Why Is the Trustee Asking Creditors To File a Proof of Claim?

When a debtor is unable to pay all of their creditors, they may seek bankruptcy protection. In this situation, the court will appoint a trustee to manage the process and oversee the repayment of debt. One key task of the trustee is to ask creditors to file a proof of claim in order for them to receive payment.

A proof of claim is an official document filed with the federal bankruptcy court that outlines how much money a creditor claims they are owed by the debtor. It includes information such as how much money was owed, when it was borrowed, what type of debt it was (secured or unsecured) and any additional information that could help prove that amount owed is accurate. The filing must be formally verified by either the creditor themselves or their representative in order for it to be accepted by the court.

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