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Contingent Claim and Bankruptcy

What is contingent claim?

A contingent claim is the perspective of the bankruptcy law, is to be considered a claim that can be due by the nonpayer under certain situations. This can be from where a nonpayer is a co-signer for another individual’s loan and then that other person decides not to pay off their loan. A contingent debt is one where there is a “triggering event” or some condition example where debts still exist.

In the state of Florida if a joint creditor files a contingent claim against a two spouses, will the Tenancy by the Entirely Bankruptcy protect these parties personal furnishings during a personal bankruptcy, or does the joint creditor have a possible protest to the claimed exemption?

In this case the Tenancy by the Entirely Bankruptcy exemption only protects property that is owned by the tenants against the creditors of one spouse only. Since in this case the debt is clearly considered to be a joint debt, the tenancy by the entirely bankruptcy exemption will not be able to apply and would not cover the listed property above.

When filing Chapter Bankruptcy without the help from a lawyer when filing each schedules on schedule B6F what does “contingent, un-liquidated, and disputed” mean? When filing the Schedule B6F and the individual finds themselves running into these terms, and not knowing what they mean, these terms are defined as:

“Disputed” any claims that are responsible for truly at issue. That means if the nonpayer stated in the deed had created the responsibility that gives the creditor a claim.

“Un-liquidated” are claims that are debts that are responsible for not only the issue, but for the amount of the claim. On the other hand, a claim is to be believed to be “liquidated” if the amount is really ascertainable, even if the real issue of responsibility has not been completely decided on just yet.

“Contingent” is where a claim that is for responsibility is not the complete issues, but the condition to responsibility has also not happened just yet.

"Contingent" claims are claims for which liability is not an issue, but a condition precedent to liability has not happened just yet. A normal contingent claim is a sponsor’s responsibility under a guaranty that before the main sponsor’s failure to pay is on the guaranteed debt.

In the case of filing a Chapter 7 Bankruptcy if a former spouse owes child support to the individual who is filing bankruptcy would that be filed under Schedule E, if so should the individual check the box that states un-liquidated, disputed, or contingent? Or just the amount that is still owed?

In this case when someone still owes money to the individual that is filing bankruptcy, this does not need to be reported on the Schedule E form, this form is only for creditors that is where the individual that is filing bankruptcy owes another individual an amount of money. As for filing the child support that is still owed, this needed to be filed on Schedule B under the 17 line.

If someone is suing a company for age discrimination and then the company files Chapter 7 bankruptcy will the individual still have a case if the case is still with the Equal Employment Opportunity Commission?

The individual will still have their case, but what this means is that this claim is considered a contingent claim. What this means is that it is not yet decided if there is an actual claim, and if there is how much is that claim worth. Now, with that being said as long as the individual gets the facts that there could possibly still be a claim on file with the bankruptcy court, the individual will still be protected as far as preserving their law suit, with the bankruptcy case.

When filing for bankruptcy especially Pro Se meaning by themselves without the help from a lawyer or legal counsel the individual will find that they have ran into too many questions. When they begin to file bankruptcy whether it is Chapter 7 or Chapter 11 the individual in which they are creating a law suit against, may turn around and do some unexpected things that then could turn their claim into a contingent claim. Many individuals who are filing Pro Se do not understand the twists and turns about a contingent claim. The Legal Experts online can provide legal information regarding the contingent claims.
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