Simple English definitions for legal terms
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Proof of claim: When someone owes you money and they file for bankruptcy, you can submit a written statement to show how much they owe you and why. This is called a proof of claim. It helps the court decide how much money the person owes to all their creditors.
Proof of claim is a written statement submitted by a creditor in a bankruptcy case to show the basis and amount of their claim.
For example, if a person owes money to a credit card company and files for bankruptcy, the credit card company can submit a proof of claim to the bankruptcy court to show how much money the person owes them.
Pl. proofs of claim.
These examples illustrate how different types of creditors can submit a proof of claim to a bankruptcy court to show the amount of money they are owed.