By Amy Kiser, Esquire.
Gilbert Garcia Group, P.A.
New Bankruptcy Forms
Effective December 1, 2015, the Official Bankruptcy Forms will be replaced with substantially revised, reformatted and renumbered versions. Significantly, the Proof of Claim form has undergone a major overhaul. While the form looks different most of the information required on the actual Proof of Claim is the same. Below is a summary of the main changes to the Proof of Claim and the Proof of Claim Attachment.
Form 410- Proof of Claim
- Larger font
- Box 2 is for indicating whether the claim has been transferred or acquired
- Box 5 is for indicating whether claimant knows if anybody else filed a POC for this claim (e.g. debtor)
- Box 11 is for indicating if the claim involves a right to setoff (this box does not apply to funds in suspense)
- The signature box has also has significant changes
- Declaration now reads as follows:
- I Acknowledge that debtor has received credit for payments received; and
- I Examined the information in the POC and have a reasonable belief that the information is true and correct; and
- I Declare under penalty of perjury that the two above statements are true and correct.
Form 410A replaces the Proof of Claim Attachment
- Mostly the same information as current Attachment A but in a new more transparent format.
- Part 2
- Total Debt Calculation as of Petition Date
- The total fund line should include, positive escrow balance, unapplied funds and suspense fund
- Part 3
- Arrearages as of date of petition
- Escrow portion of monthly payments should not be included in principal and interest amount; it should only include pre-petition principal and interest payments that are outstanding as of petition date.
- The prepetition fees in part 3 should equal fees/ charges balance in the last entry of Part 5, column P
- The escrow deficiency should be same as stated in part 2
- Since the escrow deficiency is is listed on a separate line in part three the escrow account needs to be brought to zero prior to running escrow analysis
- The projected escrow shortage should be consistent with RESPA guidelines
- Part 4
- Monthly mortgage payment
- separate lines may be added for additional amounts included in monthly payment (e.g. credit life insurance)
- Part 5
- Full loan history from the first date of default is required (include: when payments are due; when payments were made; how payments applied; when fees and charges were incurred; etc.).
- The first date in column A should be the first date of default
- The first row for columns M, O and Q will be the principal balance, escrow balance and suspense funds as of date of defaults
- The last row of columns M, O and Q should be the principal balance, escrow balance and suspense funds as of the petition date.
- If the loan has been transferred and there is no detailed information on fees and costs incurred prior to the transfer those fees and costs will need to be waived. Additionally, if a detailed loan history is not available, the loan will need to be brought current as of the transfer date.