Understanding the New Bankruptcy Proof of Claim Form

Many businesses and individuals with claims against debtors (both business and consumer) who file for bankruptcy are not familiar with the process by which those claims are filed with Bankruptcy Courts to establish valid claims against debtors. They also do not understand what elements are needed to satisfy the requirements for proving the existence of a valid claim.

 This topic helps individuals and businesses who are or may become creditors to understand how first to complete and file a bankruptcy proof of claim and then how to satisfy the elements of proof required to substantiate the claim. The material also explains the differences between the old and the newly revised proof of claim forms.

Failing to file properly and complete a proof of claim is a common error that creditors make in asserting claims against debtors in bankruptcy. This avoidable error frequently leads to the disallowance of a claim which can oftentimes result in the creditor's recovery of none of the debt owed to it by a debtor.

This topic is critical for businesses and individuals who have claims against debtors so they properly and effectively file a proof of claim in order to maximize the recovery on account of those claims if the debtor files for bankruptcy.

Learning Objectives:

• You will be able to discuss the importance of filing a proof of claim in a bankruptcy case.
• You will be able to explain how to complete and effectively file the new bankruptcy proof of claim form.
• You will be able to identify how to address any claim objections.
• You will be able to recognize common pitfalls associated with a claim filing.

This Live Webinar Covers These Hot Issues:

Introduction

• Brief Overview of the Bankruptcy Process
  
• Importance of Filing a Proof of Claim and Role of the Proof of Claim Form
  
• Effects of Creditor's Failure to File a Proof of Claim
  
• Old Proof of Claim Form and Frequent Related Issues

New Proof of Claim Form

• Overview – Where to Find and When/Where to File
  
• Differences Compared to Old Form
  
• How to Complete the New Form
  
• Key Points of the New Form
  
• Claim Classifications
  
• Requisites for Proving a Claim Including Supporting Documentation
  
• Common Pitfalls
  
• Keys for Filing and Substantiating a Successful Claim

Other Common Issues

• Assignment/Transfer of Claims
  
• Filing Logistics (Including Electronic vs. Paper Filing and Filing With BR Court vs.
• Filing With Claims Agent)
  
• Addressing and Overcoming Claim Objections
  
• Timeliness and Late Claims

Key Takeaways for Creditors

Credit Information (Sponsored by Lorman Education Services)

• CLE
• CPE
• NASBA

For Detailed Credit Information page click here

Only registered attendee will receive continuing education credit.

Faculty

Robert (Robbie) S. Westermann, Hirschler Fleischer

• Partner and co-chair of Hirschler Fleischer’s Chambers USA-ranked Bankruptcy, Restructuring, and Creditor’s Rights practice group
• National bankruptcy and creditors’ rights practice representing major constituents in Chapter 11 and Chapter 7 bankruptcy cases, including debtors, trustees, creditors’ committees, secured creditors, landlords, providers of goods and services, and management employees, including officers and directors
• Recent representations include serving as counsel to several key constituents in coal-related Chapter 11 cases in Virginia, and as special counsel to Health Diagnostic Laboratory, Inc. and two of its affiliates in their Chapter 11 reorganization cases
• Former law clerk for The Honorable Blackwell N. Shelley of the United States Bankruptcy Court for the Eastern District of Virginia
• Named among Chambers USA’s “Leaders in the Field,” the Virginia Business “Legal Elite,” Virginia Super Lawyers, and Best Lawyers in America
• Former Bankruptcy Section chair for Virginia State Bar, Richmond Bar Association, and Virginia Bar Association, among other leadership roles
• Active member of and regular speaker for the American Bankruptcy Institute
• J.D. degree, Washington & Lee University School of Law; B.A. degree in history, University of Virginia
• Can be contacted at 804-771-5610 or rwestermann@hf-law.com