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If a secured creditor fails to file proof of claim, then you will not make any payments toward what you owe on your house or car during your repayment plan. At the end of the bankruptcy process, to keep the collateral, you will still owe the full amount of these secured debts. Plus, you may owe interest and other fees.
A Proof of Claim is a written statement and any supporting documentation which describes the reason the debtor owes the creditor money. The claim must be filed using Official Form 410.
In an involuntary chapter 7 case, a proof of claim is timely filed if it is filed not later than 90 days after the order for relief under that chapter is entered.
Attach redacted copies of any documents that support the claim, such as promissory notes, purchase orders, invoices, itemized statements of running accounts, contracts, judgments, mortgages, and security agreements.