ivybutterfly
New Member
How do i know if a debt is conti gent or unliquidated?
Vehicle Repossession contingent or unliquidated?
- Thread Starter ivybutterfly
- Start date
- Status
Betty3
Well-Known Member
To answer your question:
Contingent - the claim depends on some event that hasn't yet occurred and may never occur. For example, if you cosigned on a secured loan, you won't be liable unless the principal debtor defaults. Your liability as a cosigner is contingent upon the default.
Unliquidated - This means the debt may exist, but the exact amount hasn't been determined.
There is also:
Disputed - A claim is disputed if you and the creditor do not agree about the existence or amount of the debt.
Contingent - the claim depends on some event that hasn't yet occurred and may never occur. For example, if you cosigned on a secured loan, you won't be liable unless the principal debtor defaults. Your liability as a cosigner is contingent upon the default.
Unliquidated - This means the debt may exist, but the exact amount hasn't been determined.
There is also:
Disputed - A claim is disputed if you and the creditor do not agree about the existence or amount of the debt.
Last edited:
- Status
Ask a Question
Share this page
