Chapter 12 bankruptcy creditors must file their claims within 90 days of the date of the meeting of creditors. There are four exceptions to this rule:
- Claims of governmental units.
- Claims for infants and incompetents.
- Unsecured claims allowable as a result of judgments filed 30 days after the appeal period expires.
- Claims that arise because of rejection of executory contracts.
If a Chapter 12 bankruptcy creditor has not filed a proof of claim within the 90-day period, the debtor, trustee or other interested party may file a claim on the creditor’s behalf. If a creditor files a claim thereafter, the creditor’s claim will supersede any claim. Priority claims under Chapter 12 are as follows:
- Wages/salaries, commissions not exceeding $10,950 each, earned within 180 days prior to filing or cessation of business.
- Contribution to employee benefit programs within 180 days prior to filing or cessation of operations.
- Claims of farmers or United States fishermen not exceeding $5,400 each.
- Deposits by individuals not exceeding $2,425 for the purchase, lease, or rental of property or services not delivered or rendered.
- Federal, state or local taxes.