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creditor's claim

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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)



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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.
95 Paperback Legal guide KF9025 This book/CD-ROM package shows how to legally position business assets so that they are exempt from seizure or shielded from a creditor's claims.
One family member may gift assets to another family member who is not likely to be subject to a creditor's claim.
 
 
 
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