[CLBS] Effective Date of Bankruptcy Changes

Fri Apr 3 11:43:17 MDT 2020

I'm not aware of anything in the CARES act that keeps it out of the reach
of a chapter 7 trustee. I don't think your wildcard exemption will protect
it unless it's reduced to cold, hard cash because of the tangibility
requirement. You might want to look at the Farnsworth case (the case that
reversed course and held additional child tax credit were exempt under
11-603(4) back in 2016) and see if it meets the elements of public
assistance under 11-603(4) and could be exempted that way.

~ Alex

On Fri, Apr 3, 2020 at 11:32 AM <jon at boiselaw.org> wrote:

> So the Stimulus funds are excluded from the definition of income, but can
> the Trustee in a chapter 7 seized those funds if they have not been
> received before filing or if received, would those funds need to then be
> spent or held as part of debtor's wildcard at the time of filing?
>
> Thanks.
>
> Jon R. Wilson
> Attorney at Law
>
> Wilson Law Offices, P.C.
> 4614 W. Emerald St.
> Boise, ID 83706
> Tel. (208)343-8400
> Fax (208)424-5006
> Email:  jon at boiselaw.org
>
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> -----Original Message-----
> From: CLBS <clbs-bounces at admws.idaho.gov> On Behalf Of Steve Taggart
> Sent: Monday, March 30, 2020 5:56 PM
> To: clbs at admws.idaho.gov
> Subject: [CLBS] Effective Date of Bankruptcy Changes
>
> The effective date is the date of enactment, ie. 3/27/20.
>
> > Steven L. Taggart
> > Attorney at Law
> > MAYNES TAGGART PLLC
> > 525 Park Avenue, Suite 2E
> > Idaho Falls, ID 83402
> > Office:  (208) 552-6442
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> > On Mar 30, 2020, at 3:06 PM, clbs-request at admws.idaho.gov wrote:
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> > Today's Topics:
> >
> >   1. Re: Covid Stimulus Bill Changes Bankruptcy Code
> >      (Matthew Christensen)
> >   2. FW: Commercial Law and Bankruptcy Section ListServ (Patrick
> > Geile)
> >
> >
> > ----------------------------------------------------------------------
> >
> > Message: 1
> > Date: Thu, 26 Mar 2020 18:42:54 +0000
> > From: Matthew Christensen <mtc at angstman.com>
> > To: Patrick Geile <PGeile at foleyfreeman.com>, "clbs at admws.idaho.gov"
> >    <clbs at admws.idaho.gov>
> > Subject: Re: [CLBS] Covid Stimulus Bill Changes Bankruptcy Code
> > Message-ID:
> >
> > <MWHPR16MB0045A7F9FE6EFD82C8E0C53CC2CF0 at MWHPR16MB0045.namprd16.prod.ou
> > tlook.com>
> >
> > Content-Type: text/plain; charset="utf-8"
> >
> > Does anyone have good information on the effective date of the
> legislation?  I can't find it easily in the draft bill (800 pages!!).  Is
> this something that'll be immediately effective - or effective on a later
> date?
> >
> > Matt
> >
> >
> > -----Original Message-----
> > From: CLBS <clbs-bounces at admws.idaho.gov> On Behalf Of Patrick Geile
> > Sent: Thursday, March 26, 2020 8:31 AM
> > To: clbs at admws.idaho.gov
> > Subject: [CLBS] FW: Covid Stimulus Bill Changes Bankruptcy Code
> >
> > Good Morning,
> >
> > Below are some important changes to the SBRA and chapter 13?s among
> others.  Thanks Judge Pappas for forwarding this on.
> >
> > Colleagues, Our Legislative Committee reports that the stimulus bill
> > that will hopefully get passed this afternoon by the Senate contains
> > changes to
> >
> > [Image removed by sender.]
> >
> >
> >
> > Colleagues,
> > Our Legislative Committee reports that the stimulus bill that will
> hopefully get passed this afternoon by the Senate contains changes to the
> Bankruptcy Code to assist small business debtors and all individual
> debtors. The House of Representatives will have to take up the bill shortly
> after the Senate passage; however, the Committee understands that while the
> House may want to add a liberalized homestead provision, the leadership is
> on board with these changes.
> >
> > Here is a summary of those provisions, all of which sunset after one
> year:
> >
> > ? Amends the Small Business Reorganization Act to increase the
> eligibility threshold to file under subchapter V of chapter 11 of the U.S.
> Bankruptcy Code to businesses with less than $7,500,000 of debt.
> >
> > ? Amends the definition of income in the Bankruptcy Code for chapters 7
> and 13 to exclude coronavirus-related payments from the federal government
> from being treated as ?income? for purposes of filing bankruptcy.
> >
> > ? Clarifies that the calculation of disposable income for purposes of
> confirming a chapter 13 plan shall not include coronavirus-related payments.
> >
> > ? Explicitly permits individuals and families currently in chapter 13 to
> seek payment plan modifications if they are experiencing a material
> financial hardship due to the coronavirus pandemic, including extending
> their payments for up to seven years after their initial plan payment was
> due.
> >
> > Laurel Isicoff
> > NCBJ 2019-2020 President
> >
> >
> >
> > ?2020 NCBJ | 954 La Mirada, Laguna Beach, CA 92651
> >
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> > ------------------------------
> >
> > Message: 2
> > Date: Mon, 30 Mar 2020 21:06:34 +0000
> > From: Patrick Geile <PGeile at foleyfreeman.com>
> > To: "clbs at admws.idaho.gov" <clbs at admws.idaho.gov>
> > Subject: [CLBS] FW: Commercial Law and Bankruptcy Section ListServ
> > Message-ID:
> >
> > <BY5PR19MB3827D0E5C6A8DEC1CC28434EA8CB0 at BY5PR19MB3827.namprd19.prod.ou
> > tlook.com>
> >
> > Content-Type: text/plain; charset="us-ascii"
> >
> > Please review the attached Notice.
> >
> >
> >
> > Patrick J. Geile
> > Foley Freeman PLLC
> > (208) 947-1563
> >
> > From: Cahoon, Brett R. (USTP) <Brett.R.Cahoon at usdoj.gov>
> > Sent: Monday, March 30, 2020 3:05 PM
> > To: Patrick Geile <PGeile at foleyfreeman.com>
> > Subject: Commercial Law and Bankruptcy Section ListServ
> >
> > Patrick,
> >
> > Will you please send the attached Notice to the Commercial Law and
> Bankruptcy Section mailing list? Thanks.
> >
> > Respectfully,
> >
> > Brett R. Cahoon
> > Trial Attorney
> > U.S. Department of Justice
> > Office of the United States Trustee
> > 720 Park Blvd., Ste. 220
> > Boise, ID 83712
> > (208) 334-1300 x 2226
> >
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-- 

Alexandra O. Caval

Caval Law Office, P.C.

P.O. Box 1716

Twin Falls, ID 83303-01716

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alex at cavallawoffice.com

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