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- Ten Tips on Deduction Management
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- Ten Tips Relating to the Use of a Personal Guaranty
- Asserting the Ordinary Course of Business Defense to a Bankruptcy Preference Demand; Ten Tips
- Ten Tips on Filing a Proof of Claim
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- Ten Things Not to Say to a Customer
- Ten Tips About the Discharge of Debts in a Chapter 7 Liquidation Bankruptcy
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Ten Tips on Filing a Proof of Claim
A Proof of Claim is a written statement filed by a creditor describing the reason a debtor owes the creditor money.
- Proof of Claim is filed on Form B10, available at no charge online
- Form B10 can be used to submit a claim, or to replace or amend a previously filed Proof of Claim
- By checking a box in Section 4, a creditor can claim interest, late fees, returned check fees and other charges in addition to the principal amount of their claim
- Most creditors hold Unsecured, Non Priority Claims. If you think you claim warrants a higher priority, such as a secured claim, it may be a good idea to consult with your attorney
- The Bankruptcy Code requires creditors to file the Proof of Claim for the net amount due meaning the amount after all open credits and unapplied payments have been included to reduce the gross amount owed to the net amount due
- An often overlooked fact is that creditors are required to attach copies of supporting documentation when the Proof of Claim is filed. Under the Best Evidence Rule, it is critical that creditors do not send original documents when submitting their Proof of Claim form.
- Never send original documents with the Proof of Claim. This is another frequently made mistake
- Remember to confirm that the Court received and filed your Proof of Claim. The best way to do so is to enclose a stamped, self-addressed envelope with a copy of the Proof of Claim and ask the Clerk of the Court to stamp and return this document as proof that your Claim was received and filed
- Remember to sign, date and include your title at the bottom of the Proof of Claim
- Note that fraudulent representations made on a Proof of Claim may result in fines or imprisonment or both
One final comment: There is nothing to prevent you as a creditor from filing your Proof of Claim before receiving official notice to do so. Such notices can be lost in the mail, or not routed to you as they should be by your internal mail delivery service. Why risk it? The Proof of Claim form is available online, and you have nothing to lose by filing your claim sooner rather than later.
© 2009 by Michael C. Dennis. All Rights Reserved.