What Is the Bankruptcy Bar Date?

By Shelly Morgan

Bankruptcy proceedings allow creditors to try and recover at least part of what they are owed by a debtor. However, before they can receive payment, creditors must file a Proof of Claim. The deadline for filing the Proof of Claim is called the bar date. Creditors who are trying to recover debts from a debtor must file this document, regardless of whether the debt is secured or unsecured.

Exempt Assets

Bar dates depend upon the type of bankruptcy proceeding and whether the debtor has non-exempt assets. Exempt assets are those that the court will not liquidate to pay a creditor. For example, clothing, a car, tools of your trade and some equity in your home are considered exempt in some states. No-asset cases are those in which all of the debtor's property is exempt.

Calendaring the Bar Date

The bankruptcy court informs the creditor of the bar date in all Chapter 7 no-asset cases, Chapter 9 and Chapter 11 bankruptcy cases. Notification of the bar date is different in Chapter 7 cases with assets, and in Chapter 12 and Chapter 13 cases. In these cases, the bar date appears on the first Notice of Meeting of Creditors.

Get a free, confidential bankruptcy evaluation. Learn More
Get a free, confidential bankruptcy evaluation. Learn More
How to File an Objection in a Bankruptcy Case
 

References

Related articles

In Nevada, How Long Does it Take for a Bankruptcy to Be Discharged After the Hearing?

If you're a Nevada resident contemplating bankruptcy, you may be wondering how long the process will take. Although there may be slight variations in individual bankruptcy cases, the process is rather predictable and similar in all states. How long it takes to discharge your bankruptcy after your creditor hearing depends largely on the type of bankruptcy you file and whether any creditors object to your bankruptcy filing or petition the court to block certain debts from being discharged.

What Documents Are Required by a Trustee After a 341 Hearing During Chapter 13?

Chapter 13 bankruptcy is popular among debtors who want to keep property such as the family home. Debtors filing under Chapter 13 enter into a repayment plan in which they pay creditors over a three-to-five year period. Before repayment begins, however, Chapter 13 debtors must participate in a 341 hearing, known as a meeting of the creditors, in which debtors provide certain documents and disclose important information to the bankruptcy trustee.

What Bills Will Bankruptcy Cover?

Bankruptcy can be a complex process because different rules apply to different types of debts. Chapter 13 cases cover some bills that Chapter 7 bankruptcies do not. Whether filing for bankruptcy will benefit you, and which chapter you should file, both depend on what bills you want to get rid of.

Related articles

Bankruptcy Filing Vs. Discharge Date

The bankruptcy filing date is the date when you file the petition for bankruptcy with the court. By contrast, the ...

Can You Reopen a Bankruptcy Chapter 7?

Under Chapter 7 bankruptcy, most of your consumer debts are discharged by a court order within approximately six months ...

What is a Notice of Dismissal of Bankruptcy?

Bankruptcy is a legal process by which debtors may restructure or obtain relief from overwhelming debts and get a fresh ...

What Won't Be Dismissed in Chapter 7

In a Chapter 7 bankruptcy, often called liquidation bankruptcy, a debtor's non-exempt assets are sold to pay the ...

Browse by category
Ready to Begin? GET STARTED