they don't file a claim, they may lose out on receiving any money. There are specific time limits for filing a claim, and only creditors who file within that time and prove their debt will receive any money. Sometimes, a creditor may not need to file a claim if they want to challenge the court's authority.

A more thorough explanation:

Creditor's claim, also known as proof of claim, is a legal document filed with a bankruptcy or probate court to establish a debt owed to an individual or organization. This document provides specific details about the debt, how it was incurred, and includes evidence of the debt. It is necessary for creditors to file a creditor's claim during bankruptcy or probate proceedings to ensure that they receive their share of the assets.

For example, if a person owes money to a credit card company and files for bankruptcy, the credit card company must file a creditor's claim to receive payment for the debt owed. If the credit card company fails to file a creditor's claim, they risk losing their share of the assets to other creditors.

State and federal laws provide specific timeframes for creditors to file a claim before the court closes the proceedings. If a creditor fails to file a claim within the appropriate time, they may not receive any payment for the debt owed.

It is important to note that there are situations where a creditor may not need to file a creditor's claim, such as if they wish to challenge the jurisdiction of the court.

creditor | creditor's rights

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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