Get B22A - Chapter 7 2008

If a creditor fails to do so, then the bankruptcy trustee will not make any payments to that creditor. In some cases, lack of a proof of claim may benefit you. On the other hand, if you owe secured and/or nondischargeable debts, it may be in your best interest to file a proof of claim on your creditor's behalf.

If a creditor fails to do so, then the bankruptcy trustee will not make any payments to that creditor. In some cases, lack of a proof of claim may benefit you. On the other hand, if you owe secured and/or nondischargeable debts, it may be in your best interest to file a proof of claim on your creditor's behalf.

If a creditor fails to do so, then the bankruptcy trustee will not make any payments to that creditor. In some cases, lack of a proof of claim may benefit you. On the other hand, if you owe secured and/or nondischargeable debts, it may be in your best interest to file a proof of claim on your creditor's behalf.

A proof of claim is the paperwork that a creditor must file before getting paid in a bankruptcy case. ... The proof of claim tells the bankruptcy trustee about the type of claim, as well as how much a creditor is owed, so the trustee can determine the amount to pay the creditor if anything.

In a chapter 13 case, to participate in distributions from the bankruptcy estate, unsecured creditors must file their claims with the court within 90 days after the first date set for the meeting of creditors. Fed.

A claim may be secured or unsecured. A proof of claim is a form used by the creditor to indicate the amount of the debt owed by the debtor on the date of the bankruptcy filing. The creditor must file the form with the clerk of the same bankruptcy court in which the bankruptcy case was filed.

If one creditor fails to file a timely proof of claim, the amount the debtor must pay is reduced dollar-for-dollar. Not having to pay that debt can result in a lower monthly plan payment, a shorter plan, or both. If the debt or debts without a filed proof of claim is/are large, this can significantly shorten your case.

Most creditors must file their proofs of claim with the court within 90 days of your meeting of creditors (government entities have 180 days from when you filed your case). Before filing a claim on behalf of a creditor, you must wait until the deadline expires for the creditor to file its own claim.

Government entities have additional time. They must file a proof of claim within 180 days after the date of the order for relief (the bankruptcy filing date). The first notice sent to creditors includes the deadline for filing proofs of claim.

A Chapter 13 bankruptcy allows a burdened debtor to escape collection actions and lawsuits brought by creditors. A court trustee sets up a repayment plan in which the debtor repays a percentage of his outstanding debts to all creditors who have filed a Proof of Claim form.

If you do not, then the omitted debt might not be discharged. However, in most bankruptcy districts, the omitted debt is discharged if yours is a no asset bankruptcy case. A no asset case means that you do not have property that the trustee could take and sell off to pay your creditors.

Most courts will not allow you to reopen a closed case just to add a creditor. If this case was a no-asset case, then most courts consider it to be discharged (absent fraud). If your case is still open, you can add creditors for $26.

Receiving your discharge. Assuming that everything goes according to schedule, you can expect to receive your bankruptcy discharge (the court order that wipes out your debts) about 60 days after your 341 meeting of creditors hearing, plus a few days for mailing.

In a no-asset Chapter 7 case, you don't have any property that the bankruptcy trustee can take and sell in order to repay your creditors. Yours can be a no-asset Chapter 7 even if you own property -- that's because if all of your property is exempt, then the trustee cannot take it.

A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.