Chapter 11 debtors are required to close their bank accounts and open new ones once the case is filed. The new accounts must be only with banks “approved” by the UST. Attached is the most current list of approved banks, as of May 15, 2014. Having this “list” actually makes sense because the banks, in order to get on the list, must put up some sort of additional collateral or securities so that there is no risk to the estate if the bank fails. Unfortunately many banks appear to limit the debtors they will allow to open new accounts to those who will be class A customers, something most debtors are not, at least prior to the filing. The list can be accessed here.
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Saturday May 31, 2014 – CDCBAA – CHAPTER 13: MEET THE TRUSTEE’S ATTORNEYS
CDCBAA
Central District Consumer Bankruptcy Attorney Association
CHAPTER 13: MEET THE TRUSTEE’S ATTORNEYS
Saturday May 31, 2014
Presented by:
Central District Consumer Bankruptcy Attorney Association
SPEAKERS:
Aki Koyama
Staff Attorney to Kathy Dockery
Elizabeth Schneider
Staff Attorney to Rod Danielson
Tracy Green
Staff Attorney to Amrane Cohen
Melissa Besecker
Staff Attorney to Liz Rojas
Omid Moezzi
Staff Attorney to Nancy Curry
Masako Okuda
Staff Attorney to Nancy Curry
Moderated by Nancy Clark
Thursday, May 1, 2014 – LATrustee.com Live Demo/ Learn the New Features
LATrustee.com
Live Demo/ Learn the New Features
Thursday, May 1, 2014
2 Sessions
Due to Limited Space Choose 2:00 pm or 3:00pm
Presented by
Kathy A. Dockery, Chapter 13 Trustee
Location for Presentation
915 Wilshire Boulevard
10th Floor, Room 3
Downtown Los Angeles
RSVP at: gmangum@latrustee.com
*When you RSVP, indicate whether you will attend at 2:00 pm or 3:00 pm
Public Report: Debtor Audits by the United States Trustee Program Fiscal Year 2013
On April 4, 2014, the US Trustee issued its annual report on Debtor Audits. You can access the report here. The UST reports that during the fiscal year, 390 audits were conducted, down from 1,351 the year before. 25% of the audits found that there was a least one material misrepresentation in the debtor’s schedules, the same percentage as the year before. In the Central District of California there were a grand total of 34 audits and 32% of those had at least one material misrepresentation. Of the 390 audits, only 187 were chosen at random; the remaining were “exception audits,” meaning they are chosen “based on income or expenditures greater than a statistical norm for the district where the case was filed.”
Office of U.S. Trustee: Open House for the new Los Angeles and Woodland Hills Offices
FROM THE UST (flyer attached):
Peter C. Anderson, United States Trustee for the Central District of California invites you to an Open House for the new Los Angeles and Woodland Hills Offices:
Wednesday, March 19, 2014
9:30 am – 11:30 am
Office of the United States Trustee
915 Wilshire Blvd, Suite 1850
Los Angeles, California
Information re Los Angeles and San Fernando Valley divisions of the Office of the U.S. Trustee
The mailing address for the Los Angeles and San Fernando Valley divisions of the Office of the U.S. Trustee is now as follows:
Office of the U.S. Trustee
Los Angeles and San Fernando Valley Divisions
915 Wilshire Blvd., Suite 1850
Los Angeles, California 90017
IDI and 341a for SFV will STILL take place at (until further notice):
1051 Warner Center Lane
Room 105
Woodland Hills, CA 91367
IDI and 341a for LA will take place at:
Office of the United States Trustee
915 Wilshire Blvd.
10th Floor
Los Angeles, California 90017
U.S. Trustee Office Closures
From the Region 16 UST website:
Effective Tuesday, October 1, all offices within the United States Trustee Program will be temporarily closed due to a lapse in federal funding. Office operations will resume once Congress enacts a 2014 appropriations bill or a continuing resolution. We apologize for the inconvenience.
Office of the United States Trustee, Region 16 — THE WATCHDOG
Read the Watchdog here.
U.S. Trustee Program Suspends Debtor Audits
The U.S. Trustee Program last month said it has “indefinitely suspended” the debtor auditing process “due to budgetary constraints,” the Wall Street Journal reported yesterday. The Bankruptcy Code amendments of 2005 authorized U.S. trustees to randomly designate for audit one out of every 250 consumer bankruptcy cases per federal judicial district. The Code also authorized audits of any cases in which debtors posted statistically unusual income or expenditures. Trustees select the cases but do not perform the audits; instead, that job falls to independent accountants. The 2007 fiscal year saw random audits of “at least one out of every 250 consumer cases” per judicial district, according to a USTP report. But the following three fiscal years saw that rate reduced to one out every 1,000 consumer cases per district due to “budgetary constraints.” The auditing rate was reduced even further in the 2011 fiscal year to one out of every 1,700 cases, but the audits were suspended for the last few months of that year and through the first three months of the 2012 fiscal year. While USTP resumed random audits between January and October 2012, it did so for one out of every 1,450 consumer case per district.
M. Erik Clark
<http://blclaw.com/>
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.blclaw.com <http://www.blclaw.com/>
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
M. Jonathan Hayes Books
Publisher
Senior Contributor
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