When a Debtor either pursues Bankruptcy or is placed in Bankruptcy filing a Proof of Claim is usually required to place on the record the amount and character of the Creditor's claim against the Debtor. While many Creditors file on their own, a timely, accurate and complete Proof of Claim is essential to protecting the Creditor's rights against the Debtor and the Debtor's assets.
In Chapter 13 proceedings, the Proof of Claim will also include the arrears that a mortgage Debtor's plan intends to cure and the amounts and elements the future mortgage payments. Because the Chapter 13 is an ongoing process, changes in the regular payment because of variable rates or escrow recalculations, require amended Proofs of Claim and notices of payment changes.
There is also a question strategy in deciding whether it is advisable for a Creditor to file a Proof of Claim because it can be a consent to the jurisdiction of the Bankruptcy Court to adjudicate Debtor's claim against a Creditor.
Whether you are a Creditor filing your own Proofs of Claim or need a Proof of Claim filed, Tom Reilly can assist you in answering the strategic questions, properly completing and filing the Creditor's Proof of Claim and asserting that claim on the Creditor's behalf in a Debtor's Bankruptcy proceeding.