Reuters announced today that the Chairman of the House of Representatives Financial Services Committee intends to continue his pursuit of legislation that would reduce mortgage loans through bankruptcy proceedings. Representative Barney Frank started the financial regulation reform in March of 2009. He believes that the likelihood of the legislation passing is increased by lackluster efforts to modify mortgages.

“The best lobbyists we have for getting bankruptcy legislation passed are the servicers who are not doing a very good job of modifying mortgages,” Rep. Barney Frank said at a panel subcommittee hearing. “If they do not improve their performance then they improve their chances of that legislation.”

Kevin D. Heupel, Colorado personal bankruptcy lawyer

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A trustee is assigned in all Chapter 7, 12, and 13 cases, and in some Chapter 11 cases. In Chapter 12 and Chapter 13, the trustee is called the “standing trustee.” Throughout the duration of those two Chapters it is likely that the trustee will remain the same. In Chapter 7 cases there are two dozen trustees assigned to your case by rotation. They are called a “panel trustee.”

The trustee’s responsibilities are as follows:

• to administer the bankruptcy case or the bankruptcy estate
• to make certain creditors are treated according to guidelines of the Bankruptcy Code
• to preside over the meeting of creditors
• to collect and sell non-exempt property, as in the case of a Chapter 7, or collect and pay out money from a repayment plan, as in the case of a Chapter 12 or Chapter 13
• the trustee can request information and documents, either before, during, or after the meeting of your creditors.

If you fail to cooperate with the trustee your discharge may be denied. Trustees are usually, but not always, attorneys. They are appointed by the United States Trustee. Their fees come out of your bankruptcy filing fees or out of the money collected in your bankruptcy case.

The trustees do not represent you; they work on behalf of the bankruptcy estate and all of its creditors. In other words, they are not your bankruptcy attorney.

The United States Trustee’s Office is part of the U.S. Department of Justice. It is separate from the court. The United States Trustee’s Office is a “watchdog” agency. The U. S. Trustee’s Office is charged with monitoring your bankruptcy case, appointing and supervising all of your trustees, and identifying any fraud. The Office can give you information about the status of your case, but cannot give you any legal advice. You may contact them if you are having problems with a trustee, or if you have evidence of fraud in a case. The Office does not administer a specific case. It reviews all bankruptcy petitions and pleadings filed in a case, and participate in many of the proceedings. The trustees appointed by the U.S. Trustee’s Office administer the cases. They are able to file motions in a bankruptcy case, such as a motion to dismiss the case or convert it to another Chapter.

Kevin D. Heupel, Colorado personal bankruptcy lawyer

personal bankruptcy free-consultation form

help@cobankruptcyhelp.com

http://cobankruptcyhelp.com

legal hotline:303-955-7570

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This weekend I read an article in an online east coast paper written by Elaine B. Morgillo, a certified financial planner. It made me think about small business owners who are preparing to file for bankruptcy and the questions they might have about their employees’ pensions. The answer to their concerns may lie in the Pension Benefit Guaranty Corporation (PBGC). The PBGC is a safety net for pensioners created by Congress. If you cannot continue to sponsor your employees’ plans the PBGC may well continue to fund the plan.

Greater than one million workers and retirees have received financial assistance from the PBGC. The particular type and amount of aide given depends upon the kind of plan and the nature of the financial assistance needed.

The maximum amount of guaranteed benefits is limited by statute. The guaranteed amount is contingent upon the kind of plan, when the plan terminates, the type of PBGC involvement, and other factors. “For single-employer plans that terminate in 2009, the maximum guarantee is $4,500 per month ($54,000 per year) for a single-life annuity commencing at age 65. The maximum is reduced if the worker retires at a younger age: at age 62, the guarantee is $3,555 per month. At age 55, the maximum is only $2,025 per month. All of these totals are reduced for annuities that continue to pay a portion of the monthly benefit to a retiree’s surviving spouse (Elaine B. Morgillo, Seacoastonline).”

Due to expenditure limits under PBGC rules, all new benefit accruals terminate after the PBGC takes over. If other provisions that are part of the plan don’t exceed the limit they will be maintained. Keep in mind that not all benefits under the original plan are guaranteed.

Another item to remember is that if your employees’ plans becomes regulated by PBGC, they will be unable to take their benefit in a lump sum or to transfer it into an IRA.

For more information about the PBGC go to their website or call (800) 400-7242. Or contact the U.S. Department of Labor’s Employee Benefits Security Administration.

If I can assist you with any questions please feel free to contact me:    

     Kevin D. Heupel, Colorado bankruptcy lawyer

     Phone: 303-955-7570

     website: http://COBankruptcyHelp.com

     email: help@cobankruptcyhelp.com

     form: personal bankruptcy free-consultation form

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Kevin D. Heupel, Colorado bankruptcy lawyer

phone:  303-955-7570

website: http://COBankruptcyHelp.com

email: help@cobankruptcyhelp.com

form :  free personal bankruptcy consultation form

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While thinking about bankruptcy and the questions clients have had, I realized it might be helpful to start again from the basics, beginning with the question: “What is bankruptcy?”

The bottom line is bankruptcy is a collection of federal laws and regulations intended to help individuals and businesses who owe more debt than they can pay. If you, your corporation, or your partnership owe(s) money then you are referred to as the debtor when filing for bankruptcy. In order to give you a fresh start bankruptcy allows you (the debtor) to devise a plan to repay a portion or all of the debt, to have some of the debt discharged, or to liquidate your assets.

The bankruptcy laws protect and benefit you (the debtor) in ways that are unavailable outside of bankruptcy. One of the main ways in which the bankruptcy laws do that is by prohibiting creditors from any collection efforts while you (the debtor) are filing for bankruptcy, unless the Bankruptcy Court orders otherwise.

During the process of filing for bankruptcy, you must fully disclose all of your assets, liabilities, and other financial information. You also must do one of two things: surrender non-exempt property for liquidation and distribution to creditors, or formulate a plan to allot to creditors at least as much as they would receive if your assets were liquidated.

Hopefully, this discussion has helped to clarify the issue. If you have any questions, or live in Denver, Aurora, Arvada, Wheat Ridge, Littleton, Englewood, Northglenn, Westminster, Broomfield, Lakewood, Brighton, Lafayette, or Golden and are thinking of filing Colorado personal bankruptcy please feel free to contact me:

                          Kevin D. Heupel, Colorado bankruptcy lawyer

                          Phone: 303-955-7570

                          website: http://COBankruptcyHelp.com

                          email: help@cobankruptcyhelp.com

                          contact form: free consultation form

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