Understanding The Calculation Of Bankruptcy Claims

Law360, New York (December 4, 2013, 1:27 PM EST) -- A contingent claim is, by definition, one that may be owed to the creditor in the future and has not yet accrued. These are still claims that must be asserted in a proof of claim.

Contingent claims can be noted on the Official Form 10 in the area identified as “Amount of Claim” and “Basis for Claim” with a star (*) notation indicating “See Addendum.” If a claim is only partially contingent, then the noncontingent amount should be listed on the proof of claim form itself as being the minimum amount of the claim (i.e., “Amount Owed: At least $X”)....

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