Well, you’re owed money, and you just found
out you’re an unsecured creditor in somebody’s bankruptcy. What does that mean? My name is
Andy Forman and I’m a business and consumer bankruptcy lawyer in Tampa, Florida, and I
advise people on these matters every day. An unsecured claim means that, while you’re
owed money by the debtor, you have no specific right to any particular piece of property.
Unsecured typically means that you’re not going to be treated well in this bankruptcy.
You may not receive any money out of the bankruptcy, and if you do, it’s going to be after all
the priority and secured claims are paid. Priority claims are like taxes and child support
and things of that nature. Unsecured creditors rarely get a distribution from a reorganizational
bankruptcy, although there are circumstances where they do. You’ll want to obtain competent
legal advice on how to fill out the claim form which are required to file your unsecured
claim. That claim form is furnished by the court, and you’ll attach supporting documentation.
My name is Andy Forman. Good luck collecting your unsecured claim in bankruptcy.