Bankruptcy Attorney in Conroe Texas Discusses Creditors’ Claims

creditors claimsThe essence of bankruptcy litigation centers on the Petitioner’s outstanding debts, the amount of each, and their validity. Effective bankruptcy litigation is only possible if you are truthful and forthcoming about your outstanding debts. Once you have filed for bankruptcy, various notifications are issued to your creditors, allowing each to file a Proof of Claim to collection a portion of the bankruptcy estate.

Federal courts have held that the failure of a creditor to file a claim will result in a waiver of the debt. As such, your creditors will not hesitate to file even if unsure as to the validity or amount of the debt.

The Finer Points of Creditor Claims
At the outset of a bankruptcy case, a meeting of creditors will take place. Under current bankruptcy laws, creditors have 90 days from the date of this meeting (in most cases) to file their proof of claim with the bankruptcy judge. Your bankruptcy attorney in Conroe Texas will help you determine whether the creditor has met the requirements for a valid proof of claim, which include:

  • Identification of the creditor and debtor;
  • The amount owed as of the date of the bankruptcy petition;
  •  The basis of the claim, and;
  • Whether the claim is secured (e.g., real estate or vehicle) or unsecured (e.g., credit cards, personal loans).

Proof of claims should be submitted on Bankruptcy Form 10; however some courts in limited circumstances will accept informal written claims.

Contact a Bankruptcy Attorney in Conroe Texas Today
If you are considering Chapter 7 or Chapter 13 bankruptcy, contact a bankruptcy attorney in Conroe Texas at the Peterson Law Group today: 936-337-4681.

About Chris Peterson

Chris Peterson is an attorney and the owner and founder of Peterson Law Group, a Texas law firm with offices in Bryan/College Station and Kingwood. He mainly practices in the areas of Estate Planning and Business Planning. Chris is also a Certified Estate Planner. Besides his law practice, Chris is a serial entrepreneur and community volunteer. He is known for his cutting edge law practice that utilizes technology to deliver efficient, excellent work.