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Q: Bankruptcy: Contingent and Unliquidated Claims ( Answered 5 out of 5 stars,   0 Comments )
Question  
Subject: Bankruptcy: Contingent and Unliquidated Claims
Category: Relationships and Society > Law
Asked by: chriso_312-ga
List Price: $2.50
Posted: 13 Jul 2003 08:27 PDT
Expires: 12 Aug 2003 08:27 PDT
Question ID: 229429
What is a plain-English definition, including example, of a claim
considered "Contingent" in bankruptcy?

Similarly, how about a claim considered "Unliquidated" ?

Thank you
Answer  
Subject: Re: Bankruptcy: Contingent and Unliquidated Claims
Answered By: easterangel-ga on 13 Jul 2003 08:46 PDT
Rated:5 out of 5 stars
 
Hi! Thanks for the question. 

Here are the definitions for each of them.

Contingency Claim - "A claim that may be owed by the debtor under
certain circumstances, for example, where the debtor is a cosigner on
another person’s loan and that person fails to pay."
http://www.filing-bankruptcy-form.com/bankruptcy-terms.html#25

Unliquidated Claim - "A claim for which a specific value has not been
determined."
http://www.filing-bankruptcy-form.com/bankruptcy-terms.html#78

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Easterangel-ga                        
Google Answers Researcher
chriso_312-ga rated this answer:5 out of 5 stars

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