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Understanding the New Bankruptcy Proof of Claim Form

Make sure you are up-to-date and in compliance with the new bankruptcy Proof of Claim forms (Form 410).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.


Runtime: 88 minutes
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Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on May 24, 2017.

Call 1-866-352-9540 for further credit information.

  • AL CPE
     
  • This course is acceptable for 1.5 live credit hour(s) through the Alabama State Board of Public Accountancy.
     
  • GA CPE
     
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  • IA CPE
     
  • This program is applicable for CPE credit. *The Iowa State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IN CPE
     
  • This program is applicable for self study CPE credit. *The Indiana State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
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  • MD CPE
     
  • This course is not pre-approved for CPE credit in your state however, it is applicable. *Please check the rules and requirements in your state for compliance.
     
  • ME CPE
     
  • This Ondemand program is applicable for CPE credit. *The Maine State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MI CPE
     
  • This Ondemand program is applicable for CPE credit. *The Michigan State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MO CPE
     
  • This Ondemand program is applicable for CPE credit. *The Missouri State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MT CPE
     
  • This Ondemand program is applicable for CPE credit.* *The Montana State Board of Accountancy has final authority on the acceptance of individual courses and providers. Please check the rules and requirements for CPE compliance and calculate the amount of credit hours you can claim for self study courses.
     
  • ND CPE
     
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  • NH CPE
     
  • This Ondemand program is applicable for CPE credit. *The New Hampshire State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NV CPE
     
  • This Ondemand program is applicable for CPE credit.*The Nevada State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • OH CPE
     
  • This Ondemand program is applicable for CPE credit. *The Ohio State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • PA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Pennsylvania State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • TX CPE 1.5
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 1.5 hours of continuing professional education.
     
  • VA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Virginia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • WA CPE
     
  • This Ondemand program is applicable for CPE credit.* *Please check the rules and requirements in your state for compliance.
     
  • WY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Wyoming State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Robert (Robbie) S. Westermann

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 [email protected]
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Product ID: 400235
Published 2017
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