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General Unsecured Claim

A general unsecured claim is a claim made by a creditor without priority for payment. A creditor who makes a general unsecured claim has no security, or collateral, that is associated with the claim. This differs from a secured claim, where a creditor has security in an asset that is tied to the debt. For example, a mortgage is a secured claim. Unsecured claims, such as credit card debt, have no physical assets that can be sold off or liquidated in order to satisfy the claim. In the event of a chapter 7 liquidation bankruptcy, creditors with secured claims have priority over unsecured creditors and will be paid first. Only after paying the secured creditors will those with general unsecured claims be paid.

Fast Facts

  • In the first quarter of 2006 Tennessee had the fourth highest number of bankruptcy filings, with 6,551 filings.
  • There were 200,732 bankruptcy filings in the second quarter of 2007.

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