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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 South Dakota, as in all states, a proof of claim is a written statement that creditors must file with the bankruptcy court to assert their right to receive a distribution from the bankruptcy estate. This form outlines the nature of the claim (secured or unsecured), its priority status, and the claim amount. Creditors are required to file a proof of claim in Chapter 7 (unless it is a no-asset case), Chapter 12, and Chapter 13 bankruptcy proceedings to participate in any distribution of the debtor's assets. The Bankruptcy Code and the Federal Rules of Bankruptcy Procedure govern the filing of proofs of claim, and these federal laws apply uniformly across all states, including South Dakota. Local bankruptcy courts may provide additional instructions or forms specific to their jurisdiction. Creditors who fail to submit a proof of claim by the specified deadline risk not being paid from the debtor's estate.

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Bankruptcy

proof of claim

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Bankruptcy

proof of claim

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