Proof of Claim [Bankruptcy] Law and Legal Definition
A proof of claim is an official bankruptcy form that shows the money owed by the debtor to a creditor and the reason for the debt. It is one of the main steps in a Chapter 7 or Chapter 13 bankruptcy case. In a bankruptcy case once the debtor files the bankruptcy documentation listing all creditors to whom s/he owes a debt, the creditors are given an opportunity to file proof of claim against such debtor. While filing a proof of claim the creditor must be very careful about main filing deadlines, revision deadlines, and duplicate filing issues. Apart from the details of debt a proof of claim will also contain evidence supporting the debt such as claims forms, medical bills or any material and relevant documentation. Generally, a proof of claim is filed in the court to verify a creditor’s position as a debt holder and to receive money from the bankruptcy estate.
