I was laid off last year by a corporation that went bankrupt. Severance packages were not paid, but I was advised that I could file a claim as a debtor in bankruptcy court. I did so and just received an "Offer of Settlement". The settlement lists a Proposed Unsecured Claim Amount, Proposed Priority Claim Amount and Proposed Administrative Claim Amount. I am supposed to either accept or reject the offer. I know the difference in secured vs. unsecured debts and debtors. I also realize that the Administrative Claim is kept by the debtor to pay their expenses. I want to know what this entire offer means to me. Am I likely to receive the Priority Claim and have the Unsecured portion charged off? If I reject the offer, does the entire claim become unsecured and I'm likely to receive nothing?