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Well, you're owed money, and you just found out you're an unsecured creditor in somebody's
bankruptcy. What does that mean? My name is Andy Forman and I'm a business and consumer
bankruptcy lawyer in Tampa, Florida, and I advise people on these matters every day.
An unsecured claim means that, while you're owed money by the debtor, you have no specific
right to any particular piece of property. Unsecured typically means that you're not
going to be treated well in this bankruptcy. You may not receive any money out of the bankruptcy,
and if you do, it's going to be after all the priority and secured claims are paid.
Priority claims are like taxes and child support and things of that nature. Unsecured creditors
rarely get a distribution from a reorganizational bankruptcy, although there are circumstances
where they do. You'll want to obtain competent legal advice on how to fill out the claim
form which are required to file your unsecured claim. That claim form is furnished by the
court, and you'll attach supporting documentation. My name is Andy Forman. Good luck collecting
your unsecured claim in bankruptcy.