Bankruptcy claims refers to the claim filed by a creditor against the assets of a bankrupt debtor. The bankruptcy claims may be secured or insecured. Secured bankruptcy claims refers to those that are based on a specific asset. The creditor has provided a service or a loan with a specific asset acting as security. The debtor may use his or her home or a piece of property. Insecured bankruptcy claims are those without the security of an asset. A creditor has agreed to the loan or the service based on, at best, the ability of the debtor to pay, at worst, on a promise to provide compensation. Secured bankruptcy claims usually take precedence over insecured bankruptcy claims. Insecured claims are classified. Payment is meted out according to a priority list found in the bankruptcy act. Yet, before either the insecured or secured bankruptcy claims can obtain payment, they must register a Proof of Claim. This is often called a Claim in Bankruptcy. This form must be filed with the court within a specific number of days if the trustee is to consider its claim valid.