Home>What is a proof of claim & why should I file one?
What is a proof of claim & why should I file one?
June 28, 2022
By Diane Drain Attorney & Retired Law Professor
File a proof of claim. It is the creditor’s proof of claim that will govern unless specifically objected to by the debtor.
In a Chapter 7 no-asset case, proofs of claim need not be filed. There will not be any distribution of funds to any unsecured creditors. A no-asset is a case where all the assets of the Debtor were protected by law (exempt property). The majority of all chapter 7 cases involving individuals are no-asset cases.
In all other Chapter 7 cases and Chapter 13 cases, a creditor must always file a proof of claim to participate in any distribution.
In a Chapter 11 case a proof of claim is not required if the claim is accurately listed in the schedules and is not scheduled as disputed, contingent or unliquidated.
By Diane Drain|Published On: June 28th, 2022|Last Updated: July 28th, 2022|
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