NACBA eNewsletter
January 19, 2021
LegalPro Systems, Inc.
NACBA Events
JOIN US IN ORLANDO at #NACBAMCO!
NACBA is planning to move forward with our 29th Annual Convention! Save the dates of Thursday, May 13th through Sunday, May 16th, 2021 for NACBA’s return to the Walt Disney World’s Swan and Dolphin Hotel. The Convention Planning Committee is busy putting together a line-up of speakers and sessions that you will not want to miss.
Honest Tax
LearnBankruptcy.com
Featured Webinar
Introduction to & Explanation of Amendments to the Bankruptcy Code, the CARES Act & the Paycheck Protection Program by the Consolidated Appropriations Act, 2021
ON DEMAND
Presenters: Edward Boltz Esq., Henry Sommer Esq.
Moderated By: Jim Haller Esq.
Cost: $0 (Free) Member Benefit / $99 Non-Members
 
What You Will Learn: On Sunday, December 27, 2020 President Trump signed the Consolidated Appropriations Act, 2021, into law. This Act makes many changes to the Bankruptcy Code, the PPP program and other amendments that will benefit many of our clients.
 
Our panelists will introduce and explain the numerous amendments to the Bankruptcy Code including changes to Sections 364, 365, 366, 501, 502, 503, 507, 525, 541, 547, 1191, 1225, 1325, 1328, 1329. Among many changes, these amendments affect property of the estate, discharge in Chapter 13 cases when a debtor is delinquent on mortgage payments, protection of eligibility for CARES act relief, modification of Chapter 13 plans, eligibility for Chapter 13 business debtors regarding Paycheck Protection Program (PPP) loans and certain protections for rental property and rental property.
 
Our panelists will also discuss changes to the PPP loans including tax issues, additional eligible expenses, loan forgiveness, clarification of and additional limitations of eligibility, second PPP draw loans and expansion of the debt relief program for certain SBA loans.
 
The panel will also address the economic impact payments and unemployment assistance our clients may receive.
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Latest Bankruptcy News
SCOTUS Finds Retention of Property Is Not Exercise of Control
In an unhappy start to the new year, the Supreme Court resolved a long-festering issue in favor of creditors when it found that “mere retention of property does not violate §362(a)(3).” City of Chicago v. Fulton, 592 U.S. ___, No. 19-357 (S.Ct. Jan. 14, 2021).
Creditor Cannot Be Compelled to Take Possession of Surrendered Collateral
Surrender of collateral under section 521(a)(2) is a procedural action lifting the bankruptcy stay and permitting a lienholder to exercise state remedies with respect to the collateral. Because surrender does not affect the substantive rights of the debtor or the creditor, however, the debtor could not compel the creditor to take possession or release the lien. In re Loucks, 619 B.R. 908 (Bankr. E.D. Mich. Oct. 9, 2020) (case no. 20-42265).
Court Applies Purpose Test to Private Student Loan Discharge Case
Private loans extended for the purpose of paying the debtor’s “costs of attendance” at the University of Michigan and which, taken in conjunction with the debtor’s Pell Grants, did not exceed the debtor’s education expenses, fell within section 523(a)(8)(B)’s exception to discharge. MacEwan Conti v. Arrowood Indemnity Co., No. 20-1172 (6th Cir. Dec. 14, 2020).
Member Benefit Highlight
Ruby’s Comprehensive Guide to the Virtual Office.
NACBA members save 5% on Ruby’s virtual receptionist and live chat services with promocode NACBA! Thinking about sticking with your virtual office? Great! Check out our complete guide on going virtual.
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