Procedures, Notices, Contracts, Retention of Documents and Audits under BAPCPA
by Stuart A. Gold, Esq.
Gold Lange & Majoros, PC; Southfield, Mich.
11 U.S.C. §527 requires debtor’s attorneys and debt relief agencies to tell their clients about the dangers of bankruptcy and to explain bankruptcy alternatives. These disclosures must be made no later than three days after bankruptcy assistance is first offered to the debtor.
The Definition of Debt Relief Agencies, Assisted Person and Problems in Application under BAPCPA
by Mary Jo Wiggins
University of San Diego School of Law; San Diego
Section 101 defines “assisted person” as “any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.” This term is new with the passage of the 2005 Act.
Certification of Information and Other Ethical Quandaries of the New Law
by Thomas F. Waldron
U.S. Bankruptcy Judge; Dayton, Ohio
It is clear that the traditional obligation of a consumer bankruptcy attorney to act as an advocate for a client has been diminished, not by the state or federal entity exercising authority over the attorneys who are members of its bar, but by the confusingly worded provisions of 11 U.S.C. §§526, 527 and 528. This material attempts to highlight several of these extraordinary changes in the following categories: new definitions (§101), new required disclosures (§527), new duties (§§526 and 528) and new consequences [§§526(c) and (d) and 707(b)(4)].
Agenda for Annual Spring Meeting
Professional Compensation, Ethics and Investment Banking
“The Three Deadly Ds -- Disclosure, Disinterestedness & Disgorgement: How To Get What You Earned and Keep What You Got!”
The “world of compensation” has radically changed for bankruptcy professionals in the last year. From the eToys decision we've learned that new, and even greater, care must be taken by court-appointed professionals (and officers of the debtor) in making the required disclosure of “connections” under Bankruptcy Rule 2014. As a result of BAPCPA, investment bankers (and their counsel) must now determine how they can pass the “disinterestedness” test in order to qualify for retention. Finally, in light of decisions such as In re Commercial Financial Services, Inc. and numerous recent amendments to the Bankruptcy Code that increase the likelihood of administratively insolvent estates, the “Specker” (Specker Motor Sales v. Eisen, that is) of disgorgement of already-paid professional fees has raised its ugly head. In this joint presentation, a distinguished panel will examine and provide useful guidance as to these and other issues of concern for attorneys, investment bankers and others.