New Federal Rules of Bankruptcy Procedure: Impact on Chapter 7, 12 and 13 Secured Creditors

Recording of a 90-minute CLE webinar with Q&A


Conducted on Thursday, February 15, 2018

Recorded event now available

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Program Materials

This CLE webinar 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.

Description

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.

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Outline

  1. Background on the new Federal Rules of Bankruptcy Procedure
  2. Rule 3002—filing and amending proofs of claim under Chapters 7, 12 and 13
  3. Rules 3012 and 3015—significance for Chapter 12 and 13 reorganization plans
  4. Official form for a Chapter 13 plan
  5. Other rules changes
  6. Impact on Chapter 11 claims procedures

Benefits

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?

Faculty

Simon, Andrew
Andrew M. Simon

Squire Patton Boggs

Mr. Simon’s practice focuses on bankruptcy and restructuring matters and on corporate transactions, including...  |  Read More

Smith, Elliot
Elliot M. Smith

Squire Patton Boggs

Mr. Smith has a broad-based corporate and litigation practice focusing on business insolvency, restructuring,...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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