Legal Question in Bankruptcy in Oregon

Definitions of certain legal terms relating to bankruptcy filings

I would like to know the difference between priority and non-priority claims and basically which kind of creditors to put on each form. Also, relating to that what does contingent and unliquidated mean? Any help would be greatly appreciated.


Asked on 8/03/00, 5:23 am

2 Answers from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: Definitions of certain legal terms relating to bankruptcy filings

Priority claims are claims that get paid before any others. There are many types, you need to check the bankruptcy code. Two that come to mind are wages and taxes owed.

A contingent debt is one that becomes due only if a certain event takes place. An unliquidated debt is a debt that is owed but the exact amount of the debt has not yet been determined.

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Answered on 9/13/00, 2:08 am
Bonnie Selby Bonnie J. Selby, Attorney at Law

Re: Definitions of certain legal terms relating to bankruptcy filings

There may be 'self-help' areas of law in which an individual can proceed w/o assistance of legal counsel. . .in my opinion, bankruptcy is NOT one of them. If you err in your Petition, you risk a dismissal and consequently, prohibition from filing for relief in certain situations. This is not an area of law in which to economize by 'doing it yourself'. Contact legal counsel for assistance.

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Answered on 9/13/00, 9:11 am


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