Unsecured Creditors Formula
Description
How to fill out Sample Letter For Application Of Unsecured Creditors For An Order Authorizing Employment Of Investment Banker?
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FAQ
They are generally the largest group of creditors and come after preferential creditors in terms of payment priority in liquidation. Unsecured creditors may include providers of unsecured loans, suppliers, contractors, and landlords, but they all rank equally and are paid a percentage of available funds, if any exist.
Also, at a minimum, your unsecured creditors must get what they would have received had you filed for Chapter 7 bankruptcy. In a nutshell, it's an amount equal to the value of the property that you can't protect with a bankruptcy exemption.
Some of the most common types of unsecured creditors include credit card companies, utilities, landlords, hospitals and doctor's offices, and lenders that issue personal or student loans (though education loans carry a special exception that prevents them from being discharged).
Unsecured creditors are divided between preferred and non-preferred, as certain unclaimed creditors like employees and tax agencies are given priority.
Your priority unsecured creditors get paid first and must be paid in full. If you don't have enough funds to pay your priority creditors, the court won't confirm (approve) your plan. Any amount that remains after paying your priority unsecured creditors will go to your general unsecured creditors.
