Proof of Claim
Those suffering through personal bankruptcy may feel completely hopeless – it may seem as though there is no one to help in your darkest hours. However, there are actually a number of policies that have been created for the sole purpose of helping those who have nothing else and who are trying to file for bankruptcy. If you are one of these people, the Proof of Claim could help make the situation a little less stressful and a little more manageable.
What is Proof of Claim?
In essence, the Proof of Claim, otherwise known as a Claim in Bankruptcy, is a document that states the bankruptcy court and other key figures that a creditor wants to receive a pay out from the estate. This is a little complicated, but it has been put into place to help those who have or are suffering from personal bankruptcy. Basically, the Proof of Claim is a document that must be filled out with all the relevant information so that it can help the creditor get back what they are owed from their estate, for instance.
Can the Proof of Claim be refused?
Unfortunately, filling out a Proof of Claim is not a foolproof way of getting a stake in the estate. Instead, there are a number of ways that a creditor’s claim can actually be objected to.
- Firstly, if the amount of the claim is still being disputed and has not yet been settled upon, the Proof of Claim can be refused and the matter will have to go to Bankruptcy Court to be discussed
- Secondly, if the creditor claims to have a higher priority to a portion of the estate, their claim will be refused
If you are suffering from bankruptcy, therefore, you should look into the Proof of Claim and others, but do not expect that you will get everything that you claim you are owed in the document, as there are a number of reasons why you may not be owed anything. However, it is worth filling out this form, as it is free to do so and it is important that the Bankruptcy Court has a good idea of what you have an entitlement to. If you need more advice about the Proof of Claim and whether or not you need to fill one out, speak to an official of the Bankruptcy Court or your bankruptcy lawyer (if you have been appointed one). They will be able to inform you whether or not you have a claim in the estate and, therefore, whether it is a good idea to write out a Proof of Claim to establish exactly how much you should be entitled to.
Even if you have filed for personal bankruptcy, there is still hope. As long as you seek help and ask for the right sorts of forms to fill out, you may find that you still have a claim to an estate.