What’s It Worth to You?

If all the children in Lake Woebegon are above average, all the small businesses our clients run are quite valuable.If the Chapter 13 trustee is asking the question, anyway.

I rail when the Chapter 13 trustee’s business questionnaire asks, “how much would you sell your business for.”

Phrased that way, the question implicates all kinds of facts that aren’t in play in Chapter 13.

First, what would the debtor have to get to part with the business . . .

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Cathy Moran, Esq.

Head of Moran Law Group

Cathy Moran has headed her own small firm Moran Law Group in Redwood City, California, for nearly 30 years. Family law and tax issues as they play out in bankruptcy are areas of particular interest to Cathy.

Critical Case Comment – Free Parking

Henry E. Hildebrand, III

January 29, 2023

Percentage fees collected by a Chapter 13 trustee prior to confirmation of a Chapter 13 plan must be returned to the debtor by the trustee if Chapter 13 plan is not confirmed. (Ebel) Goodman v. Doll, 2023 WL 216778 (10th Cir. January 18, 2023) Case Summary Daniel Doll filed Chapter 13 in November of 2017. The debtor complied with 11...

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Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns

March 24, 2019

3/19/19 IRS reminded taxpayers that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, 2019. This news release is part of a...

From the Editor – Plan Modification

March 21, 2021

By The Honorable William Houston Brown (Retired) For modification purposes, best interests test remains at petition date. In an examination of post-confirmation sale of the debtor’s home that yielded excess of homestead exemption, the Court concluded that the best-interests of creditors’ calculation was performed as of the petition date, rather than time of modification. Section 1329 does not provide a...

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9th Circuit Joins the Bandwagon

Henry E. Hildebrand, III

June 18, 2023

The Ninth Circuit has now joined its sister Circuit in holding that the Bankruptcy Code does not permita Chapter 13 Trustee to retain the percentage fees collected on payments that a chapter 13 debtor made pre-confirmation in accordance with 26 U.S.C. §586 but, upon dismissal prior to confirmation of the plan, is obligated to return the fee to the debtor,...

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More Federal Student Loan Debt Relief is Coming

Scott Waterman

March 24, 2024

An ordinary title for a very NON-ordinary article! A computer program which will accurately predict whether a borrower will default and relief extended based on the data. WHAAAT???

When the Duty to Provide Tax Returns Collides with Confidentiality

Michael B. Joseph

February 6, 2022

Bankruptcy Code Section 521(e)(2)(A)(i) and (ii) provides that a debtor must supply tax returns to the trustee in a chapter 7 or 13 case, and to a creditor who timely requests such copy. Must the debtor provide copies that contain personal identifying information such as names, addresses and social security numbers of dependents including minor children? Or a redacted version...

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Ask Ms. Ps & Qs

Nancy B. Rapoport

May 19, 2024

Debtor Attorneys, this one is specifically for you – a very direct answer from our ethics expert on a real-world scenario regarding ghosting clients (ghosting is an adjective here, not a verb! Have a question for Ms. Ps & Qs? Click here – you may remain anonymous if you wish.

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Critical Case Comment

June 13, 2021

By Henry E. Hildebrand, III, Chapter 13 Standing Trustee for the Middle District of TN (Nashville) In awarding attorneys’ fees in a Chapter 13 case, a court is not limited to establishing the fee by use of the lodestar method; fees for services rendered should be based on the reasonable and customary fees charged by other attorneys performing the same...

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Representing Elderly Clients in Bankruptcy – Part 1 of 3

January 5, 2020

By David Cox,1 Cox Law Group, PLLC (Lynchburg, VA) Overview Filing considerations. Perfect Storm! Pensions going down. Healthcare costs going up. Home Equity high. Medical debts increasing. Limited income. Common considerations. Embarrassment. Many of the elderly are from a generation which regards bankruptcy as an indication of moral failure and shame. Confidentiality. May not want family members, including a spouse,...

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CFPB Proposes Changes to HMDA Rules

May 5, 2019

The CFPB (Bureau), May 2, 2019, issued a Notice of Proposed Rulemaking (NPRM), which proposes to raise the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the Home Mortgage Disclosure Act (HMDA) rules. The NPRM would provide relief to smaller lenders from HMDA’s data reporting requirements, and would clarify partial exemptions...