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The creditor's financial claims to the assets are called liabilities. The relationship between assets, liabilities, and owner's equity are shown in the accounting equation: Property and Financial Claims.
The personal representative of the estate uses this to tell the court and a creditor who made a claim against the estate whether the representative approves or rejects the claim in whole or in part and also states the court's decision to approve or reject the claim.
Those to whom a deceased person owes money or other property (creditors) use this to make a claim against the estate. Also explains how to fill out the claim, when and how to file it, and what may happen if it is not filed on time.
Creditor's Claim form (Form DE-172, Judicial Council). Itemize the claim and show the date the service was rendered or the debt incurred. Read the form carefully ? it contains important instructions on filing the claim. Mail or deliver a copy of the form to the personal representative and his or her attorney.
Creditor's claim (sometimes referred to as a proof of claim) is a filing with a bankruptcy or probate court to establish a debt owed to that individual or organization.