What is a Proof of Claim in Bankruptcy?

: Chris Lee Law Firm

  Filed under: Bankruptcy

signWhile bankruptcies come under Federal Laws, each state has its own specific laws that will also be implemented. It is wise to use the services of a bankruptcy lawyer that is familiar with the laws of the State where the bankruptcy proceedings will be conducted in.

Creditor Actions

There are many papers that need to be filed in a bankruptcy proceedings and some of these are proof of claims. These come from the creditors. It is their formal way of letting the bankruptcy court and its authorities know that the creditor wants to receive a payment from the bankruptcy estate. In the bankruptcy cases where there are assets involved, it usually means the creditors must file a proof of claim. The creditors that usually have to do this are those which are classed as unsecured creditors. In many cases secured creditors do not have to file proof of claims.

There are regulations and procedures that have to be followed by those credits who wish to file a proof of claim against you and they vary according to non-governmental credits and government creditors.

Creditors will receive a notice that a Dallas bankruptcy petition has been filed and should include the date for the meeting of creditors. This is how they find out about your bankruptcy proceeding. They then have to decide what their rights are as creditors and follow the applicable laws accordingly. In their notice it will also indicate the closing date regarding the filing of their proof of claims.


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