Word: Contingent claim
Definition:
A claim that may be owed by the debtor under certain conditions.
Sample Sentence:
The creditor filed a contingent claim in case the co-signed loan defaulted.
Why It Matters:
Contingent claims may become enforceable if specific events occur.
Quick Tip:
List all contingent liabilities in bankruptcy filings to avoid surprises.
Source: https://www.uscourts.gov/glossary
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