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Heupel Law | Kevin Heupel
It means that no creditors will be paid except the trustee.
Answer Applies to: Colorado
Replied: 12/27/2011
Mazyar Hedayat and Associates | Mazyar Malek Hedayat
In no-asset Chapter 7 cases, claims are not permitted: so even if a creditor files a proof of claim ("PoC"), it will not be recognized by the Trustee or the Court. If assets were later discovered in your case then a new claims cutoff date will be set. If a creditor PoC is filed after the new, extended cutoff date, then creditors will not receive a distribution from the Trustee.
Answer Applies to: Illinois
Replied: 12/19/2011
The Law Office of Darren Aronow, PC | Darren Aronow
POC is the proof of claims. In your case, the creditors are supposed to file a POC so that the trustee has verification of how much debt you owe to each creditor. If they do not file, then the trustee only pays out to the ones who file. If no creditors file POC, then technically they have no one to pay out.
Answer Applies to: New York
Replied: 12/16/2011
Steven Harrell, Attorney at Law | Waymon Steven Harrell
The notice that the clerk generated gave creditors a deadline to file proofs of claim in your case. When that deadline passes, those creditors that did not file claims will go unpaid by the Trustee.
Answer Applies to: Georgia
Replied: 12/16/2011
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
After administrative claims, such as the trustee's fee, are paid the debtor will receive what is left if no creditors file claims.
Answer Applies to: California
Replied: 12/15/2011
Ashman Law Office | Glen Edward Ashman
That's unusual and may indicate that you gave improper addresses for creditors, putting your discharge at risk.
Answer Applies to: Georgia
Replied: 12/15/2011
The Law Offices of Kristy Qiu | Mengjun Qiu
POC means proof of claim. Usually creditors file those in Chapter 13 cases to get a pro-rata portion of the plan payment. Nobody files them in Chapter 7 cases because most of them are no asset cases.
Answer Applies to: Florida
Replied: 12/15/2011
Lakelaw - Loop Bankruptcy | David Leibowitz
Trustee might solicit late claims. Otherwise, assets go back to you.
Answer Applies to: Illinois
Replied: 12/15/2011
Charles R. Nettles - Attorney at Law | Charles R. Nettles
In order to receive funds a creditor must file a POC. Once the deadline passes, they have lost their chance. The IRS has a little more time to file a POC. What happens next is going to depend upon your Trustee. The Trustee has a right to file POC's for your creditors and pay according to that. He has the right to ask the court to renotice your file so that the creditors get a second chance. The Trustee could pay the money into the registry of the court pending somebody surfacing that has a right to get paid. The Trustee could also just close the case and give you your money back.
Answer Applies to: Texas
Replied: 12/15/2011
Law Office of Stephen P. Dempsey | Stephen P. Dempsey
POC is an acronym for Proof of Claim. Proof of Claims are filed in asset cases where creditor need to file a claim for the debt owed with necessary proofs to support the claim. The court sets a bar date by which creditors need to file POCs and are thereafter barred if not filed. It appears that no credit file POCs in your case.
Answer Applies to: New Jersey
Replied: 12/15/2011
The Orantes Law Firm | Giovanni Orantes
It usually means that nobody will receive anything from your estate except the Chapter 7 trustee, who receives a percentage of whatever funds he recovers for unsecured creditors. The percentage starts at 25% of the first $5,000 and decreases the more the trustee recovers. Once the Chapter 7 trustee takes his share, he should return the remainder to you. Of course, there are times when creditors file a motion to be allowed to file a late proof of claim and if there is a good reason for the delay, the judge may grant it, but if the Chapter 7 trustee has already concluded the case and returned your share to you, it is highly unlikely that the creditor can ask that you return it to him.
Answer Applies to: California
Replied: 12/15/2011
Diefer Law Group, P.C. | Abel Fernandez
If no one filed a proof of claim by the deadline, then the court should close the case without administering the assets. If no one requested payment, then no one should be paid.
Answer Applies to: California
Replied: 12/15/2011
Eliza Ghanooni, Attorney at Law | Eliza Ghanooni
Technically, it means the only creditor that will get paid is the trustee for the time he has spent administering your case. However, it is very rare for no creditors to file proofs of claim in an asset case. You may want to confirm this is true.
Answer Applies to: California
Replied: 12/15/2011
The Schreiber Law Firm | Jeffrey D. Schreiber
Unless the trustee files claims for creditors, then there are no claims to be paid with whatever has been collected by the trustee.
Answer Applies to: California
Replied: 12/15/2011
