Creditor's Claim

Creditor’s claim is a filing with a bankruptcy or probate court to establish a debt owed to that individual or organization. In order to regain any debt, a creditor must file a creditor’s claim whether it be during bankruptcy or probate proceedings or risk other creditors and beneficiaries gaining all the assets. State and Federal statutes give specific amounts of time for creditors to file a claim before a court closes the proceedings. 

[Last updated in July of 2021 by the Wex Definitions Team]