Friday, July 26, 2013

Members Only Workshop ~ Hyatt Regency  
New Orleans, LA ~ October 24-26, 2013
Registration Information

  • Registration is open to current NACBA Members and their support staff.
  • Early Bird discount ends at 5:00 p.m. PST on Friday, September 6th, 2013.
  • Support staff may attend without member attorney if employed by member firm.
  • Registration fee includes: breakfast, lunch, Friday night Reception, printed materials for one pre-selected Track, and a flash drive containing materials for all Tracks.
  • Workshop registrants DO NOT need to purchase a meal ticket. Meals tickets for guests of Workshop attendees are available for $100.
  • You may attend any session in any of the three concurrent tracks. When you register, you will be asked to identify the one Track that you plan to attend and for which you will receive written materials. You may attend any session from any Track that you wish, however, and will be able to pre-purchase the written materials for the other two tracks when you register.  If you own an iPad, iPhone or any tablet using the Droid operating system, you will be able to download an app that will allow you to access the materials and take notes during the sessions.

Thursday, July 25, 2013

Received Extra Income After Filing Chapter 7
What happens if I receive extra income after filing a Chapter 7 bankruptcy?
Well, as in most things concerning bankruptcy, there is not a clear cut answer.
In a Chapter 7, most assets of the case are viewed as a snap shot.  The debtor must list all assets as of the date of filing the Chapter 7 petition with the Clerk of the Bankruptcy Court.  If the debtor was entitled to an income stream prior to the filing, then this right would probably be property of the bankruptcy estate, and must be listed regardless of whether or not it was received.  In fact, if you simply have the realistic expectation of your income changing after filing, it should be disclosed to the Court.  However, as long as the income stream was not foreseen until after filing, it would not be an asset. course, this has exceptions. Most notably, the receipt of an inheritance. In that case, we would have to look at the right to receive an inheritance up to 6 months after filing.
As you might imagine, the Court also does not look kindly upon fraud and bad faith. For example, lets say Mom, that just won the lottery, wanted her daughter to benefit from it, so pre-petition they arranged to sign a lease post-petition for a room in a modest house for $10K per month. I think this is obviously a filing in bad faith. This filing was probably designed to keep creditors from receiving funds, and the debtor had at least the expectation of having the ability to pay a substantial portion of debt owed to creditors.