What is a proof of claim?

A proof of claim is a legal document filed by a creditor to assert their rights to a debtor’s assets. In New York, this document is filed with a court by a creditor to prove that the creditor has a valid claim to the debtor’s assets. The proof of claim helps courts determine the amount of money the creditor is owed and the priority of the claim. A proof of claim must contain the name of the debtor, the Creditor’s claim against the debtor, the amount of the debt, a description of the goods or services provided, and the reasons why the debt is owed. The creditor must also attach any supporting documents that prove the claim. In New York, a proof of claim must be file within ninety days after the debtor files for bankruptcy or the creditor’s claim may be denied. If the creditor does not file a proof of claim, the debtor may be discharged of the debt and the creditor may not receive any payments. In New York, creditors may file a proof of claim in either state or federal bankruptcy court, however, creditors must abide by the rules and laws of the court in which the claim is filed. This includes filing deadlines, forms, and other requirements. Once a proof of claim is filed and approved, the creditor may receive payments from the debtor. The payments must be made according to the court’s orders and the creditor cannot request payment until the court approves the claim.

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