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June 17, 2013 |
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Ask Ms. Ps & Qs
This month the Academy's own Ms. Ps & Qs answers two very specific questions. One involving a 1099 employee filing at the end of the month, but about to sign a contract for a big deal that will increase debtor's income. The second question looks at a serial filer. Click here to read the expert answers.
Debtors' Attorneys' Duty of Reasonable Inquiry and the Necessity of Pre-Filing Document Review: A Trustee's Perspective – Part 6
Trustee Burden continues a very detailed look at document review. This week we look at reviewing Schedule I, Form 22 and pay stubs.
Click:
Supreme Court Corner
Bullock v. Bankchampaign
Issue: Does non-dischargeability of a debt by defalcation by a fiduciary require a showing of intentional conduct or bad faith, or is "objective recklessness" sufficient?
Click here for the holding.
So, Who Gets the Money? Section 1326
Attorney Holly Davala takes a look at what happens to money held by a trustee at dismissal of a confirmed case.
Click Below for Articles on the Status of Foreclosure Settlement Monies:
Arizona:
South Carolina:
Virginia:
48th Annual NACTT Seminar – REGISTER NOW
Bankruptcy Ethics Task Force's Final Report - Click here for Credit Reports' article by Prof. Lois Lupica. Co-author/committee member, Professor Nancy Rapoport, along with Chapter 13 Trustee Michael Joseph, and United States Trustee Judy Robbins will bring the highlights of this report to attendees of the NACTT annual conference in New York City, August 4-6. Register now. It will be a great conference.
Click here for the full program.
See The Little Puffer Appeal-ies, All In A Row. Affirm! Affirm! Reverse! Reverse! Off We Go.
"The District Court has issued the latest decision in a line of cases that have gone to the First Circuit Court of Appeals, and now, on remand, is working its way back up the appellate ladder."
MORTGAGE MORASS
IN THE NEWS
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June 10, 2013 |
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If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
See The Little Puffer Appeal-ies, All In A Row. Affirm! Affirm! Reverse! Reverse! Off We Go.
“The District Court has issued the latest decision in a line of cases that have gone to the First Circuit Court of Appeals, and now, on remand, is working its way back up the appellate ladder.”
Debtors’ Attorneys’ Duty of Reasonable Inquiry and the Necessity of Pre-Filing Document Review: A Trustee's Perspective – Part 5
Trustee Burden continues her look at document review. This week we look at reviewing Schedule B and supporting documentation.Click:
Too Good Not to Share
This is a worker’s comp case but was simply too good not to post. Female employee traveling for her employer met a “friend.” With him, at her hotel, became "injured whilst engaging in sexual intercourse when a glass light fitting above the bed was pulled from its mount and fell on her." She sued the employer under the Australian equivalent of workers comp – and won!Yes, you really just read that. Sexual Intercourse While Swinging From A Motel Chandelier: Employer Held Liable For Injuries Sustained Australian case you have to read to believe.
Pre-Filing Credit Counseling and Post-Filing Financial Education
“The pre and post filing financial counseling and financial education requirements have not garnered much attention from empirical researchers since the Government Accounting Office (GAO) and the National Association of Consumer Bankruptcy Attorneys conducted their studies in the immediate aftermath of the enactment of the 2005 Amendments.”
Father's Day and Amazon
Father's Day is fast approaching – June 16th. Don't forget to utilize the Academy's Amazon portal for a win/win (see search box to your right). Order whatever you want, honor your dad, have it sent directly to his home and the Academy receives a commission on each item – no extra cost to you. One extra click is all it costs you and the Academy earns much needed funds to support its webinars, e-zine, and other educational endeavors.
48th Annual NACTT Seminar – REGISTER NOW – Discounted Registration Ends June 15th
Back by popular demand . . . the Advanced Consumer Bankruptcy Practice Institute. The NACTT is proud to announce that it will again be hosting Judge Keith M. Lundin and the rest of the 'gang' for another year of advanced litigation training. If you haven't already applied, do so now. Spots fill quickly.
Click here for the full program.
Critical Case Comment
In case you missed it . . . In re Breit. In order to properly submit a mortgage pre-petition arrearage claim, the claim may include taxes and insurance advanced by the mortgagee, unpaid principal and interest due as of the petition date, unpaid fees, costs and attorney's fees, and the amount that should have been in the escrow account to fund future taxes and insurance.
IN THE NEWS
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June 3, 2013 |
Archives |
If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Critical Case Comment
In re Breit. In order to properly submit a mortgage pre-petition arrearage claim, the claim may include taxes and insurance advanced by the mortgagee, unpaid principal and interest due as of the petition date, unpaid fees, costs and attorney's fees, and the amount that should have been in the escrow account to fund future taxes and insurance.
Elite Eight – Tax Rate Increases For 2013
The American taxpayer Relief Act of 2012 was signed into law 1/2/13. The Act prevented many of the tax hikes that were scheduled to go into effect. However, it also increases income tax rates for high-income individuals and increases transfer tax rates (Estate and gift Taxes). Click here for "Highlights" of the Act.
Debtors' Attorneys' Duty of Reasonable Inquiry and the Necessity of Pre-Filing Document Review: A Trustee's Perspective – Part 4
Trustee Burden continues her elucidation of document review. In Part 3, she dealt with documents relating to the debtor's ownership interest in real property. In Part 4 she turns to documents relating to debts encumbering real property.Click here for Part 1.Here for Part 2.
Back by Popular Demand - The 360 Degree Leader
Many of you are familiar with legendary presentation by Director of Operations for the Chapter 13 Trustee in the Northern District of Georgia, Ronnie LeFevers, on John C. Maxwell's "The 360 Degree Leader". You may be familiar with Part 1 but now join Mr. LeFevers in Part 2. In this video presentation Mr. LeFevers gives us Maxwell's insights on "Leading Across" and "Leading Down."
If you aren't familiar with this presentation, Part 1 explores the concept of "Leading Up." Learn techniques for becoming a leader whether or not you are 'at the top'.
These webinars are free to Academy members. The Academy offers a pay per view option for non-members.
Supreme Court Corner
Swarts v. Hammer, 194 U.S. 441 (1904)
- Issue: Must the trustee pay local taxes on property of the estate?
- Holding: Yes.
Father's Day and Amazon
Father's Day is fast approaching – June 16th. Don't forget to utilize the Academy's Amazon portal for a win/win (see search box to your right). Order whatever you want, honor your dad, have it sent directly to his home and the Academy receives a commission on each item – no extra cost to you. One extra click is all it costs you and the Academy earns much needed funds to support its webinars, e-zine, and other educational endeavors
Consumer Financial Protection Bureau Finalizes Amendments to Abilty-to-Repay Rule
Rules To Facilitate Lending by Certain Small Creditors and Community Lenders
48th Annual NACTT Seminar – REGISTER NOW – Discounted Registration Ends June 15th
Back by popular demand . . . the Advanced Consumer Bankruptcy Practice Institute. The NACTT is proud to announce that it will again be hosting Judge Keith M. Lundin and the rest of the 'gang' for another year of advanced litigation training. If you haven't already applied, do so now. Spots fill quickly.
MORTGAGE MORASS
IN THE NEWS
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May 27, 2013 |
Archives |
If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Debtor Math
On this Memorial Day 2013, the Academy has a special gift of humor for members and non-members. In the Just for Fun category, Helen Morris offers a humorous look at situations we see weekly. "Debtor math baffles me. I work base 10 daily; I am even competent in base 6 and can do binary. But I just can't get the hang of debtor math." This article is not password protected.
Debtors' Attorneys' Duty of Reasonable Inquiry and the Necessity of Pre-Filing Document Review: A Trustee's Perspective – Part 3
Continuing her popular series, Beverly Burden, outlines how debtor attorneys can enhance representation of their clients. Learn the 'secrets' of the trustees and what they look for in document review."
In this installment, we will begin to discuss what documents debtors' attorneys should review prior to filing in order to avoid those "gotcha's" described in Part 1, and how those documents can be used to 'check the debtor's responses in the petition and Schedules to assure they are internally and externally consistent.'" Click here for Part 2.
Taking Bankruptcy Abuse to a Whole New Level
Your car has been impounded and you can't afford the ransom to secure its release. The answer to your dilemma appears as you wander the corridor of the impoundment offices. An "angel" appears offering a solution to your problem. For a small fee of $500 the "angel" will set you and your wheels free. The solution is filing bankruptcy and listing the car and the impoundment fee perhaps as your only asset and liability. Voila! The car is released and you are set free. The only remaining problem is that the FBI sets up a sting and the plan is foiled.
This scheme was recently uncovered in Chicago. For more on this creative misuse of bankruptcy click here.
CFPB Update
- Bureau Report Highlights Student Debt As A Roadblock To Opportunity For Consumers - Bureau Identifies Path Forward to Spur Affordable Repayment Options
- CFPB Amends Card Act Rule To Make It Easier For Stay-At-Home Spouses And Partners To Get Credit Cards - Amendment Allows Consumers Who Are 21 Or Older To Rely On Accessible Income For Credit Card Applications
- CFPB Finds Payday And Deposit Advance Loans Can Trap Consumers In Debt - Sustained Use of Loans Raises Consumer Protection Concerns
Mortgage Settlement Monitor Reports Consumer Relief Data
"Joseph Smith nears completion of his consumer relief crediting and compliance reviews of servicing reforms."
Again this year, the NACTT will feature Mortgage Settlement Monitor Joseph Smith. Have questions for the Monitor? Don't miss this chance to meet Mr. Smith in person.
Click here for the full program.
48th Annual NACTT Seminar – REGISTER NOW – Discounted Registration Ends June 15th
Again this year, the NACTT will feature Mortgage Settlement Monitor Joseph Smith. Have questions for the Monitor? Don't miss this chance to meet Mr. Smith in person.
Click here for the full program.
MORTGAGE MORASS
IN THE NEWS
More on student loans from the 9th Circuit: Student Loans May Now Be Discharged More Easily in Bankruptcy in the 9th Circuit
LIES, DAMNED LIES AND STATISTICS
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May 20, 2013 |
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If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Ask Ms. Ps and Qs
We are happy to have a member's question to answer this month.Dear Ms. Ps and Qs:
An attorney moves to withdraw as counsel because of a client's threatened malpractice action, intending to leave the debtor pro se to defend a pending motion to dismiss with prejudice (to bar him from refiling for 180 days). Is it likely that the court will grant the motion to withdraw?
Signed,
Something's Wrong Here
Debtors' Attorneys' Duty of Reasonable Inquiry and the Necessity of Pre-Filing Document Review: A Trustee's Perspective – Part II
In a new series of articles, Academy Board of Directors member Beverly Burden, outlines with specificity how debtor attorneys can enhance representation of their clients. Learn the 'secrets' of the trustees and what they look for in document review.This week, Trustee Burden takes a look at what the Bankruptcy Code and Rules say about document production requirements.
RESPA
We are pleased to share a rare treat – Iowa Law Review: An Alternative Approach to RESPA Versus Chapter 13 Bankruptcy Unpaid Pre-Petition Escrow Amount Debate by Michelle Halverson. Ms. Halverson graduates this month with a J.D. from the University of Iowa College of Law and will be joining Sidley Austin in Chicago in the fall. Ms. Halverson served as the Administrative Editor of the Iowa Law Review.More on RESPA:
There Are Zombies Among Us
A study released on April 1, 2013 by RealtyTrac Found that 35% of all properties in the foreclosure process (not including bank owned properties) were likely vacant. Owners of these "zombie" properties simply walked away from their homes, unaware that they remain liable for maintenance and property taxes because foreclosure has not yet taken place. For more click here.
48th Annual NACTT Seminar – REGISTER NOW – Discounted Registration Ends June 15th
NACTT is pleased to have in their all-star seminar lineup, Jenny Doling. Ms. Doling was recently awarded the National Association of Consumer Bankruptcy Attorneys' Distinguished Service Award. NACBA recognized Ms. Doling for her many years of invaluable service to the national organization, as well as, her extraordinary contribution to advancing the goals of consumer debtors in bankruptcy, including advocating for the protection of Social Security Benefits on behalf of senior citizens. Ms. Doling will join veteran NACTT speaker, William Houston Brown, and new-comer Rich Thomson from Clark & Washington on a panel addressing the latest in lienstripping.Click here for the full program.
In case you missed it last week: A Celebrity Among Us
Elizabeth A. Vaughan, staff attorney to Chapter 13 Trustee John P. Gustafson, is the author of not one, not two but SEVEN published works of fiction. Her first book, Warprize, begins the Chronicles of the Warlands. The books are based on the mantra that the only good stories are the ones with gratuitous swords or lasers; not to mention dragons. Click here to read more . . .
MORTGAGE MORASS
IN THE NEWS
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May 13, 2013 |
Archives |
If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Debtors' Attorneys' Duty of Reasonable Inquiry and the Necessity of Pre-Filing Document Review: A Trustee's Perspective – Part I
In a new series of articles, Academy Board of Directors member Beverly Burden, will outline with specificity how debtor attorneys can enhance representation of their clients. Learn the 'secrets' of the trustees and what they look for in document review."Subsequent installments will identify many of the common 'gotcha's' found by trustees and will offer suggestions on how debtor's counsel can minimize or eliminate those gotcha's. But first, the ethical foundation of this Commentary."
The Question of Standing and How to Prove You Belong
" . . . standing is a threshold question that every court asked to decide a controversy between two litigants may decide. . . . Standing itself can be broken down into two parts – constitutional standing and prudential standing."
A Celebrity Among Us
Staff attorney to Chapter 13 Trustee John P. Gustafson, Elizabeth A. Vaughan is the author of not one, not two but SEVEN published works of fiction. Her first book, Warprize, begins the Chronicles of the Warlands. The books are based on the mantra that the only good stories are the ones with gratuitous swords or lasers; not to mention dragons. Click here to read more . . .
All the Devils are Here: The Hidden History of the Financial Crisis
A Book Review by Grant Mullin – Part IIGrant Mullin is currently one of my students in Corporate Reorganizations, an advanced course in bankruptcy. This course requires the students to complete three writing projects. One of Grant's projects is a book review of All the Devils are Here: The Hidden History of the Financial Crisis. It is an excellent book and Grant's review is so thorough (published here in two parts) that you may not even have to read the book yourself to grasp the history of the financial policies and practices that lead to the financial crisis. I am proud to publish his book review for the benefit of our members. Click here for Part I.
Michaela White, Editor and Advisor
48th Annual NACTT Seminar – REGISTER NOW
As reflected in a recent news headline - The Biggest Retirement Myth Ever Told – few of us are even thinking about retirement much less saving for it.At the NACTT conference in New York City, join Steven Kaye of AEPG® Wealth Strategies for Life Liberty and the Pursuit of Retirement. This session promises to be an educational, no feet to the fire, look at retirement plan options for lawyers and trustees.
Click here for the full program.
In the Just for Fun Category: The Daily Show on MERS
In typical Jon Stewart style, this 7 minute video sums up MERS, the OCC investigation and more. Be sure to watch all the way to the end!
Critical Case Comment
In case you missed it last week: Hann v. Educational Credit Management Corp. Creditors cannot ignore claim objections, even when the debt is a nondischargeable student loan.
MORTGAGE MORASS
IN THE NEWS
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May 6, 2013 |
Archives |
If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Critical Case Comment
Hann v. Educational Credit Management Corp. Creditors cannot ignore claim objections, even when the debt is a nondischargeable student loan. Debtors objecting to a claim on the merits should be prepared to put on a prima facia case in support of the objection – even if the creditor does not respond. The prevailing party preparing an order, especially ones involving the treatment of a claim, should draft the order with such specificity that its effect cannot be challenged even after completion of the bankruptcy case. Final orders of the bankruptcy court cannot be ignored with impunity.
Real Life Professional & Ethical Dilemmas in Consumer Bankruptcies: A Guide For Case Preparation And Client Interaction, What Is Appropriate Under The Model Rules And Accompanying Advisory
"When faced with an ethics dilemma, I use the following decision matrix: . . . What would my Grandma say? (If my Grandma would be ashamed of me, then STOP!"
Means Test Webinar Q & A Part II
Because we weren't able to get to all of the questions during the recent Means Test webinar, we will attempt to address them here. All answers in this week's article are by John Gustafson only.This week Trustee Gustafson looks at a myriad of issues from 'married with a pre-nup' to 'car allowances' to 'listing of a domestic partner's income and expenses.'Click here for Q & A Part IClick here for the Means Test Webinar
All the Devils are Here: The Hidden History of the Financial Crisis
A Book Review by Grant Mullin – Part IGrant Mullin is currently one of my students in Corporate Reorganizations, an advanced course in bankruptcy. This course requires the students to complete three writing projects. One of Grant's projects is a book review of All the Devils are Here: The Hidden History of the Financial Crisis. It is an excellent book and Grant's review is so thorough (published here in two parts) that you may not even have to read the book yourself to grasp the history of the financial policies and practices that lead to the financial crisis. I am proud to publish his book review for the benefit of our members.Michaela White, Editor and Advisor
48th Annual NACTT Seminar
Program and Registration information are now available!!The Closing Bell - Judicial Estoppel and Standing in Bankruptcy. The latest developments in a controversial area that can have dramatic effects on the Chapter 13 estate will be discussed.Cases on judicial estoppel and standing to pursue non-bankruptcy causes of action, particularly those not scheduled by the debtor, continue to increase. This panel discusses the common pattern of these cases as well as the elements of judicial estoppel and standing. Our panelists tackling this topic are Louis M. Phillips of Gordon, Arata, McCollum, Duplantis & Eagan; LLC; Byrnie Bass, Jr., The Bass Law Firm; and Deborah B. Langehennig, Chapter,13 Trustee for the Western District of Texas.For more on judicial estoppel, see also: Ask Mr. Civil Procedure Man
Not Too Big For a Spanking
". . . the Court finds that a punitive damage award of $3,171,154.00 is warranted to deter Wells Fargo from similar conduct in the future. . . ."
If you haven't seen this website, you need to check it out: About Bankruptcy Mortgage Project
"The National Consumer Law Center, Inc. created the Bankruptcy Mortgage Project website as a resource for courts, consumers, trustees, mortgage servicers, attorneys, academics, and others in the bankruptcy community. This website was funded in part by a grant from the Endowment for Education of the National Conference of Bankruptcy Judges. In funding the grant, the Endowment does not endorse nor express any opinion about the methodology utilized, or any conclusions, opinions, or results contained in any report, article, book, or other writing based on the research funded by the Endowment."We first brought this to readers in December of 2012 but thought it was worth spotlighting again.
MORTGAGE MORASS
IN THE NEWS
MILITARY MATTERS
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April 29, 2013 |
Archives |
If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Dealing With The Difficult Client, Difficult Opposing Counsel, Or Difficult Pro Se Party – Part II of II
As many of you saw from last week's Part I, Judge McGarity steps outside of her usual expertise and takes on difficult people in this informative and entertaining piece. In Part I she assisted us in assessing our own personalities and how we are likely to respond to various personality types. In this, Part II, her honor will school readers on effective communication strategies.
Means Test Webinar Q & A
We regret that we didn't get to all of your questions during the recent Means Test webinar. Over the next few weeks, we will attempt to address them here. All answers in this week's article are by John Gustafson only.
Means Test. The Webinar.
And, if you missed the webinar, it is still available WITHOUT the need for a password!The Means Test: Projected Disposable Income (a/k/a Expected Unrecognizable Outcome). The Honorable Fredrick E. Clement, Chapter 13 Trustee John P. Gustafson and Teresa Rhodd, Esq. answer your questions – line by line.In memory and honor of the week-long events surrounding the Boston marathon bombing, the Academy is offering this webinar recording with no password necessary.
Credit Counseling & Debtor Education Final Rules Arrive
"There are several significant changes from the Interim Rules to the Final Rules and Organizations will have to adjust how they operate in order to comply." (This article is NOT password protected.)
48th Annual NACTT Seminar
Program and Registration information are now available!!The American Bankruptcy Institute just released The Final Report of the ABI National Ethics Task Force. The highlights of the Report will be discussed by our expert panelists, Professor Nancy Rapoport, , Co-Reporter for the ABI Task Force, Michael B. Joseph, Chapter 13 Trustee for the District of Delaware and past-President of the NACTT, and Judy A. Robbins, United States Trustee for Region 4. The ABI Report focuses on consumer bankruptcy practice, including "unbundling legal services" as well as Chapter 11 issues such as conflicts of interest when representing the debtor-in-possession and the debtor. Our expert panel will discuss the portions of the report dealing with unbundling of legal services and competency of counsel in bankruptcy matters.
MORTGAGE MORASS
IN THE NEWS
Another article on the same topic: In Circuit Split, Court Says Inherited IRA Fair Game In Bankruptcy
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April 22, 2013 |
Archives |
If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Critical Case Comment
In re Michael - When a Chapter 13 case converts to a Chapter 7 post-confirmation, the funds held by the trustee at the time of conversion should be sent to the debtor rather than distributed to creditors pursuant to the confirmed plan. (Ambro)
Dealing With The Difficult Client, Difficult Opposing Counsel, Or Difficult Pro Se Party – Part I of II
Judge McGarity steps outside of DSO and takes on difficult people in this informative and entertaining piece. In Part I she assists us in assessing our own personalities and how we are likely to respond to various personality types. Next week in Part II, her honor will school readers on effective communication and other related topics."Clients You Don't Want to Get Involved With in the First Place. Learn what drives you nuts. This takes introspection, experience (that's the hard part), and sometimes professional help."
Letter of Credit Definitions
Brandon B. McAnally is a student in Prof. Michaela White's Corporate Reorganizations course. The class is an advanced bankruptcy course which covers more complex consumer bankruptcy issues as well as Chapter 11 reorganizations. The class also covers a wide variety of commercial devices that may be used in business transactions and the resulting effects a bankruptcy filing may have on these transactional devices. It is a project based course. Brandon's PowerPoint presentation to the class on Letters of Credit was outstanding. He has allowed Prof. White to share it with the Academy members.
Means Test. The Webinar.
The Means Test: Projected Disposable Income (a/k/a Expected Unrecognizable Outcome). The Honorable Fredrick E. Clement, Chapter 13 Trustee John P. Gustafson and Teresa Rhodd, Esq. answer your questions – line by line.In memory and honor of the week-long events surrounding the Boston marathon bombing, the Academy is offering this webinar recording with no password necessary.
Hot Off The Press
48th Annual NACTT Seminar Program and Registration information are now available!!Professor David G. Epstein, holder of the University of Richmond School of Law's George E. Allen Chair and former Dean of Emory University School of Law, is a featured speaker at the NACTT Conference in New York City on August 4-6, 2013. Professor Epstein will discuss recent United States Supreme Court cases of interest to bankruptcy practitioners. Professor Epstein is an expert in bankruptcy and commercial law. He has published many books and articles on bankruptcy and commercial law. He is a lively and engaging speaker. Click here for Professor Epstein's Profile listing his many accomplishments and a sample of his publications.
Legal Advice vs. Legal Information
Now Playing on the Webinar Page, the next installation from the joint project of the NACTT Staff Training Webinar Committee and the Academy - Legal Advice vs. Legal Information. This 65 minute webinar is designed for both new and seasoned staff. This training will help your employees stay on the right side of the fine line between legal advice and legal information when dealing with clients, debtors, and other attorneys.
MORTGAGE MORASS
IN THE NEWS
Foreclosing On The Life Story In Your Head (More on the Casey Anthony bankruptcy but a more important msg on intellectual property)
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April 15, 2013 |
Archives |
If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Ask Ms. Ps & Qs
For the benefit of our newer members, Ms. Ps & Qs is a monthly column penned by nationally recognized ethics expert Professor Nancy Rapoport. Prof. Rapoport is currently serving as the Interim Dean and is the Gordon Silver Professor of Law at the William S. Boyd School of Law at the University of Nevada, Los Vegas. Her quirky writing style is a delight to read and her advice is dead on accurate, every time!She is delighted to address your ethics questions. Click here to send her your quandary.This month from Ms. Ps & Qs: "In the spirit of April (including April Fool's Day, which is when I'm writing this column), here are some headlines that I'd love to see . . ."
Mortgage Evolution: The Origin of These Fees - The Ninth Circuit Interprets RESPA In Medrano v. Flagstar Bank
The Ninth Circuit recently addressed the proper interpretation of RESPA's requirements that a servicer response to a qualified written request.
Exceptions To Discharge In Chapter 7 – Part II of II
This week, the Academy is pleased to share Part II of an outstanding outline first published at the Thirty-Ninth Annual Southeastern Bankruptcy Law Institute in Atlanta, Georgia. Although, obviously, Chapter 7, it is a great resource and can be found in The Toolbox/Definitions.Be sure to look for Outline author, James Molleur, during his debut as an NACTT speaker at the annual conference in New York City. He is certified in consumer bankruptcy law. Practicing for almost 35 years, Mr. Molleur focuses on the representation of individuals and small businesses. Mr. Molleur, along with Chapter 13 Trustee Beverly Burden and creditor attorney Sid Scheinberg, will discuss the who and how of plan modifications.Click here for Part I of Attorney Molleur's Outline
Legal Advice vs. Legal Information
Now Playing on the Webinar Page, the next installation from the joint project of the NACTT Staff Training Webinar Committee and the Academy - Legal Advice vs. Legal Information. This 65 minute webinar is designed for both new and seasoned staff. This training will help your employees stay on the right side of the fine line between legal advice and legal information when dealing with clients, debtors, and other attorneys.
Chapter 13: Practice And Procedure, 2013-14 ed.
It is with apologies to the authors and our members that last week we inadvertently directed you to an older edition of Judges Bonapfel and Drake, and Trustee Goodman's treatise – Chapter 13: Practice and Procedure. Click here for recently updated edition. Everything else reported regarding this book is accurate. We apologize for any inconvenience this may have caused.Last fall, the Honorable Paul Bonapfel allowed the Academy to publish an outstanding outline on ethics in bankruptcy. Among his many accomplishments, Judge Bonapfel has co-authored a treatise: Chapter 13: Practice and Procedure. Another co-author of this book is NACTT's own, Adam Goodman. Mr. Goodman is responsible for administering Chapter 13 Bankruptcy plans in the Northern District of Georgia for cases assigned to Judge W. Homer Drake, Jr. in the Newnan Division, and Judges Margaret H. Murphy and James R. Sacca in the Atlanta Division. He also serves on the Board of the National Data Center. Judge Drake is the third 'musketeer' in this authorship trio.One fan of Chapter 13: Practice and Procedure says: "This book is FABULOUS! I use it all the time. It covers just about everything you can think of and is super well organized. Thus the table of contents allows you to get where you are going very quickly. It stays on my desk, not my bookshelf."A must have for any law practice.
Critical Case Comment
In Case You Missed It: Drummond v. Welsh (In re Welsh). A bankruptcy court is precluded from considering whether a chapter 13 debtor has "accounted for" Social Security income in determining whether a plan is proposed in good faith; a chapter 13 debtor's proposal to retain and pay secured debt upon luxury items does not* establish a lack of good faith.For appellate briefs regarding this issue, see dropdown menu above - The Toolbox/Brief Bank/Social Security*We regret that the word NOT was omitted last week.
MORTGAGE MORASS
IN THE NEWS
Mortgage Liens: Can Liens Be "Stripped Off" (Vs. "Stripped Down") In A Chapter 7 Case? - Wachovia Mortgage v. Smoot (Chapter 7 case)
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April 8, 2013 |
Archives |
If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Critical Case Comment
Drummond v. Welsh (In re Welsh). A bankruptcy court is precluded from considering whether a chapter 13 debtor has "accounted for" Social Security income in determining whether a plan is proposed in good faith; a chapter 13 debtor's proposal to retain and pay secured debt upon luxury items does establish a lack of good faith.For appellate briefs regarding this issue, see dropdown menu above - The Toolbox/Brief Bank/Social Security
Exceptions To Discharge In Chapter 7 – Part I of II
This week, the Academy is pleased to share Part I of an outstanding outline first published at the Thirty-Ninth Annual Southeastern Bankruptcy Law Institute in Atlanta, Georgia. Although, obviously, Chapter 7, it is a great resource and can be found in The Toolbox/Definitions.Outline author, James Molleur, is a certified specialist in consumer bankruptcy law. Practicing for almost 35 years, Mr. Molleur focuses on the representation of individuals and small businesses. Mr. Molleur will make his debut as an NACTT speaker at the annual conference in New York City. He, along with Chapter 13 Trustee Beverly Burden and creditor attorney Sid Scheinberg, will discuss the who and how of plan modifications.
What Do You Know About the New Claims Transfer Fee?
Last week, the Academy ran an article about the Claims Transfer Fee which goes into effect May 1st.Update: Click here for an official press release from the Bankruptcy Court Administration Division.
Judge Speer Passes Away
United States Bankruptcy Judge Richard L. Speer died suddenly after completing his regular work day on Wednesday, April 3rd. Appointed in 1975, he served the Northern District of Ohio, Toledo Division. Judge Speer will be missed by the entire bankruptcy community, his family and friends.
Chapter 13: A Great Business to Be In
Some days we question why we got into this business. Soon-to-be-Professor Bruce A. Markell reminds us why in this article from the Academy's archives. (This article is NOT password protected.)
Chapter 13: Practice And Procedure, 2010-2011 ed.
Last fall, the Honorable Paul Bonapfel allowed the Academy to publish an outstanding outline on ethics in bankruptcy. Among his many accomplishments, Judge Bonapfel has co-authored a treatise: Chapter 13: Practice and Procedure. Another co-author of this book is NACTT's own, Adam Goodman. Mr. Goodman is responsible for administering Chapter 13 Bankruptcy plans in the Northern District of Georgia for cases assigned to Judge W. Homer Drake, Jr. in the Newnan Division, and Judges Margaret H. Murphy and James R. Sacca in the Atlanta Division. He also serves on the Board of the National Data Center. Judge Drake is the third 'musketeer' in this authorship trio.One fan of Chapter 13: Practice and Procedure says: "This book is FABULOUS! I use it all the time. It covers just about everything you can think of and is super well organized. Thus the table of contents allows you to get where you are going very quickly. It stays on my desk, not my bookshelf."A must have for any law practice.
Helping Your Clients Re-build Their Credit Score
Have you seen this really cool website? CreditKarma.com It is Better Business Bureau accredited with an A rating AND it is completely free. Once registered, your clients can check their credit score as often as they like. They can also sign up for email updates when changes to their credit report occur. Unlike other similar sites, CreditKarma.com breaks down an individual's credit score, assigning grades from A to F on specific credit issues such as late pay.
CFPB Press Release
CFPB Takes Action Against Mortgage Insurers To End Kickbacks To Lenders - Four Companies to Pay $15.4 Million in Penalties
Confirmation Is Only the Beginning: Chapter 13 After Care
In case you missed it last week: "We kid ourselves if we think our work as bankruptcy lawyers is done when the Chapter 13 plan is confirmed."
MORTGAGE MORASS
IN THE NEWS
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April 1, 2013 |
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Spring
Although much of the country is digging out of, hopefully, the last blast of winter, the Academy wishes you a happy spring and hopes that you had a delightful Easter and Spring Break.
Confirmation Is Only the Beginning: Chapter 13 After Care
"We kid ourselves if we think our work as bankruptcy lawyers is done when the Chapter 13 plan is confirmed."
Chicago Board of Trade v. Johnson, 264 U.S. 1 (1924)
Issue: Is a seat on the Chicago Board of Trade "property" even though the Supreme Court of the state of Illinois said it is not? Are pre-petition restrictions on the sale of the seat enforceable against the trustee?Holding: Yes**Regularly Featured Author Joins FirmThe Academy is honored to regularly publish articles on Supreme Court bankruptcy cases by M. Jonathan Hayes. The articles span the past and present of bankruptcy at the Supreme Court level. Mr. Hayes has recently become a partner in the law firm of Simon Resnik Hayes LLP in Sherman Oaks, CA.
New Loan Mods (The following links are articles on a new modification program.)
- Fannie/Freddie to Homeowners: Do Nothing and Help Will Arrive ". . . launched a new loan modification program. The program is a major departure from HAMP and HARP (thankfully!)."
- Fannie Mae Regulator Sets No-Doc Modifications for Borrowers
- FHFA Expands Suite Of Loan Mod Tools
- New mortgage program offers lower payments
What Do You Know About the New Claims Transfer Fee?
Beginning May 1st, a party filing a transfer of claim in the bankruptcy court will be required to pay a fee of $25.
Critical Case Comment
In re Marotta. The filing fee advanced by a debtor's attorney on behalf of a Chapter 13 debtor is a dischargeable unsecured claim; the recovery of such fees are not recoverable administrative expenses which can be paid in the Chapter 13 case.
MORTGAGE MORASS
IN THE NEWS
AVOIDING IDENTITY THEFT – For You and Your Clients
STUDENT LOANS – THE NEXT BIG THING
THINGS THAT MAKE YOU GO, HMMM?
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March 25, 2013 |
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Critical Case Comment
In re Marotta. The filing fee advanced by a debtor's attorney on behalf of a Chapter 13 debtor is a dischargeable unsecured claim; the recovery of such fees are not recoverable administrative expenses which can be paid in the Chapter 13 case.
Claims Litigation: Understanding and Successfully Navigating Claim Objections in Bankruptcy Part II of II
Ms. Caval continues and concludes her detailed discussion of the claims objection process. This article will be housed in the Academy's Toolbox for future reference.
Click here for Part I.
Introducing Your National Bankruptcy Archives
" . . . The history of this important debtor's rights organization comes to life in preeminent consumer lawyer Henry Sommer's 3-½ hour oral history. The Sommer interview is but one example of the interesting history that is preserved . . . , a national repository of archival materials relating to the history of debtor-creditor relations, bankruptcy and the reorganization of debt."
Click here for Judge Sigmund's piece: Sua Sponte
In Case You Missed It Last Week: Direct Deposit Requirement May Create Problems for Debt Laden Social Security Beneficiaries
(Re-published with permission from BankruptcyLawNetwork)
"Social Security's new rules requiring all beneficiaries to set up direct deposit could create significant problems for beneficiaries who owe money to creditors."
For more on this topic see:
Top 10 Tax Audit Triggers
Good reminder for both you and your clients!
Former Mississauga Man Guilty in Defrauding Lawyers
Beware; even attorneys get scammed. "Fraudsters would email lawyers claiming to be potential overseas clients — individuals or businesses — looking for legal assistance in collecting money they were owed for divorces, real estate or other legal matters."
The New Dollar Amounts Are Out
Reminder: April 1st the adjusted Bankruptcy Code dollar amounts go into effect. Yes, your software provider will update the numbers but you also need to be aware of the changes in eligibility. (This article is NOT password protected.)CFPB To Hold Auto Lenders Accountable For Illegal Discriminatory Markup
(No password required.)
"Lender policies that provide dealers with this type of discretion increase the risk of pricing disparities among consumers based on race, national origin, and potentially other prohibited bases. Research indicates that markup practices may lead to African Americans and Hispanics being charged higher markups than other, similarly situated, white consumers."
MORTGAGE MORASS
IN THE NEWS
THINGS THAT MAKE YOU GO HUM?
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March 18, 2013 |
Archives |
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Dear Ms. Ps & Qs
"I'd love for state bars to do more with uncivil lawyers . . ." Need we say more? Ms. Ps & Qs has outdone herself with the stellar advice offered this month.
Claims Litigation: Understanding and Successfully Navigating Claim Objections in Bankruptcy Part I of II
Ms. Caval details the claims objection process from beginning to end including who can object, notice, service, and the burden of proof. This article will be housed in the Academy's Toolbox for future reference.
Direct Deposit Requirement May Create Problems for Debt Laden Social Security Beneficiaries
(Re-published with permission from BankruptcyLawNetwork)"Social Security's new rules requiring all beneficiaries to set up direct deposit could create significant problems for beneficiaries who owe money to creditors."
ProQuest Study
Investor demand for securities backed by private student loans has soared even as the default rate on these loans has significantly increased.
Markell to Join Florida State Law Faculty
United States Bankruptcy Judge for the District of Nevada and Member of the Bankruptcy Appellate Panel for the United States Court of Appeals for the Ninth Circuit, Bruce A. Markell, will become the Jeffrey A. Stoops Professor at the Florida State University College of Law.
The New Dollar Amounts Are Out
Reminder: April 1st the adjusted Bankruptcy Code dollar amounts go into effect. Yes, your software provider will update the numbers but you also need to be aware of the changes in eligibility. (This article is NOT password protected.)CFPB Announcements
- Rule to Oversee Nonbank Student Loan Servicers
- Prepared Remarks of Director Cordray on Proposed Rule on Student Loan Servicers
In re Woerner – Plain Meaning and Trickeration
Taylor v. Freeland & Kronz Revisited: The plain meaning of Rule 4003(b) may permit objections even as to unamended exemption claims where the exemption schedule has been amended. A case that supports this result based on a plain reading of the rule is discussed in this article by John Gustafson.
MORTGAGE MORASS
IN THE NEWS
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March 11, 2013 |
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In re Woerner – Plain Meaning and Trickeration
Taylor v. Freeland & Kronz Revisited: The plain meaning of Rule 4003(b) may permit objections even as to unamended exemption claims where the exemption schedule has been amended. A case that supports this result based on a plain reading of the rule is discussed in this article by John Gustafson.
Avoiding Defective Mortgages In Chapter 13- The How And Why - Or How to Use Your Strong Arm to Strip Off a Defective Mortgage Without Losing Your Shirt – Part II of II
In this, Part 2 of 2, Trustee Sensenich details how to incorporate § 544 lien avoidance into a Chapter 13 plan.
HOA Fees and Liens: So, What's a Poor Homeowner to Do? Part II of II
In Part II of Ms. Bess' article, she takes an overall look at the ongoing steps needed to resolve HOA fee issues. ". . . HOA fees can be the bane of both homeowners and their attorneys."The New Dollar Amounts Are Out
Reminder: April 1st the adjusted Bankruptcy Code dollar amounts go into effect. Yes, your software provider will update the numbers but you also need to be aware of the changes in eligibility. (This article is NOT password protected.)
The IRS May Attempt To Disallow Your Charitable Deductions
"As you compile your tax material for the preparation of your 2012 income tax returns, now is the perfect time to examine your files to ensure you have all required records to support your charitable contributions, particularly in light of a recent Tax Court decision." This could easily have implications for your clients or you personally.
Creativity in Chapter 13 – An Unsecured Creditor's Dilemma
In case you missed it last week: Ms. Becket provides us with a detailed look at unsecured claims and looks at the question: Will a National Form Plan Make any Difference?
MORTGAGE MORASS
IN THE NEWS
600,000 Americans have 'megacommutes' of over 90 minutes (Not bankruptcy related but interesting.)
MILITARY MATTERS
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March 4, 2013 |
Archives |
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Creativity in Chapter 13 – An Unsecured Creditor's Dilemma
Ms. Becket provides us with a detailed look at unsecured claims and looks at the question: Will a National Form Plan Make any Difference?
The Economic Unit Theory of Calculating a Debtor's Household Size
Cleveland, Ohio, Staff attorney Phil Lamos answers the question 'what is an economic unit.' This article can be found in the Academy's Toolbox under a brand new category called Definitions.
HOA Fees and Liens: The Never-Ending Debt? Part I of II
"Many owners have become so hopelessly behind in their ever increasing HOA fees, that they face foreclosure by their home owner's association (HOA). Still others have had to come to grips . . . that . . . investments . . . are never going to realize the value of the mortgages . . . ."
In Part I, Ms. Bess addresses more particularly state of Florida HOA issues. Next week's Part II takes a more overall look at ongoing steps needed to resolve HOA fee issues.
The New Dollar Amounts Are Out
Reminder: April 1st the adjusted Bankruptcy Code dollar amounts go into effect. (This article is NOT password protected.)
Critical Case Comment
In re Moore, 482 B.R. 248 (Bankr. C.D. Ill. Nov. 1, 2012) (Gorman)
Where a debtor's payments on an automobile are virtually certain to end, the "ownership allowance" permitted by the IRS Local Transportation Standards terminates and the debtor's projected disposable income must "step up" after such secured claim is satisfied.
MORTGAGE MORASS
IN THE NEWS
Good resource for you, not just your clients: An Easier Way To Calculate The Home Office Deduction
In case you missed it last week . . . Important for ALL of us: Steps to Guard Against Identity Fraud
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February 25, 2013 |
Archives |
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Critical Case Comment
In re Moore, 482 B.R. 248 (Bankr. C.D. Ill. Nov. 1, 2012) (Gorman)
Where a debtor's payments on an automobile are virtually certain to end, the "ownership allowance" permitted by the IRS Local Transportation Standards terminates and the debtor's projected disposable income must "step up" after such secured claim is satisfied.
Supreme Court Corner
Lewis v. Roberts, 267 U.S. 467 (1925)
Issue: Is a "judgment founded on a tort" a debt "provable in bankruptcy"?
Holding: Yes
The New Dollar Amounts Are Out
Reminder: April 1st the adjusted Bankruptcy Code dollar amounts go into effect.
Avoiding Defective Mortgages In Chapter 13- The How And Why - Or How to Use Your Strong Arm to Strip Off a Defective Mortgage Without Losing Your Shirt – Part I of II
In this detailed piece, Trustee Sensenich details how § 544 can work in Chapter 13 cases and its use to avoid defective liens.
In case you missed it last week . . .
A Modest Proposal for Student Loan Treatment in Chapter 13
"This short piece is a plea for student loan treatment in Chapter 13 plans in a manner that can allow Chapter 13 to play its rehabilitative role for debtors burdened with significant student loan debt."
In a press release issued on February 6, Rep. Steve Cohen (D-Tenn.) announced the introduction of a bill (H.R. 532) that would make private student loans dischargeable in bankruptcy, as they were before the 2005 Amendments. On January 23, Sen. Richard Durbin introduced a similar bill (S-114) in the Senate.
Rep. Cohen cited a study released by the Consumer Financial Protection Bureau that found outstanding student loan debt in the U.S. exceeded $1 trillion in 2011. Of that amount, $150 billion were private student loans. The Bureau recommended that private student loans be dischargeable in bankruptcy.
On The Legislative Front
In a press release issued on February 6, Rep. Steve Cohen (D-Tenn.) announced the introduction of a bill (H.R. 532) that would make private student loans dischargeable in bankruptcy, as they were before the 2005 Amendments. On January 23, Sen. Richard Durbin introduced a similar bill (S-114) in the Senate.
Rep. Cohen cited a study released by the Consumer Financial Protection Bureau that found outstanding student loan debt in the U.S. exceeded $1 trillion in 2011. Of that amount, $150 billion were private student loans. The Bureau recommended that private student loans be dischargeable in bankruptcy.
MORTGAGE MORASS
IN THE NEWS
Good resource for you, not just your clients: An Easier Way To Calculate The Home Office Deduction
In case you missed it last week . . . Important for ALL of us: Steps to Guard Against Identity Fraud
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February 19, 2013 |
Archives |
If you experience difficulty accessing the site or a specific article, please email Regina.Logsdon@ConsiderChapter13.org.
Ask Ms. Ps & Qs
Ethics expert, Ms. Ps & Qs addresses 2 reader questions: (1) What are your obligations to Shifty McFraud when you consult with but are not retained by Mr. McFraud; and (2) your email out of office message.
A Modest Proposal for Student Loan Treatment in Chapter 13
"This short piece is a plea for student loan treatment in Chapter 13 plans in a manner that can allow Chapter 13 to play its rehabilitative role for debtors burdened with significant student loan debt."
In a press release issued on February 6, Rep. Steve Cohen (D-Tenn.) announced the introduction of a bill (H.R. 532) that would make private student loans dischargeable in bankruptcy, as they were before the 2005 Amendments. On January 23, Sen. Richard Durbin introduced a similar bill (S-114) in the Senate.
Rep. Cohen cited a study released by the Consumer Financial Protection Bureau that found outstanding student loan debt in the U.S. exceeded $1 trillion in 2011. Of that amount, $150 billion were private student loans. The Bureau recommended that private student loans be dischargeable in bankruptcy.
On The Legislative Front
In a press release issued on February 6, Rep. Steve Cohen (D-Tenn.) announced the introduction of a bill (H.R. 532) that would make private student loans dischargeable in bankruptcy, as they were before the 2005 Amendments. On January 23, Sen. Richard Durbin introduced a similar bill (S-114) in the Senate.
Rep. Cohen cited a study released by the Consumer Financial Protection Bureau that found outstanding student loan debt in the U.S. exceeded $1 trillion in 2011. Of that amount, $150 billion were private student loans. The Bureau recommended that private student loans be dischargeable in bankruptcy.
Where There's "Foreclosure Abuse" Smoke, There's "Foreclosure Abuse" Fire
"Enter Yves Smith, of the "Naked Capitalism" blog. Ms. Smith conducted extensive investigations into the review process and found several reviewers who were willing to share details from inside the operation. . . . leaks during the course of the reviews revealed "deep-seated conflicts, limited competence among the review firms, half-hearted efforts to reach eligible homeowners, and aggressive efforts by the banks to suppress any findings of harm" . . .
Unique Bankruptcy Facilitator Program Provides Lifeline in Nevada
"The Bankruptcy Facilitator is a unique program in that it does not require space in the courthouse or a court employee's time to administer it."
Case of the Day
It is with great sadness that we inform members of the discontinuance of Case of the Day. The Case of the Day feature has been graciously donated by Ch13online.com for five years. The writers are the best in the business. The Academy wishes to thank them for their generous support. For all of our members, remember that Ch13online.com is the best source for up to date legal research in the world of Chapter 13 and anyone who regularly practices in this area owes it to her clients to keep up their subscription.
Passing of Donald Aikman
73-year young Chapter 13 Trustee, Fort Wayne, Indiana, passed away on February 4th. Trustee Aikman will be greatly missed.
MORTGAGE MORASS
IN THE NEWS
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February 11, 2013 |
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Critical Case Comment
In re Puffer, 478 B.R. 101 (Bankr. Mass., Sept. 27, 2012) (Boroff)
Where a debtor's lack of good faith in filing a bankruptcy case stems from poor advice given by a debtor's attorney, an obstacle to compensation to that attorney on account of such services is virtually insurmountable.
Special Gift for Academy Members
This week we have a special treat for Academy members: The Gustafson Means Test Line by Line Outline. Last summer ConsiderChapter13.org ran a series of articles by Trustee Gustafson dissecting the Means Test. Now you can download, in PDF format, the entire, newly updated outline to take with you as a ready resource for court, 341's, or meetings with clients. At 200+ pages, it is both a reference book AND a non-addictive sleep aid!
Not a member? There is no better time to join.
LIES DAMNED LIES AND STATISTICS
Chapter 13 filings declined by 10% in calendar year 2012 compared to filings in 2011, according to data released by the Administrative Office of the U.S. Courts on February 4, 2013. Bankruptcy filings decreased across the board by 13% in 2012 compared to the year before. Chapter 7 filings fell 15% and Chapter 11 filings by 10%.
Click here for the AOUSC's news release along with bankruptcy filing data.
Industry Veteran Announces Formation of National Attorney Network
"The OCC has published a very clear set of criterion for the selection of Third Party Vendors. Our membership standards are reflective of these criterions. . ."
Consumer Financial Protection Bureau
CFPB teams up with Newark to help local consumers with questions and complaints. The CFPB continues to find new ways to solicit complaints.
Judge Leif M. Clark Retires
MORTGAGE MORASS
IN THE NEWS
A Change in Name and More (Another article on the same topic)
Casey Anthony Files Bankruptcy (Probably the most detailed article.)
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February 4, 2013 |
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So You Want To Use RESPA, N'est-Ce Pas?
"Courts have generally rejected the argument that the Bankruptcy Code and/or Rules somehow preempt RESPA, and that debtors in bankruptcy should be required to use discovery rules rather than a Qualified Written Request."
Brief Bank Additions
To supplement Mr. Gustafson's RESPA article, South Bend, Indiana, Chapter 13 Trustee Debra Miller shares two briefs with Academy members:
NATIONAL PLAN FORM WEBINAR: A Pro and Con Discussion
An ongoing, controversial issue and you still have an opportunity to examine what is on the horizon. View this webinar FREE. Over 300 of your colleagues have already joined Judge Eugene Wedoff, Hank Hildebrand and John Gustafson as they discuss the ups, downs and questions regarding the proposed form. Don't get left behind. Click here for the archived webinar. Click here for the most recently revised Form and rules.
Consumer Financial Protection Bureau
The CFPB announced Steve Antonakes will serve as Acting Deputy Director replacing departing Deputy Director Raj Date and has launched an inquiry on campus financial products. The Notice and Request for Information, along with information on how to electronically submit comments, is located on the CFPB's website. The public may submit comments until March 18, 2013.
MORTGAGE MORASS
IN THE NEWS
MILITARY MATTERS
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January 28, 2013 |
Archives |
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Critical Case Comment
By Kevin R. Anderson, Chapter 13 Trustee for the District of Utah
Jacobo v. BAC Home Loans Servicing, LP. Service of a Chapter 13 plan proposing a cram down or lien strip should be served under Bankruptcy Rule 7004, and service on an Insured Depository Institution requires "notice by certified mail addressed to an officer of the institution."
Ninth Circuit Orders Rehearing En Banc of In re Flores, Which Had Upheld the Continued Viability of In re Kagenveama in Spite of Hamilton v. Lanning
The Academy is pleased to introduce a new author this week. Catherine King resides in Redding, but practices in the Greater San Francisco area. She represents debtors in consumer bankruptcy matters and maintains her own blog.
". . . While the debtors in Flores and Kagenveama had no "disposable income," Lanning's debtor did. To clarify, because the debtors in each case were above median income, they were required under § 1325(b)(3) of the Bankruptcy Code to calculate their expenses under § 707(b)(2) by completing Form B22C. In Flores and Kagenveama, that produced a negative number for "disposable income," and a positive number in Lanning."
Consumer Financial Protection Bureau
The CFPB is still busy . . . Rules To Prevent Loan Originators From Steering Consumers Into Risky Mortgages
IRS Announces Guidance on the Principal Reduction Alternative Offered in HAMP
On January 24 the IRS announced guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction AlternativeSM
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January 21, 2013 |
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HOLY CREEPING LANNINGISM BATMAN! – CHAPTER 13 CONCEPTS INVADING THE CHAPTER 7 MEANS TEST?
By John P. Gustafson, Chapter 13 Trustee for the Northern District of Ohio, Western Division
"Some of the newer cases interpreting the Chapter 7 Means Test have embraced "creeping Lanningism" – a term I just made up. One aspect of this new trend is to use a 'forward looking approach' in evaluating the Chapter 7 Means Test in determining whether the presumption of abuse exists, or not."
Supreme Court Corner
Williams v. U.S. Fidelity & Guaranty Company, 236 U.S. 549 (1915)
Issue: Is the debtor's liability to a surety which has posted a bond on his behalf, a "debt" under the code at the time and therefore discharged?
Holding: Yes.
National Consumer Law Center Statement Regarding CFPB Mortgage Servicing Rules
The NCLC released a report this week on lessons from HAMP entitled At A Crossroads. Click here for the Press Release regarding this report.
CFPB
The Consumer Financial Protection Bureau was very busy again this week, issuing two new rules and one regulation - Regulation X: 2013 Real Estate Settlement Procedures Act and Regulation Z: Truth in Lending Act. Each with an effective date of 1/10/14. Click here for the 59-paged text of Regulation X. Click here for the 27-paged text of Regulation Z. Click here for Director Cordray's comments regarding X and Z. Regulation B: Disclosure and Delivery Requirements for Copies of Appraisals and Other Written Valuations Under the Equal Credit Opportunity Act has also been amended.
Click here for the NCLC statement regarding the above mortgage servicing rules.
And on Friday a CFPB press release stated: Six federal financial regulatory agencies issued the final rule that establishes new appraisal requirements for "higher-priced mortgage loans." Click here for the text of the rule.
Click here for the NCLC statement regarding the above mortgage servicing rules.
And on Friday a CFPB press release stated: Six federal financial regulatory agencies issued the final rule that establishes new appraisal requirements for "higher-priced mortgage loans." Click here for the text of the rule.
MORTGAGE MORASS
IN THE NEWS
Lies, Damned Lies and Statistics
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January 7, 2013 |
Archives |
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National Plan Form Q & A
The proposed National Plan Form remains in the headlines this week. As you know, the Academy hosted a webinar on the topic 12/19/12. Many of you had questions which were not addressed due to time constraints. Judge Wedoff and Trustees Gustafson and Hildebrand have endeavored to answer many of these questions. Click here for their comments.
NATIONAL PLAN FORM WEBINAR: A Pro and Con Discussion. Judge Eugene Wedoff, Henry Hildebrand and John Gustafson discuss ups, downs and questions regarding the proposed form. Click here for the archived webinar. Click here for a PDF of the PowerPoint. Click here for the most recently revised Form and rules.
SO WHERE ARE WE? New Miscellaneous Rules and Proposed Changes
In addition to the National Plan Form, there are other issues and changes included in the 458 paged recommendations from the Advisory Committee on Bankruptcy Rules. In this article, Mr. Bell outines a few that may be of particular interest to creditors.
Bankruptcy's Three Little Words: Bequest, Devise and Inheritance (Reprinted with expressed permission from BankruptcyMastery.com)
"Any interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date"
Another Academy Member Accepted to American College of Bankruptcy
David Cox has been accepted to the 24th Class of the ABC. Mr. Cox practices bankruptcy law throughout the Western District of Virginia from his offices in Lynchburg, Danville, Staunton, and Winchester. His practice focuses exclusively on the representation of consumer debtors. Prior to entering private practice, Mr. Cox served as a judicial law clerk for the Hon. William E. Anderson, Bankruptcy Judge for the Western District of Virginia. He is past member of the Virginia State Bar's Board of Governors for the Bankruptcy Section and he was included in Virginia Business Magazine's list of the best Bankruptcy lawyers in the state as well as in their list of the best Young Practitioners.
Judge Joseph "Jerry" Patchan Passes Away
Judge Patchan passed away on Christmas day. Judge Patchan's career span more than 40 years. He served as Executive Director of the UST Program. He established the National Bankruptcy Training Institute, was a member of the Advisory Committee of Bankruptcy Rules, was a founding member and former board member of the American Bankruptcy Institute, a Fellow and former Board Member of the American College of Bankruptcy, is the author of Practice Comments from Federal Rules of Bankruptcy and served as a consultant for the International Monetary Fund and World Bank. He will be greatly missed.
MORTGAGE MORASS
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December 31, 2012 |
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Happy New Year!
The Academy wishes to thank our loyal members, fabulous authors and regular contributors for a wonderful 2012. You all have made it possible for the Academy to grow and develop into the premier site for all things consumer bankruptcy.
We are looking forward to an exciting 2013. If you are interested in contributing ideas or articles, don't hesitate to contact us.
And remember that your $$ monetary donation $$ to the Academy is tax deductible.
Four Bankruptcy Forms Changed December 1st (Reprinted with permission from BankruptcyLawNetwork.com)
The Academy is pleased to reprint Ms. Michaux' article originally published on the Bankruptcy Law Network. Four official bankruptcy form changes went into effect December 1, 2012. The changed forms are B7, B9, B10, and B21. Be sure you are using the latest version of these forms. (This article is NOT password protected.)
Ms. Michaux was recently appointed to the Advisory Committee on Bankruptcy Rules by Chief Justice John Roberts.
NATIONAL PLAN FORM WEBINAR: A Pro and Con Discussion
Judge Eugene Wedoff, Henry Hildebrand and John Gustafson discuss ups, downs and questions regarding the proposed form. Click here for the archived webinar, click here for a PDF of the PowerPoint, and click here for the most recently revised Form and rules (fresh from the Committee).
See also: Chapter 13 National Plan Form and Rules Amendments: Speak Now or Forever Hold your Peace (This article is NOT password protected.)
Balboa Accepted to American College of Bankruptcy
Congratulations to Isabel Balboa on being accepted as a member of Class 24 of the American College of Bankruptcy. Trustee Balboa is a loyal member and regular contributor to ConsiderChapter13.org. She is a native of Havana, Cuba, and has been the Chapter 13 Standing Trustee for Region 3 assigned to the State of New Jersey, Camden Vicinage, since 1997.
Bankruptcy Mortgage Project
So, have you seen this website? If not, check it out. It is a helpful link for mortgage issues from our friends at NCLC. Click the state you are interested in to find all kinds of mortgage related forms from Local Rules to Loss Mitigation and Mediation. Check it out and let us know if you like it.
Judge Joseph "Jerry" Patchan Passes Away
Our condolences to the family of Judge Patchan who passed away on Christmas day. Judge Patchan's career spanned more than 40 years. He served as Executive Director of the UST Program. He established the National Bankruptcy Training Institute, was a member of the Advisory Committee of Bankruptcy Rules, was a founding member and former board member of the American Bankruptcy Institute, a Fellow and former Board Member of the American College of Bankruptcy, is the author of Practice Comments from Federal Rules of Bankruptcy and served as a consultant for the International Monetary Fund and World Bank. He will be greatly missed.
MORTGAGE MORASS
IN THE NEWS
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December 24, 2012 |
Archives |
A Chris-Spin Carroll: With Apologies To Charles Dickens
"After a late December evening filled with too much pickled herring, eggnog and spiced cider, Ebenezer Hildebrand fell asleep in front of the fire, his Code falling to the floor as he nodded off." (This article is NOT password protected.)
A Chapter 13 Trustee's Duty to Object to Claims: An Obligation to Bring Fairness to the System ( Reprinted with permission from the ABI Journal, Vol. XXXI, No. 10, November 2012.)
"Recently, however, there has been heightened scrutiny of claims asserted by putative creditors. Many creditors attempt to file proofs of claim without documentation or support for the claim, relying on the statutory presumption that a filed claim is an allowed claim." (This article is NOT password protected.)
While doing your holiday shopping, don't forget to utilize the Academy's link to Amazon (right). Simply link to Amazon through the Academy's portal and the Academy receives a small commission on each purchase. Painless to you, cash to fund free webinars for us!
CFPB Press Releases
The CFPB wants your comments on the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act).
Click here for the press release. Click here for the Request for Information. Click here to Comment.
MORTGAGE MORASS
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December 17, 2012 |
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Critical Case Comment
Meyer v. Scholz (In re Scholz). An anti-anticipation clause in a governmental or private retirement plan or trust does not exclude such income from the calculation of current monthly income and projected disposable income under 11 U.S.C. § 1325(b).
Section 363 Sales in Chapter 13© Part 6
This week Trustee Gustafson answers the question: How Do You Set Up A Sale Of Property In Chapter 13?
Supreme Court Corner - Lamie v. United States Trustee, 540 U.S. 526 (2004)
Issue: Does the debtor's attorney in a chapter 11 case have the right to fees after the case is converted to chapter 7 when his efforts benefit the estate but he has not been retained by the trustee or approved in advance by the court?
Holding: No
When Multiple Filings Become Abuse of the System?
"Multiple filings without any intent of actually completing a Chapter 13 bankruptcy imposes a burden on the bankruptcy system."
While doing your holiday shopping, don't forget to utilize the Academy's link to Amazon (right). Simply link to Amazon through the Academy's portal and the Academy receives a small commission on each purchase. Painless to you, cash to fund free webinars for us!
CFPB Press Releases
Three Press releases came out this week from the CFPB.
(1) CFPB Halts Alleged Nationwide Mortgage Loan Modification Scams
(2) CFPB Proposes Allowing Companies to Run Trial Disclosure Programs
(3) CFPB Report Details How the Nation's Largest Credit Bureaus Manage Consumer Data
MORTGAGE MORASS
December 10, 2012
Critical Case Comment
In re Thongta. If stay relief is granted to a mortgage claimholder and the mortgage claimholder withdraws its claim, Rule 3002.1 no longer applies
How Do You Handle Non-Filers?
Attention Debtor Attorneys: Dave has a FREE product for your non-filing clients. Click here to read more. (This article is not password protected.)
Mark Twain Has Filed Bankruptcy!
The Academy is thrilled to welcome back delightful author, Leon Bayer. Attorney Bayer brings us a historical look at Samuel Clemens and reminds us that financial issues are merely a bump in the road, not the end of the road. (This article is not password protected.)
While doing your holiday shopping, don't forget to utilize the Academy's link to Amazon (right). Simply link to Amazon through the Academy's portal and the Academy receives a small commission on each purchase. Painless to you, cash to fund free webinars for us!
Please inform the Academy if your email address changes. If you move, change law firms, or start using a different email address, let us know so your membership can follow you.
MORTGAGE MORASS
December 3, 2012
Chapter 13 National Plan Form and Rules Amendments: Speak Now or Forever Hold your Peace
AND Mark Your Calendar Now for a free, informative webinar on the Form on Wednesday, December 19th, 2:00 Eastern.
Sua Sponte: Who Sponte? Why Sponte? You Sponte? Try Sponte?
This week the Academy is pleased to treat members to a detailed piece from the Academy's original Editor and Advisor, Thomas Waldron. "The focus of this article is the availability . . . desirability, of a bankruptcy judge employing sua sponte actions to ensure ethical and professional conduct . . ."
Critical Case Comment
Beaulieu v. Ragos (In re Ragos). Bankruptcy Code excludes Social Security benefits from the calculation of current monthly income, disposable income, and projected disposable income; and it cannot be bad faith to exclude such benefits from the repayment of unsecured creditors through a Chapter 13 plan.
Killing the MERS Boogeyman: a Clarification of a Secured Creditor's Standing in Bankruptcy
The Academy is pleased to introduce new contributing author, creditor attorney Sherry Moore. Everyone will want to read this thorough piece on standing.
While doing your holiday shopping, don't forget to utilize the Academy's link to Amazon (right). Simply link to Amazon through the Academy's portal and the Academy receives a small commission on each purchase. Painless to you, cash to fund free webinars for us!
Transfer of Claim Fee. An Unintended Consequence?
UPDATE - On Veterans' Day, the Academy ran this article regarding a new fee on transfers of claim which will be effective May 1, 2013. The proposed fee schedule now appears on the website of the United States Courts. Click here to go to the United States Court site, then scroll down to #20.
Reminder: The Next Round of Rules Changes Are Effective NOW -
Yet Another Round of Rule ChangesChanges to Bankruptcy Rules 1007, 2015, 3001, 7054, and 7056. NO PASSWORD REQUIRED.
Please inform the Academy if your email address changes. If you move, change law firms, or start using a different email address, let us know so your membership can follow you.
MORTGAGE MORASS
IN THE NEWS
November 26, 2012
While doing your holiday shopping, don't forget to utilize the Academy's link to Amazon (right). Simply link to Amazon through the Academy's portal and the Academy receives a small commission on each purchase. Painless to you, cash to fund free webinars for us!
Yet Another Round of Rule Changes
The United States Supreme Court has adopted changes to Bankruptcy Rules 1007, 2015, 3001, 7054, and 7056 which will take effect on December 1, 2012.NO PASSWORD REQUIRED for this vital information.
Moving Towards A (Mostly) Worry Free Chapter 13 Law Practice
In August, Certified Specialist Leon Bayer, brought Academy members a delightful and informative three part piece, sharing tried and true words of wisdom to assist debtors' attorneys in maximizing profitability while complying with the highest of ethical standards. We've pulled all three pieces together in this one, NO PASSWORD REQUIRED, article.
Mortgaging Human Capital: Federally Funded Subprime Higher Education
This concise piece, first published in July, is still just applicable today: "Student loans figure more and more as a factor in personal over-indebtedness and bankruptcy."
In Re Bankruptcy Law Clerks As Mediators In Consumer Matters: An Effective, Cost-Saving Approach
Click here to read a visionary article on the future utilization of law clerks as Mediators. Ohio State's Mayhew-Hite Report will feature this article in its upcoming issue.
Discharging Post-Petition Association Dues
In July, Debtor Attorney Mark Leffler gave Academy members a detailed look at how to respond to the inevitable assertion by a client: "I thought you took care of this in my bankruptcy"? Mr. Leffler has updated this piece including the most recent case decisions.
MORTGAGE MORASS
MILITARY MATTERS
November 19, 2012
HAPPY THANKSGIVING
Yet Another Round of Rule Changes Part 2
The United States Supreme Court has adopted changes to Bankruptcy Rules 1007, 2015, 3001, 7054, and 7056 which will take effect on December 1, 2012.
Changes to Rules 1007, 2015, and 7054, were discussed in a previous post.
Ask Ms. Ps & Qs
Dear Ms. Ps & Qs: I often have clients who are married to each other when they file. How do I break it to them that they might not be married at the end of the case? Signed: Not Cynical, Just Practical
The Contours of Bankruptcy Rule 3002.1 One Year Later
"Bankruptcy courts across the country have published approximately a dozen opinions seeking to define the parameters of R. 3002.1. Two interrelated lines of inquiry are developing."
When Chapter 13 Debtors Receive Windfalls
In the introduction of Mr. Leffler's detailed dissection of windfalls he references the case of In re Knupp (Beskin v. Knupp), 461 B.R. 351, 354 (Bankr. W.D. Va. 2011). Although there were no briefs in this case, we are pleased to add the Knupp - Adversary to revoke discharge and Knupp_Stipulations to the newly revised Brief Bank. Click here for Part 1 Here for Part 2 Here for Part 3 of Mr. Leffler's article.
Formal Loss Mitigation – Friend or Foe?
"Currently there are no formal loss mitigation procedures enacted or utilized by the bankruptcy court system. However, this has not stopped a few east coast bankruptcy courts from using loss mitigation procedures to spark refinancing negotiations between the mortgagors and debtors." (No password required – be sure to share your opinion via Disqus at the bottom of the article.)
CFPB Press Release
On 11/14/12 the Consumer Financial Protection Bureau announced the launch of PROJECT CATALYST to spur consumer-friendly innovation. "We believe that good, consumer-friendly innovation holds great potential for achieving our mission of making the consumer finance market work again for consumers. We want to help as much as we can to stimulate innovation in financial products and services," stated Richard Cordray.
MORTGAGE MORASS
IN THE NEWS
Prosecutors Want 2½-year Prison Term for Money Laundering and Bankruptcy FraudNew Underwater Mortgage Relief Has Its Undertows - Though there are still some snares and drawbacks for participants, one of the federal government's most important financial relief efforts for underwater homeowners started operation on Nov. 1.
November 12, 2012
The Academy wishes to thank all the veterans
for their service and
wish you each a peaceful Veterans' Day.
Transfer of Claim Fee. An Unintended Consequence?
On this Veterans' Day, the Academy offers an informative article by an American Veteran, Sergeant Raymond P. Bell, Jr. USAR 1960-1966. Mr. Bell is the Vice President of Bankruptcy Management Services of Mercantile Adjustment Bureau LLC and the Academy thanks him for his service to our country and for bringing the Transfer of Claim Fee to our attention. "A new fee was added to charge $25 for all transfers of claim effective May 1, 2013."
Critical Case Comment
Anderson v. Cranmer (In re Cranmer). Failure of a Chapter 13 debtor to include and commit Social Security income in calculating projected disposable income does not constitute bad faith.
AND, check out the Cranmer briefs under the heading Social Security in the newly reformatted Brief Bank.
When Chapter 13 Debtors Receive Windfalls - Part 3 of 3
In the conclusion of Mr. Leffler's examination of windfalls, he examines the effects of Res Judicata on plan confirmation. Click here for Part 1 Here for Part 2
Supreme Court Corner - Re Wood and Henderson, 210 U.S. 246 (1908)
Issue: Where the Bankruptcy Code gives "the court" power to re-examine (and avoid) prepetition transactions between the debtor and his attorneys, may the bankruptcy referee do that in a summary proceeding even when the attorneys are outside of the state and not subject to personal jurisdiction in the state?
Holding: No.
Banks Pushing Into Small Loans Compete With Payday Shops
PLEASE VOTE: Is this a good thing or no? Click here to give a quick response(less than 30 seconds).
MORTGAGE MORASS
IN THE NEWS
LIES, DAMNED LIES AND STATISTICS
November 5, 2012
Critical Case Comment
Wells Fargo Home Mortgage v. Oparaji. In filing a postpetition arrearage claim under § 1305, the mortgage creditor is not required to include all postpetition arrearages. If the first bankruptcy case is dismissed and the debtor later refiles, the mortgage creditor is not judicially estopped from asserting arrearages in the second case that could have been asserted as postpetition arrearages in the first case.
When Chapter 13 Debtors Receive Windfalls - Part 2 of 3
In this, part 2 of 3, Mr. Leffler examines windfalls in the form of inheritance or life insurance received more than 180 days after filing. Are these property of the estate or not? Click here for Part 1
Section 363 Sales in Chapter 13© Part 2 of 6
In Part 2 of Trustee Gustafson's 6 part outline, he looks at: Sale Proceeds And The Requirement That A Chapter 13 Debtor Have Regular Income. See Part 1 here.
Supreme Court Grants Cert in Bullock v. BankChampaign
On Monday, October 29th the Supremes agreed to consider the following question: What degree of misconduct by a trustee constitutes "defalcation" under § 523(a)(4) of the Bankruptcy Code that disqualifies the errant trustee's resulting debt from a bankruptcy discharge - and does it include actions that result in no loss of trust property? Click here for a summary of the case (No password required)
CFPB Press Release
On 10/31/12 the Consumer Financial Protection Bureau released its first Supervisory Highlights report highlighting problems CFPB examiners discovered through the agency's supervision process. The Bureau also released an appeals policy for supervised institutions as well as an updated version of the CFPB Supervision and Examination Manual, a field guide used by examiners.
How Much Home Equity Is Too Much?…
"BAPCPA introduced additional limitations on debtors exempting their residences utilizing the particular state homestead exemption." (No password required)
Banks Pushing Into Small Loans Compete With Payday Shops
Academy Members: Is this a good thing or no? Click here to give a quick response
MORTGAGE MORASS
October 29, 2012
When Chapter 13 Debtors Receive Windfalls
For the next three weeks the Academy will feature a detailed, thoroughly researched examination of windfalls received after confirmation. This week, Mr. Leffler explains "vesting." What the heck is it anyway? "The disagreement on the proper treatment of most post-petition windfalls in Chapter 13 can be generally attributed to the inconsistency between §§ 1327(b) and 1306(a)."
Section 363 Sales in Chapter 13© Part 1 of 6
The Academy is excited to begin the next series by Trustee Gustafson. This week, he expertly inspects: (1) Who Sells Estate Property By The Seashore In Chapter 13? (2) Why Sell Estate Property In Chapter 13?
Underwater Junior Mortgage Strip Off: Should a Court Strip Off a Wholly Unsecured Lien When the Debtor is Ineligible for Discharge?
"This article suggests that the reasoning of the latter courts is more compelling because it aligns with Congress's intent behind BAPCPA, the application of Section 506(a) and the plain language of Section 1325(a)(5)."
The Academy thanks Ms. Kanova and the NACTT Student Writing Contest for sharing this detailed article with us.
CFPB Press Release
On Wednesday, October 24th the Consumer Financial Protection Bureau published a rule that will allow the agency to federally supervise the larger consumer debt collectors for the first time. The CFPB also released the field guide that examiners will use to ensure that companies and banks engaging in debt collection are following the law.
More on Mortgage Modification Mediation
Cases of the Day Are Back
After a short break, Cases of the Day are back.
SAVE THE DATE -
NACTT 48th Annual Conference, August 4-6, 2013Mark Your Calendar Now: 48th Annual NACTT Conference **New York City** Educational Program Begins Sunday, August 4 through Tuesday, August 6, 2013
MORTGAGE MORASS
IN THE NEWS
Know They Neighbor: Zillow Adds Public Data On Homes In Foreclosure But Not Yet For Sale (requires free registration)
(Of personal interest to us all) Foreclosure Fallout Cost Nearby Homeowners $2 Trillion, Report Finds
Sheila Bair Called It - Foreclosure Lookback Reviews Are A "Ruse" - Be sure to purchase her book – Bull By the Horns – via the Academy's link to Amazon above/right
October 22, 2012
Attention Attendees of the Mortgage Modification Mediation webinar: Handouts are now available.
For more information see MortgageModificationEducation.com and MortgageOversight.com.
The Archived Webinar is Available: Mortgage Modification Mediation: Talking Can Correct Math Errors. Learn how utilizing the mediation process can speed up the mortgage modification process, resulting in a win/win for all parties, even the creditor.
Audio or Video Coverage of NACTT New Orleans - Order NOW
Be one of the first 10 to order and receive Recent Developments in Chapter 13 by Judges Lundin and Brown and Trustee Henry Hildebrand. Orders will ship in 24 hours!! ORDER your complete media coverage of the conference NOW.
Mortgage Ethics and Loan Modifications
As a sample of the stellar information you will receive from the 47th Annual NACTT Conference, we are pleased to give you a sneak peak at the volumes of written materials you will receive. Read the materials for a panel entitled Mortgage Ethics and Loan Modifications. Or order the DVD to enjoy the presentation by the same name. Panelists include Marie-Ann Greenberg, Chapter 13 Standing Trustee, Fairfield, NJ., Hon. Elizabeth Magner, U.S. Bankruptcy Judge, E. D. of Louisiana; Edward J. Boll, III, Esq., Lerner, Sampson & Rothfuss, LPA, and Johnnie Patterson, Esq., Walker & Patterson, P.C.
Payday Loans
Payday loan legislation is back in the news and on the minds of both state and federal legislators. "The legalization of payday loans has been one of the most emotional topics debated in the state [Pennsylvania] Capitol this year. That debate continues but it may end up being just more pointless political rambling, regardless of the outcome." Because in July, U.S. Representative Blaine Leutkemeyer (Missouri Republican) introduced the Consumer Credit Access, Innovation and Modernization Act. " . . . allowing lenders to obtain federal charters is in the national interest and will greatly benefit the millions of underserved consumers who have pressing needs for better and more affordable credit options."
The Academy published the results of a study by Nathalie Martin, Professor of Law at University of New Mexico School of Law, 1,000% Interest – Good While Supplies Last: A Study of Payday Loan Practices and Solutions
Change of Venue: Inquiring Minds Want to Know
We only received a few responses. Does that mean you don't see this very often??? Inquiring minds want to know whether your cases remain in the district where they were originally filed or are transfers for change of venue ever made? Click here for a full explanation and respond in the Disqus box at the bottom of the page (no password required).
Cases of the Day Are Back
After a short break, Cases of the Day are back. The Academy wishes to sincerely thank Derrick Bolen and the other fine folks at Ch13online.com for this valuable service.THE NEXT BIG THING
MORTGAGE MORASS
IN THE NEWS
October 15, 2012
Ask Ms. Ps & Qs
"We have a grab bag of questions this month (thank you!):" (1) objection to attendance of an attorney at a Rule 2004 exam; (2) employee of debtor attorney files 13, is it okay for employer to defer raise; and (3) texting in business.
Farm Financial Implications of the Drought of 2012
" . . . a recent USDA forecast suggests that U.S. net farm income could hit record levels in 2012."
Social Security Benefits Under §101(10A) (B): Excluded Means What?© - Part VI
This week we conclude Trustee Gustafson's dissection of Social Security and Chapter 13. Part VI examines "An Anti-Debtor Consequence Flowing From The Pro-Debtor Exclusion Of Social Security Benefits: Everything Else Is Part Of Current Monthly Income." Click here for Part I, Part II, Part III, Part IV, Part V
How, In the World, Did We Get Here?
In a follow-up to last week's A History of the Credit Card, Trustee Loheit continues his historical look at consumer finance. "Lenders were happy to make loans secured by real estate and the lending/banking industry jumped in on the new growth market just as they had on the credit card market."
Archived Webinar Now Available - Mortgage Modification Mediation: Talking Can Correct Math Errors
Learn how utilizing the mediation process can speed up the mortgage modification process, resulting in a win/win for all parties, even the creditor. Other helpful resources: www.mortgageoversight.com and www.mortgagemodificationeducation.com
Do Introverts Make Good Employees?
In January, Professor Michaela White, Academy Editor and Advisor, wrote an article pointing readers to Susan Cain's article "Quiet: The Power of Introverts in a World that Can't Stop Talking." This week, McClatchydc.com ran a similar article which also indicates the talents of an introvert are often underestimated. (No password required.)
Change of Venue: Inquiring Minds Want to Know
Inquiring minds want to know whether your cases remain in the district where they were originally filed or are transfers for change of venue ever made? Click here for a full explanation and respond in the Disqus box at the bottom of the page (no password required).
MORTGAGE MORASS
IN THE NEWS
Bankruptcy Reform: 7 Years Ago this Week (Celebration or Mourning?)Using a Plaintiff's Prior Bankruptcy Favorably In A Product Liability Action (Good article but you will have to register with the site to gain access – free for legal professionals.)
Marijuana Dispensary's Chapter 11 Case Burns Out (Comical at first glance, but a truly interesting set of circumstances.)
October 8, 2012
Critical Case Comment
Allen v U.S. Bank, N.A. - Where a mortgage creditor does not have actual possession of an original note, the creditor could still enforce the claim if it possessed a lost note affidavit with a copy of the original note.
A History of the Credit Card
"Bank of America introduced the BankAmericard as a means to earn three or four times the rate of interest on debt than what they had been earning on their 'sophisticated' loans." .. Click here . . .
Student Loan Discharge
"Interestingly, Congress was willing to lend help to lenders in distress but not to student loan borrowers in distress."
Change of Venue: Inquiring Minds Want to Know
Inquiring minds want to know whether your cases remain in the district where they were originally filed or are transfers for change of venue ever made? Click here for a full explanation and respond in the Disqus box at the bottom of the page (no password required).
In Re Bankruptcy Law Clerks As Mediators In Consumer Matters: An Effective, Cost-Saving Approach
Mediation is the Academy's buzz work of the week. Click here to read a visionary article on the future utilization of law clerks as Mediators.
And be sure to attend the substantive webinar this Friday on mediating mortgage modifications.
REGISTER NOW
Free Academy Webinar
Mortgage Modification Mediation: Talking Can Correct Math Errors - Learn how utilizing the mediation process can speed up the mortgage modification process, resulting in a win/win for all parties, even the creditor. THIS Friday (10/12 at 2:00 Eastern).
MORTGAGE MORASS
October 1, 2012
Critical Case Comment
The Tenth Circuit ruled that the lien strip of a wholly-unsecured Trust Deed on a debtor's residence cannot be accomplished through § 506(d) but might be possible under § 1322(b)(2). Read more . . .
The Impact of the Automatic Stay on Domestic Relations Proceedings – Part II of II
Prof. White concludes her article on the stay as it related to DSOs specifically regarding stay violations and more. See Part 1
Social Security Benefits Under §101(10A) (B): Excluded Means What?© - Part IV
Read Trustee Gustafson's dissection of Social Security and Chapter 13. Part IV examines "Putting Social Security Income In Voluntarily – Is It Ado Annie's 'All Or Nothing', Or Is A Partial Commitment OK?" and "Where It Gets Interesting: At The Edges Of The Social Security Exclusion." Click here for Part I, Part II, Part III
Graduated and Living with Mom and Dad
Click here for a graphic which shows the facts and figures behind the struggles of recent college graduates.
Reference Guide to Selling Property in Chapter 13
Check out the new "Selling Property While in Chapter 13 - FINAL for Toolbox," which is housed in the Toolbox section of the website. This Guide gives practitioners a quick overview of the requirements, summarizes all relevant statutes and rules, and includes a few sample forms.
Save the Date
Free Academy Webinar
Mortgage Modification Mediation: Talking Can Correct Math Errors - Mark your calendar NOW for Friday, October 12th 2:00 Eastern.
Webinar - Community Outreach: Developing a Chapter 13 Friendly Environment
Webinar recording now available. Check out the variety of training videos available by clicking here.
MORTGAGE MORASS
IN THE NEWS
September 24, 2012
The Impact of the Automatic Stay on Domestic Relations Proceedings Part I of II
"Taken as a whole, it could be said that the 2005 Amendments granted DSOs the bankruptcy equivalent of "most favored nation status." This is particularly so where the automatic stay is concerned, the first topic covered by this paper." Read more . . .
Critical Case Comment
In re Sacko , 394 B.R. 90 (Bankr. E.D. Pa, Sept. 17, 2008) (Frank) - A mortgage creditor may amend a claim filed on its behalf by a debtor pursuant to Rule 3004, F.R.B.P., even though the time has expired for the creditor to file a claim on its own behalf..
Just for Fun
A Day in Bankruptcy Court
Read this delightful account of a surprise visit to a BAP docket. ". . . informed me that the Bankruptcy Appellate Panel was in town for one day and one day only, and that it was my lucky day. Three hearings would start in an hour."
In the News
In Prosecutors, Debt Collectors Find a Partner
"The practice, which has spread to more than 300 district attorneys' offices in recent years, shocked Angela Yartz when she was threatened with conviction over a $47.95 check to Walmart." Read more . . .
PRACTITIONERS EMAIL NOW: If you practice in one of these 300 districts and have run across this, we want to hear from you about your experience. Email: MemberAccounts@ConsiderChapter13.org
In the News and Save the Date
Bankruptcy Mortgage Mediation Program Is Gaining Momentum
A great article to introduce an upcoming free Academy webinar – Mortgage Modification Mediation: Talking Can Correct Math Errors - So mark your calendar NOW for Friday, October 12th 2:00 Eastern.
ONLY 2 DAYS LEFT TO REGISTER for the September 26th, 2:00 eastern, Webinar
Community Outreach: Developing a Chapter 13 Friendly Environment
Please join the NACTT Academy for a free webinar and learn how you can assist in creating a culture which readily embraces Chapter 13. Veteran Trustee Mary Viegelahn (San Antonio, TX) joins 'newby' Trustee Christopher Micale (Roanoke, VA) in a candid discussion on how Trustees and attorneys can assist in enhancing and developing a strong Chapter 13 program. This webinar is directed toward everyone with an interest in Chapter 13 bankruptcy.
MORTGAGE MORASS
IN THE NEWS
September 17, 2012
Critical Case Comment
Danielson v. Flores (In re Flores) - Debtors with no "projected disposable income" as calculated on Form 22C do not have a mandatory applicable commitment period and can propose Chapter 13 plans less than 60 months, even after Lanning.
A Conversation About Chapter 13 Debt Limitations of 11 U.S.C. § 109(e)
"Typically, the conversation starts with me pointing out that the debtor . . . exceeds the debt limitations . . . The debtor's attorney will pause, presumably to summon the list of arguments in an effort to overcome my objection, take a breath, and begin . . ."
Social Security Benefits Under §101(10A) (B): Excluded Means What?© Part II
Part II of Trustee Gustafson's dissection of Social Security and Chapter 13 as it relates to above-median income debtors, below-median income debtors, a potential difference of rules on a motion to modify under 1329, and much, much more.
Supreme Court Corner
Wright v. Vinton Branch of Mountain Trust Bank of Roanoke, 300 U.S. 440 (1937)
Issue: 1. Did the amendments to the Frazier-Lemke Act cure the deficiencies cited by the Supreme Court in Louisville Joint Stock Land Bank v. Radford? 2. Do the rights of the debtor in a bankruptcy case amount to an unconstitutional taking prohibited by the Fifth Amendment?
Holding: 1. Yes. 2. No
Holding: No.
The Composite Consumer Debtor (Reprinted with permission from the ABI Journal, Vol. XXXI, No. 7, August 2012.)
"If we were to draw a composite sketch of the consumer bankruptcy debtor, what would he or she look like?"
Barriers to Entry: How the Bankruptcy Bar Guarantees Poorly Filed Petitions
Last week's article by Justin Lawrence (Florence, KY) created a brief but interesting Disqus buzz. Check it out and weigh in. (Scroll to the bottom of the article.)
September 26th, 2:00 eastern
Community Outreach: Developing a Chapter 13 Friendly EnvironmentPlease join the NACTT Academy for a free webinar and learn how you can assist in creating a culture which readily embraces Chapter 13. Veteran Trustee Mary Viegelahn (San Antonio, TX) joins 'newby' Trustee Christopher Micale (Roanoke, VA) in a candid discussion on how Trustees and attorneys can assist in enhancing and developing a strong Chapter 13 program. This webinar is directed toward everyone with an interest in Chapter 13 bankruptcy.
IN THE NEWS
Fed Study Indicates Benefits from Speeding Foreclosure Process or click here for the entire study
MORTGAGE MORASS
MILITARY MATTERS
LIES, DAMNED LIES AND STATISTICS
JUST FOR FUN
September 10, 2012
Barriers to Entry: How the Bankruptcy Bar Guarantees Poorly Filed Petitions
" . . . trustees and judges often complain about poorly educated attorneys filing petitions that fail to conform to basic bankruptcy law and procedure. Poorly conceived Chapter 13s fail. Unintentionally un-exempted assets are seized in Chapter 7s. The unspoken consensus of these complaints is that the fault lies in the attorneys themselves."
Social Security Benefits Under §101(10A) (B): Excluded Means What?©
"Conceptually and technically, BAPCPA corrupted the disposable income test in § 1325(b) in so many ways it takes restraint not to laugh and cry at the same time." 6 Keith M. Lundin, Chapter 13 Bankruptcy § 466.1 at 466-1 (3d ed. 2000 & Supp. 2007-1).
In Trustee Gustafson's excogitative manner, he now begins a dissection of Social Security benefits and Chapter 13.
State and Federal Concurrent Jurisdiction of the Dischargeability of Family Law Obligations – Part II of II
The "Who, What, Where and How" of Marital Debt Status Determination
To GIVE or Not to GIVE "Notice" - That is the Question…
A must read. The Academy's newest addition, Gerard Forgét brings us an IRS issued memorandum which addresses 3 specific bankruptcy issues you need to know about.
Bankruptcy Judges Juggle People, Businesses and Creditors in Hard Times
"With unemployment and foreclosures soaring during the recession, bankruptcy judges in Nevada have had to make tough decisions trying to balance the rights of bankrupt people and businesses with the rights of creditors."
Yet Another Round of Rule Changes – Part I
Mr. Ghazvini outlines three of the five changes to the Federal Rules of Bankruptcy Procedure which, barring intervention, will go into effect December 1st (and, yes, that is only 3 short months away!).
Attention: NON-ACADEMY members. We have made a rare exception and Mr. Ghazvini's article is not password protected. Check it out and see the type of timely information you are missing. Click here for an informative Academy membership video.
360 Degree Leader Webinar
The long-awaited 360⁰ Leader presented by Ronnie LeFevers (we apologize to Mr. LeFevers for misspelling his name last week) is now available. This webinar comes to you courtesy of the NACTT. Thank you NACTT for your support of the Academy. This, and other webinars, is archived free for members and via pay per view for non-Academy members.
IN THE NEWS
MORTGAGE MORASS
September 4, 2012
Yet Another Round of Rule Changes – Part I
Mr. Ghazvini outlines three of the five changes to the Federal Rules of Bankruptcy Procedure which, barring intervention, will go into effect December 1st (and, yes, that is only 3 short months away!).
State and Federal Concurrent Jurisdiction of the Dischargeability of Family Law Obligations
"We are bankruptcy geeks with the Code on our Kindles who love nothing more than a good statute to take on vacation. Onward, then, to the thrilling tale of two courts with concurrent jurisdiction!"
OMSO Holds Webinar/Encourages Complaints
"The OMSO web site contains an easy-to-read, self-explanatory form for use by consumers and professionals and requires several minutes to complete."
Bankruptcy Attorneys: Seven Factors in Choosing the Right Course Provider for Clients
"Simply handing clients a fistful of postcards and letting them choose may not be providing the best counsel, because it's not always cost that is key."
Critical Case Comment
Last week's CCC on Parks v. Drummond (In re Parks) sparked adverse opinions being shared via Disqus. Check out the comments and weigh in with your own thoughts.
Click here for Trustee's Brief
360 Leadership Webinar
The long-awaited 360⁰ Leader video presented by Ronnie LeFevers is now available. This webinar comes to you courtesy of the NACTT. Thank you NACTT for your support of the Academy. This, and other webinars, is archived free for members and via pay per view for non-Academy members.
