Major Update to Bankruptcy Forms will Start December 1, 2015

by San Antonio Attorney

Beginning December 1, 2015, there will be changes in bankruptcy courts’ official forms.

Bankruptcy petition, schedules, and statement of financial affairs are the official forms that are expected to undergo major changes.

Other forms included is the proof of claim form, which is used to assert a creditor’s claim in a bankruptcy case.

Form 410, the new proof of claim form is particularly worth noting since the modifications are line by line.

According to Fed. R  Bankr. P. 3001, as stipulated, a proof of claim requires to “conform substantially to the appropriate Official Form.”

The modified form will contain the information required for filing a claim and are less likely to face an objection from the debtor or trustee of bankruptcy due to its new format.

The claims against an individual, which are secured by the debtor’s primary residence, should also insert a Mortgage Proof of Claim Attachment, otherwise named as Form 410A.

This new official form drastically changes reporting requirements particularly for mortgage lenders and servicers collecting claims that involve a primary residence.

The old form, which is Form B 10A, required an enumerated reporting towards missed payments and also with past due obligations.

The new form, Form 410A will have a comprehensive loan history.  This detailed history will be in the form of a spreadsheet with information starting from the first date of the current default, as well as payments and every single overdue obligation.

The creditor will be barred from presenting pertinent information in bankruptcy proceedings should he/she fail to submit the official Mortgage Proof of Claim Attachment.

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