What is the name of your state (only U.S. law)? okalohoma
I bought a small working interest lease from an oil and gas company. Recently the company has declared bankruptcy and I received a proof of claim (B10) form from the court. So the question is :
1) What are the financial implications if I file claim myself? Will I incur legal costs in filing my own claim? Or is a method of putting on record that we are the creditors who have been owed so much, and in the event that money is recovered, we will get back their proportionate share?
2) In the claim form, filing a proof of Claim submits the creditor to the jurisdiction of the bankruptcy court, with consequences a lawyer can explain. What are the possible consequences?
3) As a working interest lease owner, will I be sued? Will I be asked to pay the debts by the company to its other creditors?
What is the best option. File claim or not just write off the investment?
I bought a small working interest lease from an oil and gas company. Recently the company has declared bankruptcy and I received a proof of claim (B10) form from the court. So the question is :
1) What are the financial implications if I file claim myself? Will I incur legal costs in filing my own claim? Or is a method of putting on record that we are the creditors who have been owed so much, and in the event that money is recovered, we will get back their proportionate share?
2) In the claim form, filing a proof of Claim submits the creditor to the jurisdiction of the bankruptcy court, with consequences a lawyer can explain. What are the possible consequences?
3) As a working interest lease owner, will I be sued? Will I be asked to pay the debts by the company to its other creditors?
What is the best option. File claim or not just write off the investment?