Hi, I'd like to answer your bankruptcy questions this morning.
What kind of claim is this, a secured claim (like a home or auto loan) or an unsecured claim (like a credit card)?
If this is for an unsecured claim, you would generally file a Transfer of Claim form, found here: http://www.uscourts.gov/uscourts/RulesAndPolicies/rules/Bk%20Forms%20Dir%201209/B_210A_1209f.pdf
And a Notice of Transfer of Claim, found here: http://www.uscourts.gov/uscourts/RulesAndPolicies/rules/Bk%20Forms%20Dir%201209/B_210B_1209.pdf
If this is a SECURED claim like a mortgage on a home or a car note, this will be a little more complicated, so please let me know if we're talking about a secured claim.
Strictly speaking, the creditor who filed the Proof of Claim should do the transfer, if possible.
Please let me know if you have any other questions, and I'd be happy to assist you. Thanks!
I am actually looking to buy a lot of unsecured claims. They are credit cards. Would I be able to file to transfer of claim as the new owner not the one who filed the claim?
For supporting documents would a bill of sale be acceptable? Also is there a deadline to do this transfer of claims? Would I receive the same amount of payment that was schedule for the original owner?
Yes, you could do that. Supporting documentation would need to be attached (i.e. anything assigning or transferring the unsecured claims to you).
You may know all of this, but just in case... please be aware that in most no asset Chapter 7 cases (the most common type of bankruptcy), you will usually recover nothing. Even in a Chapter 13 where the Debtor has a fairly substantial income (essentially the best-case scenario for you as an unsecured creditor), credit card receivables will typically only be repaid at about 10-20% of the balance owed.
Thank you very much for your help.
For supporting documents would a bill of sale be acceptable? Standing alone, this may or may not be sufficient. Taking a look at the standard transfer agreement documentation between a major bank and a major collection agency, I see a Bill of Sale and Assignment, Affidavit of Sale of Account by Original Creditor, and Certificate of Conformity (the latter is probably not necessary but appears to have been included because the Affidavit was executed in a different state from where the lawsuit was filed).
Also is there a deadline to do this transfer of claims? The only true deadline is the Debtor's discharge. However, if you're purchasing claims in an active Chapter 13, some payments may have already been made to the original creditor, so you may not receive the full amount shown in the Debtor's Chapter 13 Plan.
Would I receive the same amount of payment that was schedule for the original owner? Yes (subject to the caveat above).
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