New Federal Rules of Bankruptcy Procedure: Impact on Chapter 7, 12 and 13 Secured Creditors
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
- work Practice Area
Bankruptcy
- event Date
Thursday, February 15, 2018
- schedule Time
1:00 PM E.T.
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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This CLE course will examine recent amendments to the Federal Rules of Bankruptcy Procedure impacting Chapters 7, 12 and 13 of the bankruptcy code. The panel will discuss new proof of claim and other filing requirements, the ability of debtors to fix claims in a reorganization plan, the prescribed form for Chapter 13 plans, and more.
Significant changes to the federal bankruptcy rules went into effect Dec. 1, 2017, (approved by the Supreme Court earlier in the year). The bulk of the rules changes will affect Chapter 7, 12 and 13 cases, but certain filing requirements may apply to Chapter 11 cases as well.
Under amended Rule 3002 the time periods for filing and amending proofs of claim have been shortened, and now apply to both secured and unsecured creditors. The implications for secured creditors are enormous, as the failure to timely file a proof claim would bar a secured creditor from receiving a distribution under a confirmed bankruptcy plan.
New Rules 3012 and 3015 will permit a Chapter 12 or 13 plan to make determinations about the amount of a secured claim that are binding even if the claimholder files a contrary proof of claim, and regardless of whether the debtor has objected to the claim. These changes make it essential for counsel to review proposed plans early and confirm that they do not have any objections to a debtor’s valuation of the collateral.
The foregoing is only a partial description of the rule changes. Under 3015, bankruptcy courts must now use the official form for a Chapter 13 plan or adopt a local form that contains substantially the same information as the official form. Rules 9009, 3007 and 7001 have also been revised.
Listen as our authoritative panel reviews the various bankruptcy rule changes, and the procedural adjustments secured and unsecured creditors should make in navigating Chapter 7, 12 and 13 cases. The panel will also highlight rules changes that may impact claims procedures in Chapter 11 cases.
- Background on the new Federal Rules of Bankruptcy Procedure
- Rule 3002—filing and amending proofs of claim under Chapters 7, 12 and 13
- Rules 3012 and 3015—significance for Chapter 12 and 13 reorganization plans
- Official form for a Chapter 13 plan
- Other rules changes
- Impact on Chapter 11 claims procedures
The panel will review these and other key issues:
- How will the rules regarding filing and amending proofs of claim affect the rights of secured creditors?
- What is the added significance of reorganization plans under Rules 3012 and 3015?
- How has adoption of a required form of Chapter 13 plan affected local bankruptcies?
- What other rules changes affect secured and unsecured creditors?
