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Bankruptcy

proof of claim

A proof of claim is the form document a creditor must complete to be paid from the assets of a bankruptcy case. The proof of claim generally tells the bankruptcy trustee whether the claim is secured or unsecured, priority or nonpriority, and the amount of the claim. All creditors who want to be paid from the bankruptcy estate must file a proof of claim in Chapter 7, 12, and 13 bankruptcy cases—except in Chapter 7 no-asset cases, as there are no funds for distribution to creditors.

In Maine, as in all states, a proof of claim is a formal statement filed by a creditor in a bankruptcy case that outlines the creditor's claim against the debtor's bankruptcy estate. This document is necessary for the creditor to participate in any distribution of assets from the estate. The proof of claim must indicate whether the debt is secured or unsecured, if it has priority status, and the amount of the debt. Creditors are required to file a proof of claim in Chapter 7 (except in no-asset cases where there are no funds to distribute), Chapter 12, and Chapter 13 bankruptcy proceedings. The form used for this purpose is typically the official form provided by the U.S. Bankruptcy Court. Failure to file a proof of claim within the specified deadline can result in the creditor being barred from receiving any payment from the bankruptcy estate.

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Bankruptcy

proof of claim

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Bankruptcy

proof of claim

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