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A creditor matrix contains each creditor's name and mailing address. This information is used for noticing and claims information. The debtor is required to provide a list of ALL creditors.
A term used in accounting, 'creditor' refers to the party that has delivered a product, service or loan, and is owed money by one or more debtors. A debtor is the opposite of a creditor ? it refers to the person or entity who owes money.
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. Secured Claim Under 11 U.S.C. § 506 (a)
Proof of Claim means a proof of Claim Filed against any of the Debtors in the Chapter 11 Cases. Proof of Interest means a proof of Interest Filed against any of the Debtors in the Chapter 11 Cases.
Generally, creditors will file a Proof of Claim, but a debtor may file a claim on behalf of a non-filing, pre-petition creditor.
In order to object to a Proof of Claim, the Debtor is required to file a written objection with the Bankruptcy Court and request a hearing. The Creditor must receive a copy of the objection and the notice of hearing no later than 30 days before the hearing date.
What is a List of Creditors? When you file a voluntary petition under any bankruptcy chapter, you the debtor (or your attorney, if you use one) must prepare a List of Creditors and submit it to the Court. The List of Creditors is essentially a mailing list of creditors to whom you owe money.
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.