Which of the following best defines a proof of claim?
A)a statement by the debtor that states that he or she has debts
B)a document required to be filed by a debtor stating the property that is exempted from constituting the bankruptcy estate
C)a document required to be filed by a creditor that states the amount of his or her claim against the debtor
D)a statement by creditors alleging that the debtor is not paying his or her debts as they become due

Question

Quizplus · Accepted Answer

A proof of claim is a document filed by a creditor stating the amount of their claim against the debtor in a bankruptcy case. It is a key part of the bankruptcy process, as it determines the amount and priority of payments to creditors. Option A is a statement by the debtor themselves and does not constitute a proof of claim. Option B is a statement by the debtor about exempt property, which is not directly related to the creditor's claim. Option D is not a formal document required in the bankruptcy process.

Which of the Following Best Defines a Proof of Claim