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Bankruptcy

proof of claim

A proof of claim is the form document a creditor must complete to be paid from the assets of a bankruptcy case. The proof of claim generally tells the bankruptcy trustee whether the claim is secured or unsecured, priority or nonpriority, and the amount of the claim. All creditors who want to be paid from the bankruptcy estate must file a proof of claim in Chapter 7, 12, and 13 bankruptcy cases—except in Chapter 7 no-asset cases, as there are no funds for distribution to creditors.

In Washington state, as in all states, a proof of claim is a formal statement that creditors must file to assert their right to receive a payment from a bankruptcy estate. This document is required in Chapter 7 (liquidation), Chapter 12 (family farmers and fishermen), and Chapter 13 (individual debt adjustment) bankruptcy cases, provided there are assets available to distribute. The proof of claim must detail whether the debt is secured or unsecured, if it holds priority status, and the precise amount of the claim. Creditors are not required to file a proof of claim in Chapter 7 cases when it is determined to be a 'no-asset' case, meaning there are no nonexempt assets to liquidate for the benefit of creditors. If a creditor fails to file a proof of claim within the specified deadline, they may forfeit their right to payment from the bankruptcy estate. The process is governed by federal bankruptcy law, which applies uniformly across states, including Washington.

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Bankruptcy

proof of claim

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Bankruptcy

proof of claim

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