|
| Collection Assistant |
Your Bankruptcy Checklist
Unfortunately there are times when you receive a petition filed by your debtor seeking protection from creditors under the bankruptcy laws. The amount of work and action you must take is strictly your company's decision. This decision is usually based on the amount of the debt owed to your company and the type of bankruptcy filing. The following is a checklist to help you begin this process:
The Initial Bankruptcy Notice:
- If you have not already done so, close the account and notify your sales department.
- Determine whether it is a "No Asset Case". If it is, you are done. There is no need to neither file a proof of claim nor finish this checklist. Write it off. (If assets are discovered, you will be notified and given ample time to file your proof of claim.)
If amount due warrants proceeding:
- Make note of the Date of Filing.
- Determine if the assistance of council is necessary. Particularly if you can send a reclamation notice on shipments sent within 10 days of the bankruptcy filing date.
- Determine the amount of the claim and whether it is an unsecured or secured claim.
- Review payments received from the bankrupt debtor within 90 days of the bankruptcy filing date to determine the potential amount of reclamation claims.
- Order or gather proof of delivery on all open invoices. (Good advice for any account that has reached 90 days past due.)
- Reprint copies of all statements, invoices and credits open on the filing date.
- File a proof of claim before the bar date.
- Complete in its entirety
- Attach an itemized statement of account
- Sign the claim form
- Make copies of everything sent to the court
- Send claim by registered mail
- If you wish to confirm your receipt of the claim by getting a stamped copy of the POC, send your forms in duplicate with a cover letter and a self-addressed stamped envelope.
|
|
