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October 15, 2018
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Archives |
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Shout Out to Attendees and Speakers Congratulations Mitchell Marczewski and Wendi Henderhan Drawing Winners |
Circuit Split???
Is a Finding of Contempt Precluded by a “Good Faith” but Unreasonable Belief that an Action Does Not Violate the Discharge Injunction?
The Ninth Circuit’s Taggart rule says a good faith belief that a discharge injunction does not apply to a creditor’s actions precludes a finding of contempt. In a September 7 decision, that Circuit’s BAP applied the rule to a stay violation. This week, Larry Ahern reviews the decisions, together with one by the First Circuit, and considers whether there is a circuit split on this issue.
Critical Case Comment
Unless a Chapter 13 debtor has articulated a specific need to use a tax refund for a reasonable and necessary expense, post-petition tax refunds must be turned over to the Chapter 13 trustee to be distributed to creditors.
From the IRS
New 100% Depreciation Deduction Benefits Business Taxpayers
Tax reform legislation passed in December 2017 includes changes that allow businesses to write off most depreciable business assets in the year they place them in service.
Artificial Intelligence is Here
AI-Based Credit Scores Will Soon Give One Billion People Access to Banking Services
Alternative credit scores — using data, in part, from customers’ smartphones — will be migrating from emerging economies to the U.S.
For Your Blog
- Stanford Analyzed 292 Retirement Strategies – Here’s What Its Experts Determined Is Best
Sanctions and Irony and Fraud, Oh My!
In Case You Missed It . . .
Dismiss Absent a Hearing? Not so Fast
“ . . . So, in the E.D.N.C, unless a debtor requests a dismissal, or explicitly agrees to one, there will be a hearing, even with respect to an otherwise uncontested motion.”
MORTGAGE MATTERS (Not password protected)
Article: Inflating Income and Mortgage Fraud
OF INTEREST (Not password protected)
In Case of Fire, File a Claim (Chpt 11 case but good reminder to creditors to FILE A CLAIM)
MILITARY MATTERS (Not password protected)
DEBT AND THE ECONOMY (Not password protected)
HMMMM (Not password protected)
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October 8, 2018
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Archives |
Dismiss Absent a Hearing? Not so Fast
“ . . . So, in the E.D.N.C, unless a debtor requests a dismissal, or explicitly agrees to one, there will be a hearing, even with respect to an otherwise uncontested motion.”
Civil vs. Criminal Standard of Proof
Court explores evidence of willful intent under 11 U.S.C. § 523(a)(1)(B) and finds debtor innocent based on civil standard of proof. Taxes discharged.
Interested in more on discharging taxes? Check out Morgan King’s Tax Practice Library Plus. Includes The 3-Volume Tax Practice Library; The 7.5 hr. Tax Discharge Recorded Webinar; and one hour of consultation with Morgan King
IRS Issues Guidance on Changes to Business Expense Deductions for Meals, Entertainment
. . . eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation.
The Supreme Court
From the National Consumer Bankruptcy Rights Center
- Debtor Wins Battle of the Code Sections: Exemption vs Set-Off
In Congress
ABA Supports Chapter 7 Bankruptcy Changes
Click here for the text of H. R. 3553Click here for Testimony of Ariane Holtschlag for ABI Commission Before the Subcommittee on Regulatory Reform, Commercial and Antitrust Law House Committee on the Judiciary
Farmers in the News
Drought-Stricken Farmers/Ranchers Have More Time to Replace Livestock
Farmers/ranchers forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales.
See also: In Debt and Out of Options, Thousands of Dairy Farmers Turn to GoFundMe for Bailout
For Your Blog
- Mark Cuban: ‘If you use a credit card, you don’t want to be rich’
Student Loan Chronicles
- Debt Collection May Change for Student Loan Borrowers – U.S. Department of Education plans to rework how debt collection agencies interact with borrowers
- Unpaid Student Loan Debt Threatens Readers’ Wages – More than a third of federal student loan borrowers age 65 and older are in default, one report found.
In Case You Missed It . . .
Ask Ms. Ps & Qs
This case involves someone who lacks imagination when it comes to cursing (or, as we Texans say, cussin’). . . . the attorney was looking a seventh (!) sanction in the eye for telling one of her associates that her litigation strategy was to eff someone and give him “an [effing] hard time.”Note: Don’t miss Endnote #4!
MORTGAGE MATTERS (Not password protected)
OF INTEREST (Not password protected)
DEBT AND THE ECONOMY (Not password protected)
Downward Mobility: Where Middle-Class Kids are Worse Off than their Parents
JUST FOR FUN (Or For Your Blog) (Not password protected)
FOR YOUR HEALTH (Not password protected)
A Brief Jog Sharpens the Mind, Boosting Attentional Control and Perceptual Speed — If you wanted to ensure your mind was in top gear, in terms of your attentional skills and processing speed, which do you think would provide the better preparation – 15 minutes of calm relaxation, or a 15-minute jog?
Fitness — How the Daily Mile program changes kids’ lives in 15 minutes
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October 1, 2018
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Archives |
Ask Ms. Ps & Qs
This case involves someone who lacks imagination when it comes to cursing (or, as we Texans say, cussin’). . . . the attorney was looking a seventh (!) sanction in the eye for telling one of her associates that her litigation strategy was to eff someone and give him “an [effing] hard time.”Note: Don’t miss Endnote #4!
Critical Case Comment
When Chapter 7 debtors’ counsel bifurcated services and “factored” the fees due for post-petition services and failed to adequately disclose the arrangement, the attorney violated § 329; the business of “factoring” of obligations owed to debtors’ counsel constituted an impermissible splitting of fees.
In Congress
ABA Supports Chapter 7 Bankruptcy Changes
Click here for the text of H. R. 3553
Click here for Testimony of Ariane Holtschlag for ABI Commission Before the Subcommittee on Regulatory Reform, Commercial and Antitrust Law House Committee on the Judiciary
Vacancy Department
- Notice Regarding Candidates for Consideration for Appointment to the Bankruptcy Judge Vacancy in the Eastern District of Michigan – Written comments are now being accepted and must be received by October 12th.
There’s Always a Car
Farmers in the News
NACTT Miami Conference Recordings
Your Choice of DVDs or Audio CDs
$150.00 – Order TODAY Ships TODAY
Couldn’t attend the NACTT 2018 Conference – Order this fabulous resource NOW!
Quasi Celeb in Chapter 13
Sanctions and Irony and Fraud, Oh My!
- U.S. Trustee Program Reaches $5 Million Settlement with Citibank to Protect Debtors in Bankruptcy – Settlement Addresses Robo-Signing in Tens of Thousands of Bankruptcy Cases
Student Loan Chronicles
- Help or Hardship? – Income-Driven Repayment in Student-Loan Bankruptcies
- There’s Supposed to Be a Student Loan Forgiveness Program for Public Servants – So Far, It’s Rejected Almost Every Applicant
In Case You Missed It . . .
Making Amends in Chapter 13: Why Davis Should Cause You to Take Action
“. . . Such was the case in a recent unpublished opinion out of the Sixth Circuit Court of Appeals, a case in which a debtor’s failure to list a civil rights cause of action in her Chapter 13 plan effectively robbed her of the opportunity to ever have the merits of her claim heard.”
IN THE NEWS (Not password protected)
Whose Claim is it Anyway? (FCRA Chpt 7 case)
MORTGAGE MATTERS (Not password protected)
US Census: Home Sales Up After 2 Month Decline
FreddieMac: Inventory and Affordability Affecting Sales
MILITARY MATTERS (Not password protected)
OF INTEREST (Not password protected)
DEBT AND THE ECONOMY (Not password protected)
American Credit Scores Hit a Record High – The bad news is bank card, mortgage and auto loan debt are all flashing red.
FOR YOUR HEALTH (Not password protected)
What You Need to Know About the Upcoming Flu Season — Including When to Get Your Flu Shot
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September 24, 2018
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Archives |
Making Amends in Chapter 13: Why Davis Should Cause You to Take Action
“. . . Such was the case in a recent unpublished opinion out of the Sixth Circuit Court of Appeals, a case in which a debtor’s failure to list a civil rights cause of action in her Chapter 13 plan effectively robbed her of the opportunity to ever have the merits of her claim heard.”
What is Feasibility and Why does it Matter?
This article discusses how feasibility has been interpreted by the courts and is intended to aid parties to chapter 13 proceedings – counsel for debtors, counsel for creditors, and chapter 13 trustees– better understand this concept.
In Congress
- New Bill Would Finally Tear Down Federal Judiciary’s Ridiculous Paywall – A Republican member of Congress wants free public access to judicial records.
Vacancy Announcement
From the Courts
Proposed Amendments Published for Public Comment
- Bankruptcy Rules 2002, 2004, 8012
- Comment period closes February 15, 2019
Military Matters
Combat-Injured Disabled Veterans May Be Due Refund
The IRS is alerting certain veterans that they may be due a credit or refund. This is a result of the Combat-Injured Veterans Tax Fairness Act passed in 2016. It affects veterans who received disability severance payments after January 17, 1991, and included that payment as income.
American Farmers Are in Crisis
Falling prices and a trade war mean small farmers are struggling to stay afloat
From Our Friends at Credit Slips
Excuse Me?
“Barry Ritholtz has a generally sensible column about the ten-year anniversary of the financial crisis, but the bankruptcy stuff really makes no sense at all.”
NACTT Miami Conference Recordings
Your Choice of DVDs or Audio CDs
$150.00 – Order TODAY Ships TODAY
Couldn’t attend the NACTT 2018 Conference – Order this fabulous resource NOW!
Please Let Us Know . . .
- if your email address changes
- if you change law firms
- if you suddenly stop getting the weekly emails
- if you are a trustee and you have changes in your staff attorneys
For Your Blog
Sanctions and Irony and Fraud, Oh My!
- Cyber Crooks Try to Divert Direct-Deposit Paychecks into Their Accounts – According to the latest alert from the FBI, cyber criminals have been targeting online payroll accounts at school districts, universities, hospitals and commercial airway transportation.
Student Loan Chronicles
- What the Proposed Borrower Defense Rules Mean – The Trump administration is trying to delay an Obama-era policy meant to boost protections for defrauded students.
In Case You Missed It . . .
Section 522(f) Avoidance of Liens on Co-Owned Property
In an August decision, the Tenth Circuit held that, when avoiding liens under § 522(f), and when the debtor owns only a partial interest in exempt property, you start with that interest and allocate senior liens proportionately. This is now the majority view at the circuit level.This week, Larry Ahern reviews how the calculation works and describes the Tenth Circuit’s decision.
IN THE NEWS (Not password protected)
Delinquent Property Tax Procedures: To Stay or Not to Stay – In response to repeated requests for comfort orders, the Bankruptcy Court for the Middle District of Florida issued a district wide administrative order confirming that the automatic stay did not apply to the post-petition sale of tax certificates for delinquent property taxes owed on property owned by a debtor in bankruptcy.
OF INTEREST (Not password protected)
DEBT AND THE ECONOMY (Not password protected)
What’ll Spark the Next Crisis? Here’s One Candidate – Lenders to subprime corporate borrowers are dropping their guard.
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September 17, 2018
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Archives |
Section 522(f) Avoidance of Liens on Co-Owned Property
In an August decision, the Tenth Circuit held that, when avoiding liens under § 522(f), and when the debtor owns only a partial interest in exempt property, you start with that interest and allocate senior liens proportionately. This is now the majority view at the circuit level.This week, Larry Ahern reviews how the calculation works and describes the Tenth Circuit’s decision.
Is There a Light in the Farm Economy?
- Mark your calendar now for the Chapter 12 Conference July 15 and 16, 2019 in Indianapolis
Judge Issues
- Third Circuit Begins Search for Temp Judges on Del. Bankruptcy Court – The U.S. Court of Appeals for the Third Circuit has begun its search for two temporary bankruptcy judges in Delaware, nearly 10 months after Congress passed legislation to provide reinforcement for one of the busiest bankruptcy courts in the nation.
For the Academic Set
U.S. Banking De-Regulation, Financial Engineering, and Bankruptcy Reform: How Banks Took Control over Consumer Insolvency Law
New from the author of Credit Card Nation a review of the legislative history of banking deregulation and bankruptcy reform. It provides a brief explanation of financial engineering, and compares the stringent effects of BAPCPA for consumers with the generosity offered to those financial services firms that created the crisis.
From the Courts
Proposed Amendments Published for Public Comment
- Bankruptcy Rules 2002, 2004, 8012
- Comment period closes February 15, 2019
From the TN Courts
Tennessee Local Rule Amendments Up for Comment
From the Courts
- Bankruptcy Court Miscellaneous Fee Schedule Effective September 1st
- BAPCPA Report – 2017 Report of Statistics Required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
From the IRS
IRS Urges Taxpayers to Prepare for Natural Disasters
“Check on fiduciary bonds – Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider.”
From Our Friends at Credit Slips
From the National Consumer Bankruptcy Rights Center
- Court Puts Trustee Fees Under the Microscope (Chpt 7 case)
NACTT Miami Conference Recordings
Your Choice of DVDs or Audio CDs
$150.00 – Order TODAY Ships TODAY
Couldn’t attend the NACTT 2018 Conference – Order this fabulous resource NOW!
Please Let Us Know . . .
- if your email address changes
- if you change law firms
- if you suddenly stop getting the weekly emails
- if you are a trustee and you have changes in your staff attorneys
For Your Blog
Retirees: Avoid Surprise Tax Bill Do Paycheck Checkup ASAP
“Because of this law change, retirees who receive a monthly pension or annuity check may need to raise or lower the amount of tax they pay in during the year.”
Sanctions and Irony and Fraud, Oh My!
- A Year Later, Equifax Lost Your Data but Faced Little Fallout – Equifax is financially stable and legally in the clear, but lawmakers aren’t backing down.
In Case You Missed It . . .
Critical Case Comment
A debt obligation for a penalty resulting from fraud can be both a debt under § 523(a)(2) and § 523(a)(7) and the obligation is excepted from discharge in a Chapter 13 case.
MORTGAGE MATTERS (Not password protected)
Article: New Home Sales Hit 9 Month Low
FreddieMac: Mortgage Rates Creeping Up
CoreLogic: Home Prices Rising at Reduced Rate
OF INTEREST (Not password protected)
8th Circuit BAP Rules Bad Faith Not Grounds to Deny Amended Exemption of Assets Disclosed Post-Petition (Chpt 7 case)
Montana Had Highest Suicide Rate in the Country: Then Budget Cuts Hit – Suicide has been a persistent problem in Montana — and it’s getting worse. Now, some who have lost loved ones are mobilizing to stop the deaths.
Interesting Chapter 11 case . . . Who Gets to Keep the Money: Sometimes Procedural Arguments Can Matter as Much as Substantive Arguments
Bankruptcy Claims Trading . . . the first empirical study of trading in the financial claims of Chapter 11 debtors to learn more about how claims trading impacts the average Chapter 11 case
JoCo Man Bought a Bank Upon ‘Revelation From God’ – Now $30M in debt, he’s bankrupt
DEBT AND THE ECONOMY (Not password protected)
MILITARY MATTERS (Not password protected)
Watchdog Report: VA benefits backlog is higher than officials say
FOR YOUR HEALTH (Not password protected)
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September 10, 2018
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Archives |
Critical Case Comment
A debt obligation for a penalty resulting from fraud can be both a debt under § 523(a)(2) and § 523(a)(7) and the obligation is excepted from discharge in a Chapter 13 case.
Factoring in Valuation – Consumer Cases that Impact Business Cases
Practitioners should be aware of important consumer decisions that may influence lower courts in the business context and commercial case decisions which may influence consumer cases.
Supreme Court Fellows Set to Begin New Term
- Two of four Fellows are from the bankruptcy world
- Congratulations Ms. Willie and Ms. Jones
From the Courts
- Bankruptcy Court Miscellaneous Fee Schedule Effective September 1st
- BAPCPA Report – 2017 Report of Statistics Required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
Bankruptcy is Often a Gambler’s Only Sure Bet
“ . . . gamblers may actually have some luck on their side if they take advantage of current bankruptcy laws.” (Chapter 7 related article)
Federal Judges Mourn Passing of Retired Bankruptcy
Federal judges in the Pacific Northwest and beyond are mourning the passing of retired Bankruptcy Judge Thomas T. Glover of the United States Bankruptcy Court for the Western District of Washington.Click here for Obituary
From Our Friends at Credit Slips
From the National Consumer Bankruptcy Rights Center
Attention EVERYONE
NACTT Miami Conference
Complete Audio Only Recordings NOW Available in Downloadable Format
DISCOUNTED PRICE OF $129.99
Sanctions and Irony and Fraud, Oh My!
MORTGAGE MATTERS (Not password protected)
What’s the Frequency: Keeping Up with Tax Installment Changes – If a mortgage servicer knows that property taxes in a particular state or region are always due at the same time, forecasting workload volume and staffing needs can be more easily predicted . . . a few of the interesting changes and requirements of some of the jurisdictions around the country.
MBA Report: Profits Up In 1st Qtr
FreddieMac Forecast: Home Sales Slowing
OF INTEREST (Not password protected)
Are Our Days as Lawyers Numbered? Yes, robots/AI are changing the landscape of the legal world. But will they one day take over completely?
DEBT AND THE ECONOMY (Not password protected)
BY THE NUMBERS (Not password protected)
FOR YOUR HEALTH (Not password protected)
Texas Teacher Thought He Had Great Health Insurance – Now he’s stuck with a $109,000 ER bill.
Know what to do if this happens to you or your client:
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September 3, 2018
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Archives |
Due to the Labor Day Holiday,
The Academy Offers An Abbreviated Update
UpRight Not Right in East Tennessee
Law Solutions Chicago, LLC d/b/a Upright Law has once again been sanctioned. This time in the Eastern District of Tennessee by settlement agreement with the United States Trustee, Chapter 13 Trustee, Gwendolyn Kerney, and Chapter 7 Trustee, Jerrold Farinash.
From the National Consumer Bankruptcy Rights Center
Attention EVERYONE
NACTT Miami Conference
Complete Audio Only Recordings NOW Available in Downloadable Format
DISCOUNTED PRICE OF $129.99
(Audio CD and Video DVDs are also available for mailing at $150/per set)
Forgive Us Our Debts
NACTT Miami speaker and Orlando attorney Anne-Marie Bowen, has just published an exciting new resource for you and your clients. Forgive Us Our Debts is a short, easy read primarily written for Christian debtors and/or potential debtors but as a debtor or creditor attorney, this book is also a resource for you into the mindset of those clients who, for religious reasons, struggle with allowing themselves a chance at a fresh financial start.
From the IRS
IRS to Introduce New Tax Transcript to Better Protect Taxpayer Data
The new transcript replaces the previous format and will be the default format available via Get Transcript Online, Get Transcript by Mail or the Transcript Delivery System for tax professionals as of September 23.Click here for more . . .
For Your Blog
Taxpayers Should Be Prepared for Natural Disasters
With hurricane season underway, it’s a good idea for taxpayers to think about what they can do to be prepared should a hurricane or other natural disaster strike where they live. Here are a few helpful tips for taxpayers to keep in mind.
In Case You Missed It . . .
Notice: Pitfalls and Perils of Rule 7004(h)
“Where the Plan proposes to strip or cram or avoid a lien held by an Insured Depository Institution, Rule 7004 contains much higher requirements for service.”See also: Don’t Skimp on Service When Your Client’s House Is on the Line
IN THE NEWS (Not password protected)
MORTGAGE MATTERS (Not password protected)
OF INTEREST (Not password protected)
DEBT AND THE ECONOMY (Not password protected)
FOR YOUR HEALTH (Not password protected)
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August 27, 2018
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Archives |
Notice: Pitfalls and Perils of Rule 7004(h)
“Where the Plan proposes to strip or cram or avoid a lien held by an Insured Depository Institution, Rule 7004 contains much higher requirements for service.”
See also: Don’t Skimp on Service When Your Client’s House Is on the Line
Position Postings
Chapter 13 Standing Trustee
Location: Reading, PATerm Law Clerk to U.S. Bankruptcy Judge Arthur I. Harris
Location: Cleveland, Ohio
Location: Reading, PATerm Law Clerk to U.S. Bankruptcy Judge Arthur I. Harris
Location: Cleveland, Ohio
Are You Throwing Your Bankruptcy Client to the Predators?
Standard operating procedure for taxing authorities who are in discussion with a tax payer about a tax issue is to “request” that the taxpayer sign an extension of the period in which the taxes can be assessed. The alternative, the taxpayer is told, is an immediate assessment.
From Our Friends at Credit Slips
Attention Trustees/Office Managers
NACTT Miami – Staff Track DVDs Now Available
Order the four staff track sessions TODAY for ONLY $75
(Ships within 24 hours)Training Includes
(Ships within 24 hours)Training Includes
- Understanding Business Entities and the Self-Employed Debtor
- National Data Center Training
- Acing the Annual Audit
- Mortgage Claims Issues
From the IRS
IRS to Introduce New Tax Transcript to Better Protect Taxpayer Data
The new transcript replaces the previous format and will be the default format available via Get Transcript Online, Get Transcript by Mail or the Transcript Delivery System for tax professionals as of September 23.
Student Loan Chronicles
For Your Blog
Sanctions and Irony and Fraud, Oh My!
- US v. VALDÉS-AYALA – For at least eight years, Defendant, who was not an attorney, exploited desperation of individuals behind on court-ordered child support payments by assisting them in filing ‘skeleton’ petitions.
In Case You Missed It . . .
Critical Case Comment DON’T WANT TO MISS
Claim that is not timely filed cannot be an allowed claim and trustee is precluded from making distribution to the claim even where no application to disallow the claim has been filed.
“Judge Dees has prevented the payment of the claim even though no one sought to disallow the claim or challenge the payments.”
Scroll to the very bottom of the article page for an important comment and to add your own comments.
MORTGAGE MATTERS (Not password protected)
Article: The Million-Dollar Brownstone No One Owned – On a quiet street in Brooklyn, a real-estate imbroglio proved nearly impossible to solve.
OF INTEREST (Not password protected)
Federal Courts Propose Broad Evidence, Civil, Bankruptcy Rule Changes (Bankruptcy Rules 2002(h), 2004(c))
DEBT AND THE ECONOMY (Not password protected)
FOR YOUR HEALTH (Not password protected)
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August 20, 2018
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Archives |
Critical Case Comment
Claim that is not timely filed cannot be an allowed claim and trustee is precluded from making distribution to the claim even where no application to disallow the claim has been filed.
“Judge Dees has prevented the payment of the claim even though no one sought to disallow the claim or challenge the payments.”
Are You Throwing Your Bankruptcy Client to the Predators?
Standard operating procedure for taxing authorities who are in discussion with a tax payer about a tax issue is to “request” that the taxpayer sign an extension of the period in which the taxes can be assessed. The alternative, the taxpayer is told, is an immediate assessment.
Trustee Passes Away
It is with great sadness and respect that we report the passing away of a Standing Chapter 13 Trustee for the Eastern District of Pennsylvania with offices in Reading. Frederick L. “Fred” Reigle was appointed in 1981. He passed away on July 15th after a lengthy illness.
Standing Chapter 13 Trustee William C. Miller has been appointed interim trustee of the division until a replacement can be appointed.
NACTT Miami – Staff Track DVDs Now Available
Order the four staff track sessions TODAY for ONLY $75
(Ships within 24 hours)Training Includes
(Ships within 24 hours)Training Includes
- Understanding Business Entities and the Self-Employed Debtor
- National Data Center Training
- Acing the Annual Audit
- Mortgage Claims Issues
Passing of Jim Batchelor
Jim Batchelor passed away Saturday morning August 10th after a long battle with cancer. Jim was the recipient of the Civility Award at the 2017 State of the Court luncheon and was a well-respected colleague in the bankruptcy bar in the Western District of Michigan.
No Room for Error? Determining Whether Your “Secured” Creditor Has a Fatally Deficient UCC-1 – Part 2 of 2
Trustees and debtors’ counsel may often think they cannot win in a contest over the secured status of a creditor. Prompted by recent bankruptcy and district court decisions, Larry Ahern reviewed in Part I some rules governing the preparation and filing of financing statements (UCC-1s) and explained how a UCC-1 might be fatally deficient. Now, in Part II, he reviews four recent decisions that illustrate the strictness of the rules governing naming of debtors on UCC-1s.
On the CFPB
CFPB Settles with Defendants in Hydra Group Payday Lending Case
District Court entered an Order effectuating settlement CFPB and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate entities controlled by Moseley, Sr. and Moseley, Jr.
For Your Blog
Sanctions and Irony and Fraud, Oh My!
- Fil-Am Lawyer Pleads ‘Not Guilty’ to Attempted Murder of Ex-Clients (Has Chapter 13 lawyer income really sunk this low? . . . Oh My indeed!! . . . Now, the rest of the story . . . (on good authority but not verified, Academy staff was told that the victims had been in a Chapter 13 which was dismissed. Their attorney (Paul Mendoza Allen) went to their home to demand the balance of his fees. When they said they had no money, he shot them, then tried to flee.)
In Case You Missed It . . .
Ask Ms. Ps & Qs
Dear Readers:I just finished reading a disgorgement . . . Although D’Arata is a chapter 7 case, you might be interested in the Court’s take on appearance counsel.
IN THE NEWS (Not password protected)
Retired and Broke: Bankruptcy filings surging for seniors
MORTGAGE MATTERS (Not password protected)
Article: Fannie Mae Seeks to Offload Large Pool of Reperforming Loans BIDS DUE SEPTEMBER 6th
Article: Americans Now Have More Debt Than Ever Before – Mortgage debt hits highest level in 9 years
Article: Paying Rent in America
Article: Home Remodels Up 30%
MILITARY MATTERS (Not password protected)
OF INTEREST (Not password protected)
DEBT AND THE ECONOMY (Not password protected)
Many Americans Still Feel the Sting of Lost Wealth – The housing crash hurt the poor and middle class more than the rich, who rode the bull stock market
BY THE NUMBERS (Not password protected)
Stagnating Salaries: Real US wages are essentially back at 1974 levels, Pew reports
CYBERSECURITY (Not password protected)
FOR YOUR HEALTH (Not password protected)
The Illness Is Bad Enough. The Hospital May Be Even Worse – Elderly particularly vulnerable to “post-hospital syndrome,” some experts believe, and that may be why so many patients return.
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August 13, 2018
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Archives |
Ask Ms. Ps & Qs
Dear Readers:I just finished reading a disgorgement . . . Although D’Arata is a chapter 7 case, you might be interested in the Court’s take on appearance counsel.
No Room for Error? Determining Whether Your “Secured” Creditor Has a Fatally Deficient UCC-1 – Part 2 of 2
Trustees and debtors’ counsel may often think they cannot win in a contest over the secured status of a creditor. Prompted by recent bankruptcy and district court decisions, Larry Ahern reviewed in Part I some rules governing the preparation and filing of financing statements (UCC-1s) and explained how a UCC-1 might be fatally deficient. Now, in Part II, he reviews four recent decisions that illustrate the strictness of the rules governing naming of debtors on UCC-1s.Click here for Part 1
New Study
Graying of U.S. Bankruptcy: Fallout from Life in a Risk Society
“Using data from the Consumer Bankruptcy Project, we find more than a two-fold increase in the rate at which older Americans (age 65 and over) file for bankruptcy and an almost five-fold increase in the percentage of older persons in the U.S. bankruptcy system.”See also:
- Older Americans’ Rising Bankruptcy Filings
- ‘Too Little Too Late’: Bankruptcy Booms Among Older Americans
- Growing Number of Americans Over 65 Filing for Bankruptcy Just to Get By, and It Could Signal a Larger Problem in US
- Baby Boomers in Bankruptcy
- Retirees Struggle to Locate Billions in Lost Pensions
For Your Blog
Sanctions and Irony and Fraud, Oh My!
In Case You Missed It . . .
Discharged or Not? Post-Petition Interest on Pre-Petition Priority Taxes
“The Chapter 13 Debtor who completes the Plan and obtains a discharge is relieved of any further liability associated with the priority tax debt. Interest and penalties continue to accrue during the pendency of the Chapter 13 case and if the case is either dismissed or converted to a proceeding under Chapter 7, the suspension of the accrual of interest and penalties terminates and is excepted from the Chapter 7 discharge.”
IN THE NEWS (Not password protected)
MORTGAGE MATTERS (Not password protected)
Article: Wells Fargo Faces Tax Credit Probes
Article: Housing: Still A Seller’s Market
MILITARY MATTERS (Not password protected)
OF INTEREST (Not password protected)
DEBT AND THE ECONOMY (Not password protected)
BY THE NUMBERS (Not password protected)
CYBERSECURITY (Not password protected)
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August 6, 2018
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Archives |
No Room for Error? Determining Whether Your “Secured” Creditor Has a Fatally Deficient UCC-1 – Part 1 of 2
Trustees and debtors’ counsel may often think they cannot win in a contest over the secured status of a creditor. Prompted by recent bankruptcy and district court decisions, Larry Ahern reviews some rules governing the preparation and filing of financing statements (UCC-1s) and explains how a UCC-1 might be fatally deficient.In Part II, he will review four recent decisions that illustrate the strictness of the rules governing naming of debtors on UCC-1s.
Discharged or Not? Post-Petition Interest on Pre-Petition Priority Taxes
“The Chapter 13 Debtor who completes the Plan and obtains a discharge is relieved of any further liability associated with the priority tax debt. Interest and penalties continue to accrue during the pendency of the Chapter 13 case and if the case is either dismissed or converted to a proceeding under Chapter 7, the suspension of the accrual of interest and penalties terminates and is excepted from the Chapter 7 discharge.”
From the IRS
IRS Offers Guidance on Recent 529 Education Savings Plan Changes
On 7/30/18 the IRS and Department of the Treasury announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans.
Student Loan Chronicles
Sanctions and Irony and Fraud, Oh My!
In Case You Missed It . . .
Critical Case Comment
A discharge under § 1328(a) will discharge an obligation of the debtor to a condominium association where the condominium was purchased pre-petition and owned by the debtor post-petition.Click here for Opinion
IN THE NEWS (Not password protected)
MORTGAGE MATTERS (Not password protected)
Article: Slump in California Home Sales
Article: Average Closing Costs $5650.00
Article: Poorer Half of US Bolsters Economy
MILITARY MATTERS (Not password protected)
OF INTEREST (Not password protected)
DEBT AND THE ECONOMY (Not password protected)
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July 30, 2018
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Archives |
Critical Case Comment
A discharge under § 1328(a) will discharge an obligation of the debtor to a condominium association where the condominium was purchased pre-petition and owned by the debtor post-petition.Click here for Opinion
From the Courts
Sanctions and Irony and Fraud, Oh My!
In Case You Missed It . . .
Who Gets Paid When? A Short Primer on the Order of Distribution in the Era of National and Local Plans
The Federal Rules of Bankruptcy Procedure and Official Forms were amended last year in ways that significantly affected Chapter 13 Trustees and practitioners in many ways. Below, Mr. Ahern follows his 2017 series with Beverly Burden by discussing an important unanswered question for trustees, debtors and creditors: How is the order of distribution to creditors determined?
IN THE NEWS (Not password protected)
MORTGAGE MATTERS (Not password protected)
Article: Tapping 401K Is Risky
Here Are 5 Reasons Millennial Homeownership Rate Is Low – Urban Institute breaks down the data
Article: Lil Kim Struggles to Save Home in BK
OF INTEREST (Not password protected)
Bankruptcy Law as a Balancing System – Lessons from a Comparative Analysis of the Interaction Between Labor and Bankruptcy Laws
BY THE NUMBERS (Not password protected)
DEBT AND THE ECONOMY (Not password protected)
Mortgage, Groupon and Card Debt – How the bottom half bolsters U.S. economy
CYBER SECURITY (Not password protected)
None of Google’s 85,000 Employees Have Been Successfully Phished in Over a Year — And It’s Because of a Simple $20 Product Anyone Can Use
IN THE ‘OH WOW’ DEPARTMENT (Not password protected)
Health Insurers Are Vacuuming Up Details About You — And It Could Raise Your Rates
Without any public scrutiny, insurers and data brokers are predicting your health costs based on data about things like race, marital status, how much TV you watch, whether you pay your bills on time or even buy plus-size clothing.
Without any public scrutiny, insurers and data brokers are predicting your health costs based on data about things like race, marital status, how much TV you watch, whether you pay your bills on time or even buy plus-size clothing.
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July 23, 2018
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Archives |
Who Gets Paid When? A Short Primer on the Order of Distribution in the Era of National and Local Plans
The Federal Rules of Bankruptcy Procedure and Official Forms were amended last year in ways that significantly affected Chapter 13 Trustees and practitioners in many ways. Below, Mr. Ahern follows his 2017 series with Beverly Burden by discussing an important unanswered question for trustees, debtors and creditors: How is the order of distribution to creditors determined?
Rule 3002.1 and the Tangled Web of HOA Assessments
“Secured creditors relying on the precept that a secured claim passes through bankruptcy unaffected (absent a proceeding focused on the lien) take note.”
From the IRS
Here’s How the IRS Contacts Taxpayers
Everyone should know how the IRS contacts taxpayers
Retired Bankruptcy Judge Passes Away
Judge James F. Queenan
From Our Friends at Credit Slips
Sanctions and Irony and Fraud, Oh My!
IN THE NEWS (Not password protected)
OF INTEREST (Not password protected)
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July 16, 2018
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Critical Case Comment
Although a secured creditor with a purchase money security interest in personal property is entitled to adequate protection payments under § 1326(a)(1), the trustee is not obligated to make the payments without a motion, hearing, or court order.
From the Ninth Circuit Court of Appeals
Opinion: Goudelock v. Sixty-01 Association of Apartment Owners“The panel reversed the district court’s decision affirming the bankruptcy court’s summary judgment in favor of a condominium association, which sought in an adversary proceeding to determine the dischargeability of a debtor’s personal obligation to pay condominium association assessments that accrued between the date the debtor filed her Chapter 13 bankruptcy petition and the date the condominium unit was foreclosed upon.”See also: Post-Petition Condo Fees Dischargeable
From the IRS
Spread the Word . . . this could be a significant amount of money for veterans.
Veterans Owed Refunds for Overpayments Attributable to Disability Severance Payments Should File Amended Returns to Claim Tax Refunds
- $1,750 for tax years 1991 – 2005
- $2,400 for tax years 2006 – 2010
- $3,200 for tax years 2011 – 2016
District Authority to Opt Out of the “National” Chapter 13 Plan: Does Your Local Plan Improperly Restrict Plan Provisions?
The Rules of Bankruptcy Procedure were amended last year in ways that significantly affected Chapter 13 Trustees and practitioners in many ways. In a series of articles, Beverly Burden and Larry Ahern explained many of these changes.This week, Mr. Ahern follows that series with an issue that tests the interplay of the national rules with local practice, rules, and judicial rulings.
On the CFPB
- CFPB Acting Director Mulvaney announced he has selected Brian Johnson, who currently serves as Principal Policy Director at the Bureau, to assume the responsibilities of Acting Deputy Director. “Brian Johnson is the first person I hired at the Bureau and has been an indispensable advisor,” said Acting Director Mulvaney. “Brian knows the Bureau like the back of his hand. He approaches his role as a public servant with humility and unsurpassed dedication. His steady character, work ethic, and commitment to free markets and consumer choice make him exactly what our country needs at this agency.”
From Our Friends at Credit Slips
MORTGAGE MATTERS (Not password protected)
Black Knight: Tappable Equity Up $380B In Q1
Article: Millennial Homeownership Stymied
BY THE NUMBERS (Not password protected)
OF INTEREST (Not password protected)
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July 9, 2018
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Archives |
The FDCPA and Bankruptcy One Year After Midland v. Johnson, Part IV Bankruptcy Court Interpretations
The conclusion to the Midland v. Johnson ‘epic’. . . “In Midland v. Johnson, the Supreme Court put an end to FDCPA lawsuits over proofs of claims for stale debts, at least where the claimant tells the truth about the date of last payment. Since the Midland ruling in May of 2017, there have been few decisions from bankruptcy courts on complaints under the Fair Debt Collection Practices Act (FDCPA).”
Click here for Part I
Click here for Part II
Click here for Part III
District Authority to Opt Out of the “National” Chapter 13 Plan: Does Your Local Plan Improperly Restrict Plan Provisions?
The Rules of Bankruptcy Procedure were amended last year in ways that significantly affected Chapter 13 Trustees and practitioners in many ways. In a series of articles, Beverly Burden and Larry Ahern explained many of these changes.
This week, Mr. Ahern follows that series with an issue that tests the interplay of the national rules with local practice, rules, and judicial rulings.
Permitted Changes to Official Bankruptcy Forms
The use of Official Bankruptcy Forms is required with certain exceptions, and the ability to modify Official Forms is limited. However, there are exceptions. Click here for an analysis done by the AO of permitted changes to official bankruptcy forms
See also: Director’s Forms and Their Use by Phil Lamos
From the Courts – Retirements
For Your Blog
- The 130 Best Military Discounts in 2018 – Active-duty service members, veterans, and retirees can save big by asking about deals and freebies.
From Our Friends at Credit Clips
Student Loan Chronicles
- Sixth Circuit Opinion: Follow Brunner until the Circuit Court decides to use a different standard
- Off the Salary Battlefield, Public Sector Struggles with Retention, Student Debt – As Big Law races to pay young lawyers ever-higher starting salaries, the public sector is struggling to pay enough to lawyers burdened by student debt.
IN THE NEWS (Not password protected)
Debtor Must Exhaust Administrative Remedies to Get Damages and Fees from IRS – Given that financial issues are the number one reason for security clearance denials and revocations, it’s no small wonder that one of the most frequent questions my office receives is how to resolve delinquent debt.
MORTGAGE MATTERS (Not password protected)
CoreLogic: Home Prices Up 7.1%
Redfin: Weak Home Sales A Major Threat
DEBT AND THE ECONOMY (Not password protected)
OF INTEREST (Not password protected)
Best Advice to U.S. Dairy Farmers? ‘Sell Out as Fast as You Can’
Upon Further Review, Ninth Circuit Finds No Flag on the Play – Creditor Allowed to Block a Cram-Up Plan Following Claims Purchases
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July 2, 2018
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Impact of Supreme Court’s Decision on § 523(a)(2)(B)
“The opinion suggests that a statement respecting the debtor’s financial condition, whether a single-asset or overall condition statement, must meet all the requirements of subsection 523(a)(2)(B) to be nondischargeable. Otherwise, even though the statement is false, the debt is dischargeable, notwithstanding subsection 523(a)(2)(A).”
Not Born in the USA? The Perils of Bankruptcy Filings by Undocumented Persons
An excellent article exploring answers to can and should an undocumented person file for bankruptcy protection in America??
Sanctions and Irony and Fraud, Oh My!
From Our Friends at Credit Slips
OF INTEREST (Not password protected)
