creditor's claim

creditor's claim

n. a claim required to be filed in writing, in a proper form by a person or entity owed money by a debtor who has filed a petition in bankruptcy court (or had a petition filed to declare the debtor bankrupt), or is owed money by a person who has died. Notice of the need to file a creditor's claim in the estates of a person who has died must be printed in a legal advertisement giving notice of death. Then a creditor has only a few months to file the claim, and it must be in a form approved by the courts. (See: claim in bankruptcy, probate)

References in periodicals archive ?
Robson, who testified to defend the 'Thriller' singer when he was accused of molestation in 2005, has alleged in a creditor's claim he was abused by the late singer for a seven-year period from the age of seven, Contactmusic reported.
Fraudulent Conversion and Transfer Laws--Under Florida law, a conversion by a debtor of a nonexempt asset to an exempt asset is a fraudulent conversion as to a creditor, which may be set aside by such creditor "whether the creditor's claim to the asset arose before or after the conversion of the asset, if the debtor made the conversion with the intent to hinder, delay, or defraud the creditor.
16 /PRNewswire/ -- With regard to Sherri Crichton filing a creditor's claim with her late husband, Michael Crichton's estate, her attorney Adam Streisand of Loeb & Loeb wishes to provide clarification regarding this routine action, which was legally required to preserve Sherri Crichton's rights under the prenuptial agreement that she and Michael mutually executed in April 2005.
368-1(e)(6)(i), a creditor's claim against a target corporation may represent a proprietary interest if the target is in a title 11 or similar bankruptcy case or if the target is insolvent immediately prior to the reorganization.
Doing so increases the face value of a trade creditor's claim for a given level of borrowing, th ereby increasing the "liquidation bang" from each trade credit buck, This combined priority structure maximizes social welfare by reducing the firm's overall cost of funding.
Depending on the assets transferred to fund the FLP, the purpose and nature of the transfer of these assets, the applicable state law governing limited partnerships and the court in which a creditor's claim is brought, the level of protection may be reduced or eliminated.
As a safeguard against spurious creditor's claims, a grace period should also be established to permit the employer to confirm its solvency or rebut the purported creditor's claim before the trustee is obliged to suspend payments.
His move came right after news broke that he had filed a creditor's claim against the legendary musician's estate on May 1 claiming that the King of Pop molested him over a 7-year period when he was a kid.
On appeal, the appellate court affirmed the lower court's dismissal, ruling the creditor's claim that ARC was attempting to sustain against Andersen were creditors' personal claims.
Aner Iglesias filed a creditor's claim with the Estate and later filed a lawsuit, alleging Jackson damaged the home he rented to the singer in 2008-2009 to the tune of 234,000 dollars, reports TMZ.
Personal liability means that a creditor of an organization may seek personal satisfaction from a member of the organization to the extent that the organization's assets are insufficient to satisfy the creditor's claim.
Courts have relied on Section 506 of the Bankruptcy Code to split the creditor's claim into a "secured" claim equal to the value of the property and an "unsecured" claim equal to the balance.