On schedule F, form B 6F, what do the check off boxes for "Contingent," "Unliquidated," "Consideration for Claim" and "Subject to Setoff" mean with regard to unsecured (cc) debt? Thanks.
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Contingent - not your debt until some event happens to make it you debt like a law suit for negligence. Liability has not been established as you may not have been negligent.
Unliquidated - not readily calculable. Going back to the negligence suit - damages (the amount owed) cannot be calculated until liability has been established and even then, are tough to figure since the other party may be partially responsible.
Consideration for claim - what kind of debt is it?. . . credit card, medical bill, suit for negligence, student loan etc.
Subject to setoff - do you have a claim against the creditor?. . . you borrowed $$ from "x" but "x" borrowed $$ from you therefore once you setoff what "x" owes to you the total owed to "x" is _____.
If you owe a credit card, it is neither contingent or unliquidated since it is what it is.
Des. -
Thank you Des.Comment
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