Bankruptcy Proof of Claims for Dummies

BANKRUPTCY PROOF OF CLAIMS FOR DUMMIESBankruptcy Rule 3002 governs primarily the deadlines surrounding when a Creditor must file a
proof of claim under various Chapters of Bankruptcy. A Creditor that does not file a proof of
claim, files such claim late, or has its claim disallowed, may find that it will be excluded from
any distribution or dividend available through the liquidation of assets in a Chapter 7
Bankruptcy, or the payment to Creditors of monies in a Chapter 13 Bankruptcy.

DAYS

70  Proof of claim is timely filed within 70 days after the order for relief in a voluntary
Chapter 7 case, Chapter 12, or Chapter 13. The date of the order for relief is
Generally defined as the date the Bankruptcy Petition was filed

90  Proof of claim is timely filed within 90 days after the order for relief is granted in
an involuntary Chapter 7 case

180  Proof of claim, by a governmental unit, other than a claim resulting from the filing of a
tax return under Section 1308 is timely filed if filed within 180 days after the granting
of the order for relief

60  Proof of claim for a claim, by a governmental unit, for a claim resulting from a tax
return under Section 1308 is timely filed 180 days after the order for relief OR
60 days after the filing of the tax return.

30  Creditor holding an unsecured claim resulting from a judgment must file its proof
of claim within 30 days after the judgment becomes final, provided the judgment is
for the recovery of money or property

90  If a notice of insufficient assets to pay a dividend was provided to Creditors
pursuant to Bankruptcy Rule 2002(e), and the trustee thereafter notifies the
Bankruptcy Court that a dividend appears available, the clerk must give at least
90 days notice that a dividend appears possible, and the date by which the proof of
Claim must be filed

60  Creditor who seeks an extension of the time to file a proof of claim, may receive an
extension of not more than 60 days from the date of the order granting the
extension. Creditor must generally show that it received insufficient notice.

70  Proof of claim for a claim secured by a security interest in the debtor’s primary
residence must be filed within 70 days after the order for relief is entered.

0  A secured claim does not need to be filed under Bankruptcy Code Section 502
or 506(d) unless a party in interest has requested a determination and
allowance or disallowance under Bankruptcy Code Section 502

Picture Credit: 123rf.com