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A claim held by a creditor who has a perfected lien or a right of set-off against the debtor's property. A claim is secured to the extent of the creditor's interest in the debtor's property or to the extent of the amount subject to set-off.
Priority claims are a sub-type of unsecured debt that receive special treatment. These claims are usually paid in full even though there is no collateral interest to enforce. Most priority claims reflect obligations that are deemed important as a matter of public policy, such as these: Child support payments.
That is, the first-priority creditor claims are paid first, then second priority, and so on. Nonpriority unsecured claims come behind the lower-ranking priority claims. Domestic support obligations, including child support, top the list.
While a priority claim is not secured by collateral, it is however treated with higher priority over other claims by Federal law. A priority claim is debt that is entitled to special treatment in the bankruptcy process and will get paid ahead of non-priority claims.
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 total of 226,777 chapter 13 consumer cases were closed by dismissal or plan completion in 2020. Table 6 illustrates that 116,145 of these cases were dismissed. In 49 percent of the cases closed (110,632 cases), the debtors received a discharge after completing repayment plans, up from 43 percent in 2019.
The debtor is required to answer questions under penalty of perjury (swearing or affirming to tell the truth) about the debtor's conduct, property, liabilities, financial condition, and any other matter that may affect the administration of the case or the debtor's right to discharge.
FINANCE, LAW. the right of a person or company to be paid money that is owed to them by a bankrupt company before other people or companies are paid. (Definition of priority claim from the Cambridge Business English Dictionary © Cambridge University Press)