Home>What is a proof of claim, and why do I need to file one? File a claim proof (make sure to follow the rules for preparing a proo
What is a proof of claim, and why do I need to file one? File a claim proof (make sure to follow the rules for preparing a proo
June 28, 2022
By Diane Drain Attorney & Retired Law Professor
f of claim). Unless the debtor expressly objects, the creditor’s proof of claim shall be deemed to be accurate.
Proofs of claim are not required to be filed in a Chapter 7 no-asset case. A distribution of funds to unsecured creditors will not be made. A no-asset case is one in which the Debtor’s whole estate is protected by law (exempt property). No-asset cases account for the vast majority of Chapter 7 cases involving individuals.
A creditor must file a proof of claim in all other Chapter 7 and Chapter 13 cases in order to participate in any distribution.
If the claim is accurately listed in the schedules and is not scheduled as disputed, contingent, or unliquidated, a proof of claim is not necessary in a Chapter 11 case.
By Diane Drain|Published On: June 28th, 2022|Last Updated: July 28th, 2022|
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