Rule 1002

Rule 1002 of the Federal Rules of Bankruptcy Procedure addresses the requirement to submit a proof of claim. Essentially, it states that any creditor or party asserting a right to receive payment or distribution from a bankruptcy estate must file a formal proof of claim with the bankruptcy court. This document verifies the amount owed and the basis for the claim. Failure to file a proof of claim generally means the creditor won’t be able to participate in the distribution of assets. The rule ensures a clear, organized process for creditors to claim their rights in bankruptcy cases.