This week, changes to the bankruptcy forms went into effect (effective 12/1/15). Since 2008, the Advisory Committee on Bankruptcy Rules has been working on modernization, and revamping the forms is one more step in the "modern" direction.
While there were several forms that were revamped, the one that will likely most impact you, creditors, is the Proof of Claim form.
In an article from The National Law Review, the authors, Michael R. Proctor & David M. Thomas, provide a great summary of the changes to the new claim form, PLUS they provide a link to the new form, which is apparently more difficult to find than it should be… the new form that is.
The new form is now referred to as "Official Form 410" ... how very exciting! (Previously known as B10) OK, that's not the exciting part. The form has been redesigned, with the intention of making it easier to read:
"Upon locating the form, creditors will notice an obvious stylistic difference which was intended to make the form "easier to read and, as a result, likely to generate more complete and accurate responses" according to the Advisory Committee on Bankruptcy Rules which spearheaded the efforts to change the form."
Creditors will also see new questions about their claim and "whether the claim was acquired, whether the claim is based on a lease and whether the claim is subject to a right to setoff".
Although the form is now a bit easier to read/navigate/complete, don't be lulled into a false sense of security. It's imperative you complete a Proof of Claim form accurately, as there are far too many cases where creditors who could have recovered monies, weren't able to because they didn't complete the form correctly.
The article written by Proctor & Thomas is "New Proof of Claim Form Required 12/1/2015 in Bankruptcy Cases."
Here are a few more articles you can check out for more information on the new bankruptcy forms:
- Changes to Bankruptcy Forms to be Effective December 1st
- Major Overhaul Of Federal Bankruptcy Forms, Plus An Accompanying Rule Amendment, To Take Effect December 1, 2015
- Major Update to Bankruptcy Forms Effective December 1, 2015.
And finally, the bankruptcy court's instructions on this can be found in Pending Changes in the Bankruptcy Forms.
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