Are you using the latest version of the Official Forms in bankruptcy?
Under the Bankruptcy Code, certain dollar amounts are updated every three years to allow for inflation. We are in that three-year cycle and these amounts are changing effective 4/1/2022. While this may seem like a minor update that does not impact the actions of most creditors in bankruptcy, some of these dollar amounts are referenced on the Proof of Claim (POC) form. This means all creditors are impacted as all POCs are required to be filed on the updated Official Form 410.
The good news is that if you are using our firm to generate your POCs we have you covered! We will continue to ensure compliance with all updated forms as well as all bankruptcy rules and regulations.
To the extent creditors are generating their own forms or leveraging any automation such as OCR to ensure compliance, technology changes may be needed. In addition, we ask that our clients review existing procedures and audit forms as we have found some scripts validate use of the appropriate federal form in both pre and post-filing audits.
The POC form can be updated in advance of 4/1/2022, but technically it applies to bankruptcy cases filed on (petition date) 4/1/2022 or later, so please make sure adjustments are timely implemented.
If you would like to review more information on this change, please follow the below link:
Click here for a copy of the updated Official Form 410 for POCs. For your convenience we have highlighted the minor changes made to the effective date on page 1 and Question 12 on page 3.
As always, should you have any further questions, feel free to contact our office at
Hilary.Bonial@BonialPC.com or Paul.Cervenka@BonialPC.com.