Businesses that want to collect what is owed them from a bankrupt company must now file a revised form with the federal bankruptcy court.
In most bankruptcy cases, creditors must file a Proof of Claim form with the court by a specific deadline, the Bar Date. Without a Proof of Claim on file, it may not be possible to collect from a company or individual in bankruptcy.
The federal bankruptcy courts recently updated the Proof of Claim Form. Bankruptcy courts began using the new form late last year, although some courts are still accepting the old forms.
In several places, the new form asks for more detailed information than the old form did. For example, the creditor is now required to give a narrative basis for the claim and not simply check a box, as required on the old form. The new form also requires much more information about the secured claim. Unlike in the past, the creditor is now required to provide information on the nature and description of the property on which the creditor has a lien, the value of the property and the annual interest rate, among other things.
There are also a number of other, minor changes to the new form. Although some of these changes may not appear to be significant, if the creditor does not use the new form and complete it in its entirety, there is a possibility that the claim could be dismissed.