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Category: Bankruptcy Law
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Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Chp 13 Closing questions On the proof of claim forms filed

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Chp 13 Closing questions
On the proof of claim forms filed for the house; section 4 (secured claim), no claim for unsecured debt.

The plan was approved Jan of 09. I have met my obligations under the plan and the trustee has begun the closing process. I made a large lump sum payment.

According to my lawyer, the creditors had until 4/9/2009 to make any unsecured claim.

1) How could the bank know how much to claim as a unsecured claim when the value of the properties was not known? They made their full claim as secured.

2) The 4/9 date was over a month past my plan approval date. Is it the last time anyone can make a claim? Or is it to amend the claims all ready approved? And what is it called in bankruptcy lingo?

3) Can/will the judge allow the bank to modify their claim during the closing period?

4) My lawyer was not clear but said this is highly unlikely. How would it even be possible for the judge to allow the claim to change after the 4/9 date has passed?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 5 years ago.

1) How could the bank know how much to claim as a unsecured claim when the value of the properties was not known? They made their full claim as secured.

 

A: A claim may be valid, even though uncertain/unliquidated.

2) The 4/9 date was over a month past my plan approval date. Is it the last time anyone can make a claim? Or is it to amend the claims all ready approved? And what is it called in bankruptcy lingo?

 

A: There are a number of exceptions to the 90-day proof-of-claim cutoff/bar date. See Fed. R. Bankr. P 3002(c)



3) Can/will the judge allow the bank to modify their claim during the closing period?

 

A: If it falls within the exception, then yes, otherwise, not. There is no judicial discretion to allow a late claim that does not satisfy an exception.



4) My lawyer was not clear but said this is highly unlikely. How would it even be possible for the judge to allow the claim to change after the 4/9 date has passed?

 

A: The fact that your attorney states it's "highly unlikely" means either (a) that this is a claim subject to judicial discretion, which puts the "ball in the air," or (b) that your attorney doesn't know if the claim fits within an exception (which is quite possible).

 

Hope this helps.

 

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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34866
Experience: Attorney and Real Estate Broker -- Retired (mostly)
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