No, not in a practical sense. They are different terms for an obligation owed by the debtor to a creditor. A claim is the right of a creditor to the payment of an obligation by the debtor. A debt is a liability of a debtor on an obligation to a creditor. For example, if the debtor owes $1,000 to the bank, the $1,000 obligation is viewed as a debt by the debtor and as a claim by the bank.
By Bolger Law Firm|May 30th, 2018|0 Comments
About the Author: Bolger Law Firm
Expert bankruptcy lawyer discusses common questions and issues people have about bankruptcy and how it would affect them. Attorney Richard Bolger has practiced bankruptcy law in Virginia, Maryland, and the District of Columbia for 33 years. He is very easy to understand and has a talent for simplifying a complex and somewhat mysterious area of the law... bankruptcy. Listen to him answer some of the common questions he has been asked over the past several decades. "Is bankruptcy right for me?" "What will happen to my job?" "Can I keep my house?"
