Bitcoins and Bankruptcy

By Phil Lamos, Chief Legal Counsel, Office of the Chapter 13 Trustee Craig Shopneck (Cleveland, OH)

In my almost 20 years at the Trustee’s office I’ve had to put a value on everything from a 1962 Ford Falcon to a song copyright to a collection of hermit crabs, and now there is something new to value: Bitcoin.

What is Bitcoin? Bitcoin is “virtual” currency, sometimes referred to as cryptocurrency. Bitcoin was founded in 2009 to provide a decentralized and anonymous method of making financial transactions. Bitcoin (and other less prevalent cryptocurrencies) are unique in . . .

It looks like you are not signed in or registered! This content is only available to members.

Or Sign In Below:

No Author Biography has been linked to this Article.

From the Editor

April 7, 2019

By Wm. Houston Brown, United States Bankruptcy Judge (Retired) Confirmation - Debtors could not deduct ownership costs for vehicle secured by non-purchase money lien. The above-median debtors claimed ownership deduction of $497 from projected disposable income, when the title loan payments on the vehicle were only $66.67. The difference in these amounts meant unsecured creditors could receive $25,819.80 over the...

Members

Supreme Court on Statute of Limitations Under Fair Debt Collection Practices Act

December 15, 2019

By William Houston Brown, Editor/Adviser Academy for Consumer Bankruptcy Education Construing the statute of limitations for actions against debt collectors under the Fair Debt Collection Practices Act (FDCA), the Supreme Court held on December 10, 2019, that “absent the application of an equitable doctrine, the statute of limitations in § 1692k(d) begins to run on the date on which the...

Members

How To Manage Incompetent, Unprepared, and Negligent Bankruptcy Counsel

The NACTT Emeritus Trustees

February 12, 2023

Previously the Emeritus Trustees (“ETC”) were asked to comment on “How to Manage Unprofessional and Discourteous Attorneys”. We now turn to ETC to share their collective wisdom when addressing the issues raised by incompetent, unprepared, and negligent bankruptcy counsel. Chapter 13 Trustees are required to administer cases in accordance with the duties set forth in 11 U.S.C. Sec. 1302 and...

Members

Critical Case Comment – Topping Off the Risk Factor

Henry E. Hildebrand, III

September 3, 2023

To pay present value to a secured creditor, a reorganization plan may start with a treasury rate and add a risk factor and need not start with a prime rate plus a risk factor.

Members

Passive Retention: A Creditor’s Right or an Act to Exercise Control?

April 14, 2019

By John Andreasen and Patrick Lombardi, Law Students at the University of Illinois College of Law and Duberstein Moot Court Team Members Both consumers and businesses often depend on motor vehicles for their livelihood or, for consumers, access to health care, child care, or other essential services. A creditor’s repossession of a motor vehicle can turn into an existential crisis...

Members

Claim Preclusion and the Opportunities for Mischief

Cathy Moran

March 27, 2022

I’ve been having nightmares about the 9th Circuit’s decision in Siegel for 20 years. Broad strokes, Siegel (143 F.3d 525 (9th Cir. 1998) holds that a filed claim in a no asset bankruptcy case to which no one objects is entitled to preclusive effect in subsequent litigation by . . . It looks like you are not signed in or...

Members

CARES Act Rebates and Domestic Support Arrears

May 10, 2020

By Elizabeth Gunn, Assistant Attorney General, Virginia Division of Child Support Enforcement, Bankruptcy Specialisti In late April, the federal government began issuing economic impact rebate payments to qualifying individuals under the CARES Act. While the CARES Act specifically identified and exempted the rebate payments from reduction or offset against certain debts including federal taxes and student loans in default, the...

Members

Find The Hidden Mortgage Interest Tax Deduction in Bankruptcy

Cathy Moran

October 8, 2023

“Do you have clients in an active Chapter 13 plan paying back mortgage payments that were delinquent when the case was filed?” October 16th is the deadline to file extended income tax returns.

Members

Demystifying Bankruptcy Appeals

M. Jonathan Hayes

September 11, 2022

Consumer bankruptcy attorneys in my experience tend to see appeals as a massively expensive undertaking fraught with unfamiliar rules and the threat of sanctions at every turn. That is not the reality. The purpose of this short article is to allay those fears. It’s a fun and satisfying process; dive in says I. Final order You can only appeal a...

Members

Navigating Secured Creditors Who File Unsecured Chapter 13 Claims

October 31, 2021

By Eric K. Fox, Esq. (Hendersonville, TN) Jane Debtor has a home with a mortgage. An unsecured creditor obtains a judgment against Jane for, say, a credit card debt. Creditor’s attorney records a certified copy of the judgement order with the county register of deeds, thereby converting the unsecured claim against Jane in personam, to a secured claim against her...

Members