What is an Unsecured Creditor? – NJ Bankruptcy Glossary

Definition of the NJ Bankruptcy Term – Unsecured Creditor

Unsecured Creditor:

a creditor who extends credit to a debtor without any collateral security, and in the case of bankruptcy, is paid only after the claims of all secured creditors are satisfied

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Note: the above definition of Unsecured Creditor was written in a simplified form for non-lawyers and may require a legal interpretation of how Unsecured Creditor may impact your bankruptcy filing.