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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 Rhode Island, as in other states, a proof of claim is a formal statement filed by a creditor in a bankruptcy case to assert their right to receive a distribution from the bankruptcy estate. This document must detail the nature of the claim (secured or unsecured), its priority status, and the claim's amount. 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 if they wish to participate in any distribution of the debtor's assets. The proof of claim must be filed by a specific deadline, which is typically outlined in the notice of the bankruptcy case sent to creditors. Failure to file a proof of claim by the deadline may result in the creditor being barred from receiving any payment from the bankruptcy estate.

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Bankruptcy

proof of claim

Individual & Family Legal Plan

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Rhode-Island State Code

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Bankruptcy

proof of claim

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