Bankruptcy Inn of the Court Meeting – June 12, 2018

Join our hosts,
Anthony Friedman, Inn President and Honorable Neil Bason, Program Moderator on  
Tuesday, June 12, 2018
for the final installment of  The James T. King Bankruptcy Inn of Court Year
we will be meeting at 6:00 p.m. for the reception and 6:30 p.m. dinner at
Taix French Restaurant
1911 W. Sunset Blvd. 
Los Angeles, CA 90026
with a 
presentation by pupillage team 6 
“Chapter 11 Plan Issues and Confirmation Hearing” Read more…

Important Request from Nancy Curry’s Office re Processing Payments

———- Forwarded message ———-
From: Heather Pedroza <hpedroza@trusteecurry.com>
Date: Tue, May 22, 2018 at 1:26 PM
Subject: Updated Cover Sheets for Nancy Curry’s Office
To:

Hello,

Over the course of the last few years, the office of Nancy Curry, Chapter 13 Trustee has learned that more often than not, debtors do not include their bankruptcy case numbers and/or other pertinent information our office needs in order to process the payments/documents in a timely manner. This has been an ongoing issue and does create significant delays in our office. Read more…

Ethics and Getting Paid – Prof. Nancy Rapoport – July 21, 2018

Prof. Nancy Rapoport is our guest speaker along with Judge Erithe Smith for the cdcbaa Fifth Annual Jim King Bankruptcy Symposium.  Below is her top 15 most downloaded articles.  They can all be downloaded here.

(Rank)

 1.

Lord of the Flies (1963): Development of Rules Within an Adolescent Culture

SCREENING JUSTICE – THE CINEMA OF LAW: SIGNIFICANT FILMS OF LAW, ORDER AND SOCIAL JUSTICE, Rennard Strickland, Teree E. Foster & Taunya Lovell Banks, eds., William S. Hein & Co., 2006, UNLV William S. Boyd School of Law Legal Studies Research Paper No. 08-21
Number of pages: 23 Posted: 05 Dec 2006 Last Revised: 29 May 2008
Nancy B. Rapoport
University of Nevada, Las Vegas, William S. Boyd School of Law
Downloads707(31,176)
2.

Enron, Titanic, and the Perfect Storm

Fordham Law Review, Vol. 71, p. 1373, 2003
Number of pages: 23 Posted: 10 Feb 2004
Nancy B. Rapoport
University of Nevada, Las Vegas, William S. Boyd School of Law
Downloads600(38,868)

LABF Night with the Judges Coming Up – June 4, 2018

The Los Angeles Bankruptcy Forum is pleased to host its Annual Night with the Judges
on Monday, June 4, 2018, at The L.A. Hotel Downtown.
Come meet and greet a number of bankruptcy judges from the Central District of California who, following dinner, will each discuss a recent case with special meaning either to the judge or to our practice.  Our distinguished panel will again be moderated by the Hon. Sheri Bluebond, Chief Bankruptcy Judge of the U.S. Bankruptcy Court for the Central District of California.  This year our panelists will be:
Hon. Martin R. Barash
Hon. Neil W. Bason
Hon. Sheri Bluebond
Hon. Julia W. Brand
Hon. Scott C. Clarkson
Hon. Victoria S. Kaufman
Hon. Sandra R. Klein
Hon. Robert N. Kwan
Hon. Barry Russell
Hon. Erithe A. Smith
  Young Professionals Networking at 5:00 p.m.
Members: $95.00
Non-Members: $130.00
Government: $45.00
At door: Add’l $10.00
Doors open at 6:00 pm
Dinner at 6:45 pm
Program at 7:30 pm
Lights out at 8:45 pm
Location:
The L.A. Hotel Downtown
333 S. Figueroa St.
Los Angeles, CA

Attorney Convicted of Felony for Short Sale Antics

This is a former student of mine so I have taken his name out of the article.  But I suspect this is a common occurrence so watch out.  The attorney has been suspended by the bar and may be disbarred.  The article is from the US Attorneys Office.

Modesto Real Estate Attorney Convicted of Fraud in a Short Sale Scheme

FRESNO, Calif. — Mr. ———, 53, of Modesto, was convicted today of three counts of wire fraud in connection with a fraudulent short-sale scheme, U.S. Attorney Phillip A. Talbert announced. Read more…

Central District Filings Up Slightly in April 2018

2018 2017 2016 2015 2014
Jan 2,741 2,839 2,872 3,364 4,704
Feb 2,708 2,795 3,299 3,829 4,574
March 3,363 3,782 3,923 4,496 5,430
April 3,277 3,209 3,584 4,486 5,364
May 3,384 3,484 3,971 5,500
June 3,252 3,545 3,966 4,386
July 2,953 3,239 3,731 4,701
Aug 3,387 3,543 3,544 4,540
Sept 3,071 3,168 3,493 4,317
Oct 3,170 3,235 3,751 4,554
Nov 3,004 3,025 3,531 3,642
Dec 2,416 2,902 2,718 3,733
Total 12,089 37,262 39,819 44,880 55,445

Filings by chapter for the first four months:

Non-Commercial Commercial Chapter 7 Chapter 13 Chapter 11
11,109 985 9,296 2,635 160

How far can we push Law v. Siegel?

I was casually reading a couple of bankruptcy cases and I came across a case where the debtor reopens his case to amend his exemptions. The trustee objects to the exemption based on an argument that when the case was closed, the Debtors lost their ability to amend their exemptions as a matter of course under Rule 1009(a) of the Federal Rules of Bankruptcy Procedure. When you read Rule 1009(a), it says (in part),

“A voluntary petition, list, schedule, or statement may be amended by the debtor as a matter of course at any time before the case is closed.”

But, what happened to Law v. Siegel? In that case, the U.S. Supreme Court said that the debtor may amend his exemptions at any time. Not only that, but the

Read more…

Interesting Tidbits from the Last cdcbaa Meeting: Meet the Chapter 7 Trustees

The last cdcbaa meeting was a blast – Chapter 7 Trustees Amy Goldman, David Goodrich, Jason Rund, Jeff Golden and Wes Avery shared a ton of interesting “insider” information to our membership.

Here are some highlights:

  • The trustees routinely review the schedules and statements filed in prior cases
  • The trustees routinely check the ownership history for the property where the debtor currently resides
  • If your case has issues, do not ask for a continued Meeting of Creditors — big red flag!
  • Trustees routinely ask for the underwriting file from a lender to see what was disclosed by the debtor then versus in the schedules and statements
  • Do not put “unknown” for a value — better to be low/high than unknown — and $0 does not equal unknown
  • If the debtor does not know the value of their pending litigation claim, request the statement of damages filed in the state court
  • If you know there are issues in the case, call or email the trustee — the first taste of the case they get should not be from an angry creditor!
  • Asset cases are only 2% district wide Read more…

Tricky Tax Issues / You have an extra day to file federal tax returns

If a client of mine wants to file for bankruptcy, for the purpose of discharging income tax debt, I will wait as long as I can to be sure the three year rule is satisfied. I will make sure there are no prior bankruptcies, and I will make sure no extension was requested.

Most of the time, our clients cannot wait, and will want the bankruptcy filed asap. So when are those taxes dischargeable for this year?

I thought to myself, simple:

April 15 is a Sunday.
April 16 is Emancipation Day.

So, taxes are due on April 17!

WRONG Read more…

Class-action lawsuit against student loan giant brings hope to borrowers in bankruptcy

A recent article from Jillian Berman about a pending student loan class action in Texas.  This will have consequences for consumer debtors.  To read the MarketWatch article, follow the link here.