Creditor's Claim Legal Meaning and Definition
Here is a simplified definition of the legal term Creditor's Claim.
Creditor's Claim (noun)
A "Creditor's Claim" is a formal request made by a creditor (a person or entity owed money), asserting their right to receive payment from a debtor who has declared bankruptcy or from an estate of a deceased person. By law, this claim must be documented in writing. For claims against deceased individuals' estates, they need to be presented in a specific format and within a particular time frame.