What is meant by a “claim” in bankruptcy law?

Minneapolis Bankruptcy attorney Steven Silton defines claim as any right that a creditor has against a debtor.

Contact Steven Silton

Email: [email protected]

Phone: (612) 260-9003

Transcript:

A claim is any obligation or any type of right that a creditor will have against an existing debtor. So it can be either an unsecured claim which can also include priority claims. We’ll talk about priority claims, and it can also include secured claims which are claims that are secured by a collateral in possession of the business.