Chapter 7 – Consumer Financial Services Watch

COVID-19: How the CARES Act Will Impact Chapter 7 and Chapter 13 Consumer Bankruptcies

Mar 31 2020

By Phoebe S. Winder, Ryan M. Tosi, Stacey Gorman, Emily Mather

On March 27, 2020, the President signed into law the historic Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “Act”), a $2.2 trillion stimulus package designed to mitigate the widespread economic effects of the novel coronavirus (“COVID-19”). The Act includes several temporary modifications to chapter 7 and chapter 13 of the U.S. Bankruptcy Code.[1] This alert details these modifications.

Upcoming Amendments to Bankruptcy Rule 3002 to Impact Bankruptcy Filing Practices for Mortgagees

Aug 09 2017

By: Phoebe S. Winder, Ryan M. Tosi, David A. Mawhinney

Effective December 1, 2017, certain amendments to the Federal Rules of Bankruptcy Procedure (“the Bankruptcy Rules”) recently adopted by the Supreme Court will impact the allowance of secured claims in bankruptcy. Below, we focus on the amendments to Bankruptcy Rule 3002, which will serve to:

Clarify that Rule 3002 applies to secured claims in cases pending under chapters 7, 12, or 13 of the Bankruptcy Code.

Shorten the deadline for filing proofs of claim to seventy (70) days after the bankruptcy filing.

To read the full alert, click here.

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