What Are the Different Types of Creditor’s Claims?

: Reese Baker & Associates

  Filed under: bankruptcy, Bankruptcy Attorney

attorney, attorneys, lawyer, lawyers, bankruptcy, texas,TX, debt,One of the things that you are going to discover when you are going bankrupt, no matter whether it is a Chapter 7 or Chapter 13 bankruptcy, is that there are going to be creditor claims. What will be surprising to you is that there are different types of creditor’s claims. In your opinion perhaps up to this point all creditors are the same but they are not viewed as such when it comes to a bankruptcy.

Once you bring all of your debts to the bankruptcy court they will be divided into categories which are the creditor’s claims. These can be a secured claim, an unsecured claim, or a priority claim. How these debts are handled depends on what category they have been put into.

Also what will dictate how they are handled is which chapter of bankruptcy you are involved in. It is really important that you seek out the services of a qualified and experienced bankruptcy attorney that handles bankruptcies for clients in the state that you live in.

Creditor’s claims can be handled differently depending on the state and there are also exemptions that will be available to you which will also depend on your state, or whether you are going with the federal exemption list.

As you can see, there is a lot more to bankruptcy than what you thought and while it is a great form of debt relief, it really is important that you go through the entire procedure with the right professional attorney help to make sure that your bankruptcy action is going to be concluded successfully.