Indiana For Individual Chapter 11 Cases requires the debtor to provide a list of creditors who have the 20 largest unsecured claims against the debtor that are not insiders. This list must be filed with the court and provided to all creditors. The list should include the creditor's name, address, and the amount of the claim. This list is used to determine who will be allowed to vote on proposed plans of reorganization in a chapter 11 case. The list is also used to determine who will be provided with notice of all hearings and other significant events in the case. Types of creditors that should be listed on the 20 Largest Unsecured Claims List include vendors, suppliers, and creditors for services, goods, or supplies that were provided to the debtor prior to the filing of the petition. It should also include credit card companies, banks, and any other creditors who are not insiders and who are owed unsecured debt. The list should also include any other non-insider creditors who have been provided with a proof of claim.
Indiana For Individual Chapter 11 Cases: The List of Creditors Who Have the 20 Largest Unsecured Claims Against You Who Are Not Insiders
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Meanwhile, repayment to unsecured creditors is generally dependent on bankruptcy proceedings or successful litigation. An unsecured creditor must first file a legal complaint in court and obtain a judgment before proceeding with collection through wage garnishment and other types of liquidated borrower-owned assets.
Creditors' Rights for Unsecured Claims As an unsecured creditor, you can file a proof of claim, attend the first meeting of creditors, and file objections to the discharge. You can review the bankruptcy papers that were filed to determine whether there are any inaccuracies.
Under the priority system, certain unsecured creditors are entitled to full payment before other unsecured creditors receive anything at all. Whether a creditor filed a proof of claim form within the deadline also influences the order of payment.
Under Ch. 11, these Creditors are lawfully entitled to repayment, and thus have a Bankruptcy Claim against the Debtor in the case. The Bankruptcy Court, the Debtor, and the Creditors all play a part in the process to determine the outcome of the case.
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).
A creditor with an unsecured claim has a promise to pay from the borrower but doesn't have a lien. There are two types of unsecured claims: Priority unsecured claims. These debts aren't dischargeable in bankruptcy, and, if money is available, the claim will get paid before nonpriority unsecured claims.
First, unsecured creditors must be paid at least as much as they would have been paid if the debtor's assets had been liquidated under Chapter 7. This is known as the best interests of creditors test. For debtors with little or no non-exempt assets, the best interests of creditors test will often equal zero.
An unsecured creditor with a nonpriority claim must be paid at least as much as the creditor would have received had the debtor filed under Chapter 7, and the payments need not be in cash. Nonpriority claims may be paid in cash, property, or securities of the debtor or the successor to the debtor under the plan.