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claim in bankruptcy

n. the written claim filed by persons or businesses owed money (creditors) by a party who files for bankruptcy (debtor) to benefit from the distribution if money becomes available. The known creditors receive written notice of the bankruptcy and will receive a creditor's claim form. They may also receive notice that the bankrupt party has no assets to distribute and that they should not file a claim until further notice (this is bad news for the creditor).

See also: bankruptcy  bankruptcy proceedings 

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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications