What is a Proof of Claim in Bankruptcy?
A Proof of Claim in Bankruptcy is a formal document submitted by a creditor to the bankruptcy court. It is used to inform the court that the creditor holds an unpaid claim against the debtor's estate and it serves as evidence that they are entitled to receive payment. The proof of claim must be accompanied by supporting documentation including invoices, contracts, or other documents that show how and why the debt was incurred.
The purpose of filing a proof of claim is to ensure that all creditors who have valid claims against the debtor's estate will be included in any repayment plan accepted by the court. This process helps ensure fair treatment for each creditor and allows them to assert their legal rights in regards to any payments made from funds generated during bankruptcy proceedings.
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