Issue link: https://mbozikis.ufcontent.com/i/1422521
84 Although both approaches require courts to consider the underlying equities of the case, the tests are distinguishable from one another by the degree of interrelatedness required as to the obligations owing between the parties. 4. Filing Proofs of Claim or Interest In order for a creditor or equity holder to receive a distribution out of a debtor's bankruptcy estate, such creditor or equity holder (or another appropriate person) must, as a first step, ordinarily file a proof of claim or interest, as applicable. According to Section 501 of the Bankruptcy Code, a creditor may file a proof of claim and an equity holder may file a proof of interest. If a creditor does not timely file a proof of claim, a debtor, trustee or co-debtor may file the proof of claim on the creditor's behalf. 11 U.S.C. § 501(b)–(c). In cases other than a Chapter 11 case, filing a proof of claim is a mandatory prerequisite for the allowance of unsecured claims, including priority claims and undersecured claims. However, in a Chapter 11 case, a creditor need not file a proof of claim in all instances in order to have an allowed claim in the bankruptcy case. For example, if the claim has been properly listed on the debtor's schedule of liabilities, then no proof of claim is required. However, if the claim or interest in a Chapter 11 case is not listed, is listed in an incorrect amount or priority, or is listed as disputed, contingent or unliquidated, a proof of claim must be filed. The time within which a creditor must file its proof of claim varies depending on the type of case. In a Chapter 7 or Chapter 13 case, subject to the exceptions listed in Bankruptcy Rule 3003, a proof of claim must be filed within ninety days after the date set for the first meeting of creditors. Fed. R. Bankr. P. 3002. In a Chapter 11 case, the court will fix a "bar date," which is the time by which proofs of claim must be filed. F ED. R. BANKR. P. 3003. As a general matter, late filed claims are subject to disallowance (or, in Chapter 7 cases, subordination).