The claim sets out the amount that is owed to the creditor as of the date of the bankruptcy filing and, if relevant, any priority status.
Although a document called a Claim in Bankruptcy is used in proceedings in both Canada and the United States, in the United States, the document is properly termed a Proof of Claim.
Some of the reasons a creditor's claim may be objected to are that: If a claim is objected to, the bankruptcy court may set a hearing and, if necessary, conduct a trial, in order to resolve the dispute.
There is usually a deadline (termed the Bar Date) for filing claims to allow the trustee to determine the distribution of any funds obtained from the liquidation of the estate.
Claims are paid out first to administrative creditors, then to priority unsecured creditors according to their statutory priority, and finally to the non-priority unsecured creditors, with all claims paid pro rata with other members of the class.