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The CFPB enacted certain changes for 2017 and 2018 which bring about fundamental changes in the practice and daily life of consumers, servicers, trustees and bankruptcy practitioners. The new rules add additional forms and heightened requirements that will affect the daily practice of anyone involved in the mortgage and lending world.
Hear a stimulating, high energy discussion involving a debtor's attorney, a chapter 12 trustee and a bankruptcy judge sharing the special and surprising aspects of chapter 12. Learn tips to navigate the challenges and to evaluate this chapter choice. Topics covered will include farmer and fisherman bankruptcies, cramming down homes, long term amortizations, tax benefits, and eligibility requirements.
The webinar will provide an overview of the National Form Plan and the opt-out compromise, as well as an update on the current status of the proposed rules. There will be a presentation about the other changes to the Federal Rules of Bankruptcy Procedure. Speakers will also lead a discussion of the requirements of Rule 3015.1 for courts choosing to opt out of the National Form Plan.
Editor’s Note: The following article, “The Bankruptcy Code’s Disservice to Those Who Served” won the prize for third place in the 11th Annual ABI Bankruptcy Law Student Writing Competition. Mr. Jonathan S. Glover is a third year student at Stetson University College Of Law in Gulfport, Florida. Thank you to Jenner & Block for sponsoring this prize.
A split among courts continues to persist with respect to the statutory interpretation of 11 U.S.C. § 1325(a)(5)’s equal-monthly-payment provision and the prioritization of payments of the debtor’s attorney’s fees pursuant to 11 U.S.C. § 1326(b)(1). Two recent decisions with differing views on the issue highlight the tension between the “salutary goal” of paying debtor’s attorney’s fees on an expedited basis and the lienholder entitled to adequate protection and equal monthly payments.
It often comes as an unwelcome surprise when debtors discover that they cannot force a creditor to take something back that the debtors no longer want, no longer use and no longer intend to pay for. This is especially frustrating when retaining ownership of the property comes with ongoing financial obligations that the debtors expected to be relieved of as part of their bankruptcy. If there is a lien on the undesired property, the debtors can indicate their intention to surrender the property to the lienholder.
Student loan debt is (mostly) presumed nondischargeable under § 523(a)(8).[1] Hardship discharge of such debt has become a vanishingly probable outcome. And yet, while educational costs soar along with the accompanying debt, the chapter 13 debt limits under § 109 chug along at the rate of growth reflective of the Consumer Price Index[2] without distinction for the nature of the unsecured debt or its potential dischargeability.
Beth Stephens and Richard Cole, co-chairs of the ABI Consumer Committee this year, thank all committee members for their support and participation in 2018. The Consumer Committee has a diverse membership. It includes practitioners who represent debtors in chapter 7 and 13 cases, practitioners who represent creditors in chapter 7 and 13 cases, trustees, and even judges and academics. Whichever aspect of consumer bankruptcy interests you, we welcome your contribution. We are always seeking articles and seminar and webinar ideas.
