Creditors' Resource

A a creditor from New York called and asked me if he needed to file a Proof of Claim.

First some background. The debtor in a Chapter 11 Bankruptcy case is required to file a list of its unsecured creditors on an official form called “Schedule F”. In addition to the amount owed the debtor may further classify a claim as disputed, contingent, or unliquidated.

According to the Bankruptcy Code, in a Chapter 11 bankruptcy case creditor whose claim is not scheduled; scheduled in the wrong amount; or scheduled as disputed, contingent, or unliquidated shall file a proof of claim before the deadline that will be set by the Court. Please note that requirements for the allowance of a claim under the Bankruptcy Code is not the same for cases under the other Bankruptcy Chapters.

In other words, if a creditor’s claim is listed in the correct amount and not classified as disputed, contingent, or unliquidated then the listing in the schedules by itself is evidence enough for the claim to be allowed. Also your lawyer may have a reason for you to file or not file a Proof of Claim.

Now please don’t throw out your vendor files, as at a latter date a party in the case may object to the claim and evidence of the validity of the claim may need to be provided. Also see me post How To File A Proof Of Claim.