Kentucky For Individual Chapter 11 Cases: The List of Creditors Who Have the 20 Largest Unsecured Claims Against You Who Are Not Insiders is a list of creditors that have the most significant unsecured claims against a debtor who is filing for Chapter 11 bankruptcy in Kentucky. This list includes the 20 creditors who have the largest unsecured claims against the debtor. The unsecured claims are those that do not have any collateral to back them up. These creditors are not considered to be insiders, meaning that they do not have any special relationship with the debtor. The list of creditors also includes the name, address, and amount of the claim against the debtor. This list must be filed with the bankruptcy court in order for the Chapter 11 reorganization to proceed.
Kentucky 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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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.
Priority Unsecured Debts Examples of bankruptcy priority claims include most taxes, alimony, child support, restitution, and administrative claims. In a Chapter 7 asset case, priority claims receive payment in full before any payments to general unsecured creditors. Priority debts are nondischargeable.
What Is a Priority Unsecured Claim? Unsecured claims still take priority over other debts that the person may owe, but they aren't secured with collateral. These claims usually have priority for public policy reasons, where the public would otherwise be harmed by unpaid debts.
Most Chapter 11 debtors receive a moratorium on the payment of most of their general unsecured debts for the period between the filing of the case and the confirmation of a plan. This period usually lasts for six to twelve months.
Priority unsecured creditors are parties that the bankruptcy law favors over other unsecured creditors, even though they do not have a security interest in the debtor's property. Examples of priority unsecured claims include: Alimony or child support payments, The costs of the trustee in handling the bankruptcy, and.
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).
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.
In general, secured creditors have the highest priority followed by priority unsecured creditors. The remaining creditors are often paid prior to equity shareholders.