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Bankruptcy Proof of Claim: What You Need to Know

Originally published: February 2013

Filing a proof of claim is essential to the bankruptcy process. Mishandling this critical step can effect its acceptance by the Bankruptcy Court as well as limit, or even negate, your chances of receiving a payout. Fortunately, the requirements governing filing a proof of claim are some of the most straightforward sections of the U.S. Bankruptcy Code (Sections 501 and 502).

If you haven’t had a bankrupt debtor in the past year, be aware that the claim form and its informational requirements changed effective December 1, 2011. You will want to make note of this since sanctions can be imposed for failure to comply with the new rules. Additional details regarding these changes are outlined later in this article.