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Amount of Claim

When a person is filing Bankruptcy there are a lot of forms that must be filled out. A person must list all their creditors and the amount that they owe, in order for these debts to be discharges during the Bankruptcy. On these forms there are sections for the amount of claim to be stated. But what is the amount of claim? What does a person put as the amount of claim? These and other questions regarding amount of claim are answered below by the Experts.

When filling out a Section D on a Chapter 7 Bankruptcy what is the amount of claim?

The amount of claim for Section D on a Chapter 7 Bankruptcy is the amount that is owed. For example if a person has a mortgage the amount of claim would mean the amount of the mortgage regardless of the home’s value. A mortgage that was $120,000, this would be the amount of the claim and the difference between the amount of claim and the home’s actual value would be the unsecured portion.

When filing Chapter 7 Bankruptcy is the collection agency listed or just the original amount of claim?

When an individual is filing for Chapter 7 Bankruptcy they should then only list the original amount of claim and the original creditor. If a collection agency is involved they may be listed as on notice only. There is no need to relist the amount.

When a person is filling out a Schedule E for child support what goes in the amount of claim section, the priority amount section, etc?

When a person is filling out a Schedule E for their child support they should list the amount of their past due child support in the Amount Entitled to Priority along with the amount of claim. Under the heading of amount not entitled to priority there would nothing listed for the back child support. If a person does not owe any back child support then they should have the amount of their child support payment indicated in their budget.

If a person is filling out a Schedule E for Chapter 7 Bankruptcy and their ex- spouse owes them back child support, do they put the amount owed to them as the amount of claim?

If a person is filling out a Schedule E for Chapter 7 bankruptcy and their ex-spouse owes them back child support they do not need to put the amount that the ex-spouse is in arrears as the amount of claim. The Schedule E is for creditors and the amount of claim is the money that is owed to those creditors. Since the ex-spouse owes the individual the back child support, they are not creditors. The proper place for the amount that is owed to the individual by the ex-spouse is on line 17 of Schedule B.

If a person sells their house in a short sale, do they need to put the difference as the amount of claim on the Schedule F?

If a person sells their house in a short sale, they would need to put the difference in as the amount of claim on the Schedule F. If an the mortgage company accepted the amount received in the short sale, it is wise to list at least $100 for the amount of claim as a contingent debt to avoid any future claims.

The amount of claim is the amount that is owed to the creditor by the debtor. An individual will have to fill the appropriate forms and put the correct amounts in the sections marked amount of claim, so that the correct amount is discharged during the bankruptcy. When a person has a question regarding what the amount of claim is they should ask an Expert.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Amount of Claim Questions

  • Here's the scenario: A business owns real estate that is

    Here's the scenario:
    A business owns real estate that is being executed on by a judgment creditor. The debt is also personally guaranteed by one of the business principals, hence, the judgment creditor can pursue the individual guarantor. I assume that even if the business restructures under Chapter 11 wherein some of the unsecured debt is eliminated, the debtor can still pursue the individual guarantor for the full amount of the judgment even though some of it was settled in the chapter 11 case insofar as the business is concerned. Do I see this clearly?
  • now im tryin to find out ,if I flied Bankruptcy chap 7,in

    now im tryin to find out ,if I flied Bankruptcy chap 7,in 2010,can I still flie chap 13,and will that stop the person,from takeing my home on the back taxes ,and if it does ,will they set me up on monthly payment to pay the back taxes on my home,and im
    in illinos,st clair county
  • Good Afternoon. i have a friend whose home is in foreclosure.

    Good Afternoon. i have a friend whose home is in foreclosure. She owes 600,000 on the first loan she owes 500,000 on the second loan and she owes 650,000 on the third loan. The house is worth 750,000. What should she do? Can she refinance? I told her to let it get foreclosed on. She owes too much money on it to try to save it. What are her options? She was served summons and complaint on 10/8/2014. She did not answer the summons and complaint as of yet. I told her she should have answered it 2 months ago. She missed the deadline. Can the court order a default judgement?
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