[Lender] Bankruptcy Changes Reminder

[McCreary, Matt]

Bankruptcy Changes Reminder

 

The U.S. Bankruptcy Court has established that all creditors use a new
proof of claim document (attached) effective for proofs of claim filed
with bankruptcy courts on or after Dec. 1, 2011.  OCAP recommends that
all lenders should use the Official Form or one that substantially
conforms to the Official Form that is available on all court websites.
The lender must include a copy of the proof of claim in the claim filing
packet submitted to OCAP.

 

The courts now also require that the lender submit a redacted copy of
the promissory note when it files the proof of claim with the court.
The following excerpt from the Notice to Creditors provides additional
information on the duty to redact personal information:

 

All claims (and any attachments thereto), whether submitted by mail or
filed electronically, are public records that are available for ONLINE
viewing by the public.  To prevent identity theft and other misuse of
personal information... a claim (and any attachments thereto) that
contains one or more of the following types of personal identifying
information must limit the disclosure of such information to:  

 

1.       The last 4 digits of a social security number or taxpayer
identification number;

2.      The year of an individual's birth

3.      A minor's initials; and

4.      The last four digits of a financial account number

 

OCAP does not require a copy of the redacted note in bankruptcy claims
submitted for claim payment, but does encourage lenders to follow the
new bankruptcy filing rules.  Submitting the redacted promissory note to
the court will ensure that the applicable loans are included in the
bankruptcy action and that the guarantee is not put at risk.

 

If you have questions about the use of the new proof of claim form in
claim files submitted to OCAP, contact Eric Okeke, OCAP Claims Manager,
at 800-442-8642, x4342.

 

Erin Stelter
Communications Specialist I
Oklahoma College Assistance Program (OCAP)
     formerly known as the Oklahoma Guaranteed Student Loan Program
(OGSLP)
an operating division of the Oklahoma State Regents for Higher Education
P.O. Box 3000
Oklahoma City, OK 73101-3000
405.234.4457 (office)
estelter at ocap.org

OCAP.org <http://www.ocap.org/>  | OklahomaMoneyMatters.org
<http://www.oklahomamoneymatters.org/>  | UCanGo2.org
<http://www.ucango2.org/>  

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