Trustees Are Not Needed in Every Chapter 11 Case to Prevent DIP Abuse According to Latest ABI Quick Poll
Alexandria, Va.— A clear majority of respondents in a recent ABI Quick Poll do not think that a trustee should be appointed in every chapter 11 case, at least as a check on a debtor in possession (DIP) with more limited management authority. Sixty-four percent disagreed (47 percent “strongly” and 17 percent “somewhat”) that the DIP model has proven too susceptible to abuse and thereby warrants a trustee to be appointed in every chapter 11 case.
The DIP model in U.S. bankruptcy law allows a person or corporation who has filed a bankruptcy petition to remain in possession of property upon which a creditor has a lien or similar security interest. Some critics of this model have suggested that a trustee be appointed in every chapter 11 to at least provide oversight for a DIP with limited management authority.
Conversely, 32 percent of the respondents (19 percent “strongly” and 13 percent “somewhat”) believe that a trustee should be appointed in every chapter 11 case to prevent abuse by a DIP. Two percent did not know or had no opinion on the Quick Poll.
ABI’s Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and the public are invited to respond to a question on a timely bankruptcy or insolvency issue. Visit http://www.abiworld.net/quickpoll/ to access the results of previous ABI Quick Polls.
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes over 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Single Asset Real Estate Cases Fee Disclosures and Consumer Filing Trends Among Topics to Be Discussed at ABIs Southeast Bankruptcy Workshop
Alexandria, Va. — Six bankruptcy judges and more than 300 attendees will gather to discuss the latest bankruptcy topics at ABI’s Seventeenth Annual Southeast Bankruptcy Workshop. The workshop, to be held July 25-28 at the Ritz-Carlton, Amelia Island in Amelia Island, Fla., brings together the region’s top insolvency professionals for four days of intense learning and networking. A faculty of outstanding judges, academics and practitioners will present workshops on the hottest topics of the day, including an interactive plenary session on the final day. Attendees will also have the opportunity to earn 15 hours of CLE credits, including 3 hours of ethics.
Program co-chairs for the Southeast Bankruptcy Workshop include Eric W. Anderson of Parker, Hudson, Rainer & Dobbs (Atlanta) and Jerry M. Markowitz of Markowtiz Ringel Trusty + Hartog (Miami). The judicial chair for the workshop is Bankruptcy Judge Mary Grace Diehl (N.D. Ga.; Atlanta).
Sessions include:
· Consumer Update 2012
· Chapter 7 and Chapter 13 Case Law Update
· “And Your Shoe Size, Please.” Additional Fee Disclosures in Bankruptcy: What’s Next?
· Creative Battles in Single Asset Real Estate Cases: Use of Rents, Cramdown Strategies, and Lenders Buying Equity to Avoid Cramdown!
· Ponzis and Barring Claims against the Guilty
· The Intersection of Bankruptcy and Family Law and Managing an Asset Chapter 7 Case
· Infrequent Filings: Exploring the Arcane Chapters (9, 12, 15) of the Bankruptcy Code
· Asset Disposition: Arrows in a Quiver
· Bankruptcy Litigation: A Practical Skills Guide
· Business Update 2012
· Let’s Make It Clear: Federal Rules of Bankruptcy Procedure 3001 and 3002 and Lien-stripping in a Distressed Real Estate Market
· Means Test: Chapter 7 and Chapter 13 Form B22 Analysis
· Boris Badenough CSI? Ethical and Civility Issues in Cases Tainted by Crime
· Stern—One Year Later
· Preference and Avoidance Actions in Chapters 7 and 13
Additionally, each attendee will have their choice of receiving the ABI Preference Handbook, Second Edition, or Retention and Payment: Essentials of Being Retained and Paid as Debtor's Counsel in Chapter 11!
For more information about the Seventeenth Annual Southeast Bankruptcy Workshop, call ABI at (703) 739-0800 or visit http://www.abiworld.org/SE12.
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Environmental Problems in Bankruptcy Effects of Stern v. Marshall and Issues Affecting Private Equity Firms to Be Discussed at ABIs Northeast Conference on July 12-15
Alexandria, Va. –More than 400 practitioners will join a 12-judge faculty at ABI’s 19th Annual Northeast Bankruptcy Conference, July 12-15, 2012, at the historic Omni Mount Washington Resort in Bretton Woods, N.H. The conference provides up to 8.75/10.5 hours of CLE/CPE, including 1.5 hours of ethics credit, and will again offer a separate three-day consumer forum at a reduced registration rate. Co-chairs for the Northeast Bankruptcy Conference are Michael J. Epstein of CRG Partners Group LLC (Boston), Francis C. Morrissey of Morrissey, Wilson & Zafiropoulos (Boston) and Daniel W. Sklar of Nixon Peabody LLP (Manchester, N.H.). Bankruptcy Judge J. Michael Deasy (D. N.H.; Manchester) is the judicial chair.
Sessions for the 19th Annual Northeast Bankruptcy Conference include:
· Do “Out-of-the-Money” Creditors Have Standing?
· Ethics and the Limits of Zealous Advocacy
· Stern v. Marshall: One Year Later
· Environmental Problems in Bankruptcy
· The Onslaught Continues: This Year’s Commercial Fraud Cases You Need to Know About
· Issues Affecting Private-Equity Firms
· Sharing a Piece of the Pie: Gift Plans, Structured Dismissals and Carve-Outs
· Litigating the Cramdown Rate
· The Reaches of the Indubitable Equivalence Test
· Is There a Better Way? Alternatives to Bankruptcy Liquidations and Reorganizations
· Bankruptcy Court Trial Practice Symposium
For a list of speakers and more information on the sessions at the Northeast Bankruptcy Conference, please visit http://www.abiworld.org/NE12/schedule.html.
In conjunction with the Northeast Bankruptcy Conference, ABI’s Seventh Annual Northeast Consumer Forum will be held July 12-14 and will focus on consumer bankruptcy educational programs designed for both experienced and new professionals. Back by popular demand, this three-day forum offers consumer insolvency practitioners an opportunity to earn approximately 6.0 hours of CLE/CPE credit. Stacie D. McHale of the U.S. Bankruptcy Court for the District of Massachusetts (Boston), William J. McLeod of McLeod Law Offices, PC (Boston) and James F. Molleur of the Molleur Law Office (Biddeford, Maine) are the co-chairs of the Northeast Consumer Forum.
The Consumer Forum programs include:
· The Intersection of Criminal Law & Bankruptcy
· Recent Changes in Chapter 13 Practice
· Understand Issues and Confirm Creative Plans
· The Right to Marry versus the Right to Bankruptcy Relief
For a list of speakers and more information on the sessions at the Northeast Consumer Forum, please visit http://www.abiworld.org/NE12/consumer.html.
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Study Finds BAPCPAs Requirements Creating Increased Costs and Burdens on Consumer Debtors and the Bankruptcy System
Alexandria, Va. — The results of a ground-breaking study funded by the American Bankruptcy Institute Anthony H.N. Schnelling Endowment Fund and National Conference of Bankruptcy Judges Endowment for Education revealed that Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) made the bankruptcy system cumbersome and costlier to use for both debtors and bankruptcy professionals. “Up until now, there has not been a comprehensive national study of the impact of BAPCPA on the bankruptcy system’s operation, on its professionals, and ultimately on the system users,” according to study reporter and principal investigator Lois R. Lupica, Maine Law Foundation Professor of Law at the University of Maine School of Law.
The study’s primary objective was to identify and monetize the costs of consumer bankruptcy access after the enactment of BAPCPA through the analysis of quantitative and qualitative data gathered from court dockets and professionals working within the bankruptcy system. Lupica examined a national random sample of 11,221 chapter 7 and chapter 13 consumer cases (approximately 0.12 percent of the consumer bankruptcy cases filed) in 90 judicial districts filed between 2003 and 2009. Qualitative data that was collected via interviews and surveys by Lupica also showed the impact of BAPCPA’s effects on consumer debtors’ attorneys, standing chapter 13 trustees, chapter 7 panel trustees, U.S. Trustees and bankruptcy judges.
To obtain a full copy of the study, please visit: http://www.abiworld.org/Fee_Study/CFSFinalReport_Final_Dec7.pdf
Since BAPCPA took effect in 2005, debtors’ attorneys’ fees plus filing fees and the debtor education fee have increased the total direct access costs (TDAC) for both consumer chapter 7 and 13 cases. The study also found that changes in unsecured creditor returns have been “statistically insignificant” as a result of BAPCPA’s new requirements.
Comparing pre- and post-BAPCPA consumer chapter 7 cases, the study found the following:
- A 37 percent TDAC increase for post-BAPCPA discharged chapter 7 asset cases.
- A 51 percent TDAC increase for post-BAPCPA discharged chapter 7 no-asset cases.
- The national mean attorney fee increased 30 percent from $821 to $1,072 for chapter 7 asset cases.
The study also examined pre- and post-BAPCPA consumer chapter 13 cases and found:
- A 24 percent TDAC increase for post-BAPCPA dismissed chapter 13 cases.
- A 27 percent TDAC increase for post-BAPCPA discharged chapter 13 cases.
- The national mean attorney fee increased 24 percent from $2,061 to $2,564 for chapter 13 cases.
According to the study, additional debtor paperwork requirements have added time and monetary burdens throughout the consumer bankruptcy system. BAPCPA also imposed new duties and obligations on attorneys, trustees and court personnel. Lupica observed that the increased complexity of the consumer bankruptcy system calls for professionals to have a “nuanced understanding of the dissonance between how the system is designed to work in theory, and how it works in practice.
Lupica observed, “there is a disconnect between the skill, time and commitment it takes for attorneys to provide debtors with first-rate representation, and compensation that does not always reflect such excellence,” The “tension inherent in the indispensability of highly skilled consumer bankruptcy attorneys, and the resources reasonably available to sustain a quality bar,” means the system is fighting “best practices.”
The ABI advisory board for the study included Bankruptcy Judge Steven W. Rhodes (E.D. Mich.; Detroit), Prof. Nancy B. Rapoport of the William S. Boyd School of Law at the University of Nevada (Las Vegas), Prof. Jean Braucher of the James E. Rogers College of Law at the University of Arizona (Tucson), Marc S. Stern of the Law Office of Marc S. Stern (Seattle), John Rao of the National Consumer Law Center (Boston), William E. Brewer, Jr. of the Brewer Law Firm (Raleigh, N.C.), James H. Cossitt of the Cossitt Law Firm (Kalispell, Mont.), Peter C. Fessenden, Standing Chapter 13 Trustee (D. Maine; Brunswick), Neil C. Gordon of Arnall Golden Gregory LLP (Atlanta), U.S. Trustee Donald F. Walton (Atlanta) and Claude R. “Chip” Bowles, Jr. of Greenebaum Doll & McDonald PLLC (Louisville, Ky.).
For futher information about the Consumer Bankruptcy Fee Study, please contact John Hartgen at 703-894-5935 or via email at [email protected]. Additionally, ABI will hold a media-only teleconference featuring Prof. Lupica on Monday, Dec. 19, at 1 p.m. ET to discuss the results of the Consumer Bankruptcy Fee Study. To participate in the program, please contact John Hartgen.
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
The University of Maine School of Law, in the historic coastal city of Portland, is Maine’s public and only law school. With a national and global reach, Maine Law reflects educational and scholarly excellence and serves as an institutional resource in law, justice, and public policy. It is accredited by the American Bar Association and is a charter member of the Association of American Law Schools. For additional information, visit http://www.mainelaw.maine.edu/.
ABIs Central States Bankruptcy Workshop to Feature 24 Bankruptcy Judges Hottest Insolvency Topics June 7-10
Alexandria, Va. — The American Bankruptcy Institute’s (ABI) 19th Annual Central States Bankruptcy Workshop, featuring 24 bankruptcy judges from the Sixth and Seventh Circuits, will take place June 7-10 at Michigan’s Grand Traverse Resort and Spa on Lake Michigan. The expanded workshop format – now featuring 12 breakout sessions – allows for spirited exchange between panelist and attendee, and the flexible repeating format allows attendees to customize their personal learning experience. Attendees have the opportunity to earn up to 9.0 hours CLE/11.0 hours CPE credit, including 1.5 hours of ethics. The “Breakfast with a Judge” session will feature 22 bankruptcy judges talking about current insolvency developments.
Panel sessions at the Central States Bankruptcy Workshop include:
· Where’s the Beef? Restructuring and Chapter 11 Issues in the Restaurant, Franchise and Food Industries
· You Can Have the House if I Can Have the Dog: Divorce Issues in Bankruptcy
· Impact of Stern v. Marshall on Business Bankruptcy Practitioners
· Is It In or Out? Exemption Issues Revisited
· Chapter 7 Case Update
· Problems, Problems, Problems Workshops
· Let’s Work This Out: ADR and Mediation in Business Bankruptcy Matters
· More Claims Issues in Consumer Cases
· Trouble in the Heartland: Agriculture and Farm Restructurings
· Burning Down the House: Mortgage Issues in Chapter 7 Cases
· Chapter 11 Is Alive (i.e., Not Dead): Chapter 11 Update
· What Have You Done to Me Lately? Stern v. Marshall and Bankruptcy Court Jurisdiction
· Social Networking and Bankruptcy: Ethics Panel
Doug Lutz of Frost Brown Todd, LLC (Cincinnati) is the program chair, and Bankruptcy Judge Marci B. McIvor (E.D. Mich.; Detroit) is the judicial chair. Bankruptcy Judge Pamela S. Hollis (N.D. Ill.; Chicago) is the judicial advisory board chair. Anne B. Miller of NHB Advisors (Chicago) is the advisory board chair, and Richard S. Lauter of Freeborn & Peters LLP (Chicago) is the sponsorship chair.
To view the full list of expert speakers at the Central States Bankruptcy Workshop, please visit http://www.abiworld.org/CS12/schedule.html.
For more information on ABI’s Central States Bankruptcy Workshop, please visit http://www.abiworld.org/CS12.
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes over 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Effects of Stern v. Marshall 363 Sale Issues and the European Debt Crisis Among the Topics to Be Discussed at ABIs New York City Bankruptcy Conference
Alexandria, Va. —The American Bankruptcy Institute's (ABI) fourteenth annual New York City Bankruptcy Conference is scheduled for May 9 at the New York Marriott Marquis in New York City. The day-long conference brings together a faculty of New York bankruptcy judges with practitioners from the top national insolvency firms in New York City to discuss timely issues related to bankruptcy. The workshops and plenary sessions offer 7 hours of CLE credit, including 1.25 hours of ethics.
Lisa G. Beckerman of Akin Gump Strauss Hauer & Feld LLP, David Pauker of Goldin Associates LLC and Glenn E. Siegel of Dechert LLP are the program chairs for the conference. Bankruptcy Judge Robert D. Drain (S.D.N.Y.) serves as the judicial chair.
Offered again is the stand-alone course “Bankruptcy Fundamentals: Nuts & Bolts for New and Young Practitioners,” held on Tuesday, May 8, at the Association of the Bar of the City of New York. The program, chaired by Ira L. Herman of Thompson & Knight LLP, will feature an outstanding faculty of judges, academics and attorneys explaining the fundamentals of bankruptcy. This is ideal training for those now being shifted into the restructuring departments at large firms.
A Judges’ Roundtable, moderated by Bankruptcy Judge Robert D. Drain, will feature a panel of bankruptcy judges from the Southern and Eastern Districts of New York discussing current developments.
Conference sessions will cover a broad range of timely bankruptcy topics. Some of the featured panel sessions include:
· Dueling Debtors, Receivers and Liquidators: Complex Cross-Border Disputes in Bankruptcies
· How Are the Lower Courts Dealing with Stern v. Marshall?
· Litigation Seeking to Enhance Creditor Recoveries: There Must Be Something Happening Other than Marshall
· How to Conduct a Better Sale Process: 363 Sale Issues and Bid Procedures
· Subjecting Business Projections to Scrutiny in Valuation Disputes
· Valuing the Parts and Not Just the Whole: Allocating Enterprise Value among Its Components
· Plenary Session: The European Debt Crisis
· Not So Remote After All: Bankruptcies of So-Called “Bankruptcy Remote” Special Purpose Entities and Other Structured Vehicles
· Intersection of Securities Law and Bankruptcy Law
· Interest in Interest
· Helping Your Hedge Fund Clients Trade Claims
· Use of Forfeiture Statute and Allocation of Forfeiture Proceeds in Ponzi Scheme Bankruptcies and Other Cases Involving Fraud and Bad Acts
· Ethics Panel: Using Litigation Tactics to Add Costs and Delays in Bankruptcy Proceedings
To view the full schedule with the session speakers listed, please click here:
http://www.abiworld.org/NY12/schedule.html
Press interested in attending the New York City Bankruptcy Conference should contact ABI Public Affairs Manager John Hartgen at (703) 894-5935 or [email protected].
For more information about the New York City Bankruptcy Conference, call ABI at (703) 739-0800 or view conference details at http://www.abiworld.org/NY12.
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
ABIs 8th Annual International Insolvency Symposium Set to Take Place in Rome in October
Alexandria, Va. — The American Bankruptcy Institute (ABI) will hold its Eighth Annual International Insolvency and Restructuring Symposium in Rome, Italy, on Oct. 18 at the Hotel Parco Dei Principi. The educational program has been developed to provide attendees with an interactive learning experience led by a faculty of prominent international insolvency practitioners. The advisory board for the program is chaired by Fausto Severini (the former Chief Judge of the Commercial Case in Rome) and he is joined on the board by Dr. Lodovico Zocca of Lumsa University (Rome) and Lucio and Enrica Ghia from Studio Legale Ghia (Rome).
"ABI is pleased to be taking this event to Italy," said Ian Williams of SGH Martineau LLP (London) and ABI Vice President-International Affairs. "We will examine such issues as the ongoing sovereign debt crisis in Europe, super-priority financing in Europe and the regulation and remuneration of insolvency professionals."
The Symposium will include some of the world's top professionals in restructuring speaking on the industry's hottest topics. The "America Now!" session will feature Chief Bankruptcy Judge James M Peck (S.D.N.Y.), James Millstein, former Chief Restructuring Officer in the U.S. Treasury, Bryan Marsal of Alvarez & Marsal (New York) and the former CEO of Lehman Brothers Holdings, Inc., and James L Bromley, the head of restructuring at Cleary Gottlieb Steen and Hamilton (New York). On a separate panel, Jay Goffman, the head of restructuring at Skadden Arps (New York) and Alan J. Carr of Strategic Value Partners (Greenwich, Conn.) will lead a discussion on distressed investing in Europe.
For more information on attending ABI's Eighth Annual International Insolvency Symposium, please contact Elizabeth Carden at [email protected]. For members of the press looking to attend the Symposium, please contact John Hartgen at [email protected].
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
ABIs 4th Annual Northeast Consumer Winter Forum to Examine Current Developments in Chapter 7 and 13 Cases Individual Chapter 11 Cases and New Amendments for Proofs of Claim
Alexandria, Va. — The American Bankruptcy Institute (ABI) brings its 2012 Northeast Consumer Winter Forum to Suffolk University Law School in Boston on January 16, 2012, for a day-long educational conference devoted to the consumer bankruptcy professional. The program will feature panel discussions led by experts on current substantive issues in consumer bankruptcy cases, and a litigation skills forum featuring practice tips from bankruptcy judges and litigators. In addition, attendees are invited to join ABI Executive Director Samuel J. Gerdano for a lunchtime discussion on consumer bankruptcy issues before Congress. Approval for up to 6.25 hours of CLE credit is pending.
Conference co-chairs for the Forum include Nina M. Parker of Parker & Associates (Winchester, Mass.) and Anne J. White of Klieman, Lyons, Schindler & Gross (Boston). Bankruptcy Judge Joan N. Feeney (D. Mass.; Boston) is the judicial chair of the program.
Program sessions at the Northeast Consumer Winter Forum include:
• Chapter 13 Panel: Recent case law regarding income, plan and tax issues in chapter 13.
• Chapter 7 Developments: What does the trustee want, and how does the debtors’ counsel respond?
• Individual Chapter 11 Cases, including the U.S. Trustee's Office Perspective
• New Amendments for Proofs of Claim under the Federal Rules of Bankruptcy Procedure
• Trial Practice Symposium: Drafting Complaints and Dispositive Motions
To view the full list of panelists, scheduling details and to register for the Northeast Consumer Winter Forum, please click here: http://www.abiworld.org/BOSTON12
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
CARE Program Relaunches Website to Provide Invaluable Financial Literacy Resources
CARE PROGRAM RELAUNCHES WEBSITE TO PROVIDE INVALUABLE FINANCIAL LITERACY RESOURCES
January 20, 2012, Alexandria, Va.— The Credit Abuse Resistance Education (CARE) program relaunched its website providing students, parents, educators and insolvency professionals with a comprehensive and easy to navigate financial literacy resource. CARE is an initiative that makes experienced members of the bankruptcy community available to teach the importance of financial education. The relaunched CARE website focuses on four main constituencies: students, educators, parents and bankruptcy professional volunteers.
The “Student” section includes information on student loans, paying for college, and general financial tips on a broad range of topics. Parents will find a section of the site that includes information on teaching kids about the financial facts of life. Educators will have access to a video and lesson plan for teachers. The “Professionals” section of the site allows bankruptcy professionals to find an existing CARE program in their community through a user-friendly locator map, and information on starting a program in their area.
Visit the website at http://care4yourfuture.org/.
The CARE program was founded in 2002 by now-retired U.S. Bankruptcy Judge for the Western District of New York John C. Ninfo II to educate high school and college students on the responsible use of credit and other fundamentals of financial literacy. Now entering its eleventh year, the CARE program boasts a presence in all 50 states and the District of Columbia.
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes over 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.
Founded in 2002, the Credit Abuse Resistance Education (CARE) program, seeks to educate high school and college students on the responsible use of credit and other fundamentals of financial literacy, as well as the potential consequences of poor money management and credit card abuse.
No Look Attorneys Fees in Chapter 13 Cases Should Be Clarified in the Bankruptcy Code According to New ABI Law Review Article
Alexandria, Va. — An empirical analysis in the Spring 2012 edition (Volume 20, No. 1) of the ABI Law Review finds “no look” fees in chapter 13 cases, in which the attorneys’ fees are administratively approved without a hearing, are dealt with inconsistently in the courts and should be clarified in the Bankruptcy Code. In his article, " 'No Look' Attorneys’ Fees and the Attorneys Who are Looking: An Empirical Analysis of Presumptively Approved Attorneys’ Fees in Chapter 13 Bankruptcies and a Proposal for Reform," Professor Bruce M. Price of the University of San Francisco School of Law writes that the vast majority of courts have some form of presumptive fee and that the fee amounts vary significantly from one another. Price notes that the difference in the fee levels are generally not explainable by the differences in regional billing rates and that information on the fee amounts are disseminated by the courts in a variety of different and inconsistent ways.
Price writes that 11 U.S.C. §330 of the Bankruptcy Code requires bankruptcy court approval of attorneys' fees for debtor representation in chapter 13 cases. Faced with the administrative burden of such a requirement in the face of mounting chapter 13 filings, courts often enact presumptively approved "no look" fees. “Every chapter 13 case requires the court’s approval of the attorneys’ fee, whether through a presumptively approved fee or a different procedure,” Price observes. “Many courts would be administratively unable to hold a hearing in every chapter 13 case.” Different circuits, and even different courts within circuits, differ as to whether the practice of “no look” fees can be rationalized with the language and legislative intent of the Bankruptcy Code, according to Price’s analysis.
Price proposes amending §330 of the Code to provide a transparent “presumptively approved fee amount” and give the U.S. Trustees the exclusive responsibility for setting the flat fee. Under Price’s proposal, the U.S. Trustees would determine the services required in order for an attorney to obtain the fee and the fee would be scaled to account for regional differences in attorney billing rates. Price’s proposed amendment would also make it clear that fee requests in excess of the “presumptively approved fee amount” would require a hearing. Finally, the fee amount would be reviewed periodically, at least at five-year intervals.
The ABI Law Review, published in conjunction with St. Johns University School of Law is among the most-cited and respected scholarly publications in the bankruptcy community. In addition to the article on “no look” attorneys’ fees the Spring 2012 edition of the ABI Law Review also includes the following feature articles:
• "The Consumer Bankruptcy Fee Study: Final Report," written by Prof. Lois R. Lupica, the Maine Law Foundation Professor of Law at the University of Maine School of Law (Portland, Maine).
• "Valuation Methodologies: A Judge's View," written by Bankruptcy Judge Christopher S. Sontchi (D. Del.; Wilmington).
• "Customer Claims in SIPA Liquidations: Claims Filing and the Impact of Ordinary Bankruptcy Standards on Post-Bar Date Claim Amendments in SIPA Proceedings," written by Kenneth J. Caputo, the Senior Associate General Counsel at the Securities Investor Protection Corp. (Washington, D.C.).
• "'But Series-ly, Folks': The Series Laws, and How They (May) Intersect with Bankruptcy Law," written by Adam Hiller of Hiller & Arban, LLC (Wilmington, Del.).
• "The Ever-Expanding Scope of Securities and Commodities Safe Harbors in Bankruptcy," written by Christopher J. Rubino.
• "Better than Traditional Marriage?: The Bankruptcy Benefits to a Divorcee Following a Same-Sex Marriage, Domestic Partnership or Civil Union," written by Prof. Peter C. Alexander of Indiana Tech Law School (Fort Wayne, Ind.).
• "Constitutional Gaps in Bankruptcy," written by Prof. S. Todd Brown of SUNY Buffalo Law School (Buffalo, N.Y.).
The Spring 2012 edition also includes the following student notes:
• “Intersection of Intellectual Property Rights and Bankruptcy: When a Debtor Infringes,” written by Marissa T. Kovary of St. John's University School of Law (New York), Candidate for Juris Doctor, 2012.
• "Disallowing Administrative Expenses under Section 502(d): When Claims Are Not 'Claims' under the Bankruptcy Code," written by Michael Ryan Diaz of Mendes & Mount LLP (New York). Diaz received his J.D. from St. John’s University School of Law in 2011.
To obtain a copy of the Spring 2012 edition of the ABI Law Review, please contact John Hartgen at 703-894-5935 or via email at [email protected].
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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abiworld.org. For additional conference information, visit http://www.abiworld.org/conferences.html.