New York Creditor Proof of Claim Services

If you are a creditor and a debtor files for bankruptcy, you will need to file a proof of claim in order to recover any amount of what you are owed. All known creditors will be promptly notified of bankruptcy proceedings. In most cases, you will also be told to file a proof of claim for the relevant debts. All creditors that own a legitimate debt can file a proof of claim.

In some limited situations, you may not be told to file a proof of claim when notified of the bankruptcy. This can happen if the debtor theoretically will not have any funds to distribute to creditors. However, be aware that this circumstance can change: If the bankruptcy trustee assigned to the case discovers liquidable assets, all creditors will be notified and instructed to file proof of claims.

As a non-government creditor, you will have 70 days from the bankruptcy petition filing date to submit your formal proof of claim. Again, you will receive a notice that informs you of your right to file. The notice will include the date the petition was filed and the deadline for filing a proof of claim. It will also contain the date and location of the meeting of the creditors as well as the final date for registering objections to any proposed discharges.

It is extremely important that you file proofs of claim before the deadline. The Bankruptcy Court will not generally allow extensions or late submissions unless you can demonstrate extenuating circumstances.

If you receive formal notice that a debtor has filed for bankruptcy, do not wait to seek professional legal assistance. Our New York creditor proof of claim services are designed to help you understand and enforce your rights in these situations.

What Is Included in a Creditor Proof of Claim?

In most cases, creditors are expected to follow a formal process for filing a proof of claim. You must generally either use an official bankruptcy form or mirror its content and formatting closely. You or your authorized representative must also sign the proof of claim document.

You must include the following information in a formal creditor proof of claim:

• The name of the debtor and the bankruptcy case number
• Your contact information as the creditor, including a mailing address
• The amount owed as of the date the bankruptcy petition was filed
• The type of claim (secured or unsecured)
• The source of the claim 

You must explain why the debt exists, or its “source,” as part of your proof of claim. Common sources include the purchase of goods or services, a credit card balance, or a loan agreement.

It is also often wise to include supporting evidence and documentation with your proof of claim. You might choose to include the original signed contract for a loan agreement or a receipt of any purchased goods or services, for example. 

While the documentation process can be convoluted, filing a formal proof of claim will help ensure your rights as a creditor will be honored in the bankruptcy. In some circumstances, a Bankruptcy Court may allow “informal” proofs of claim that do not include all of the above elements but meet other, separate requirements. This approach is risky, as the Court has a fair amount of discretion when deciding whether to admit informal proofs of claim.