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BANKRUPTCY

BANKRUPTCY . COLORADO FILINGS. TREASURERER’S RESPONSIBILITIES. Bankruptcy Law is Federal Law. There is NO Colorado Bankruptcy Law Title 11 of the United States Code 11 U.S.C. Section 101-1330 State statutes govern your actions and procedures. Automatic Stay.

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BANKRUPTCY

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  1. BANKRUPTCY

  2. COLORADO FILINGS

  3. TREASURERER’S RESPONSIBILITIES

  4. Bankruptcy Law is Federal Law • There is NO Colorado Bankruptcy Law • Title 11 of the United States Code • 11 U.S.C. Section 101-1330 • State statutes govern your actions and procedures

  5. Automatic Stay • Automatic Stay is an injunction that stops foreclosure, garnishments, collection of debts and Tax Lien sales • Upon filing of any Bankruptcy, the Automatic Stay is in place. • The Creditor must file a Relief from Automatic Stay or wait out the course of the Bankruptcy

  6. MONITORING DEBTS

  7. 3 Types Of Bankruptcy Filings To Monitor • Chapter 7 • Chapter 13 • Chapter 11

  8. Chapter 7 Bankruptcy • Chapter 7 is the most common • Complete liquidation of assets • Discharge normally within 3 – 4 months • Property Taxes are not Dischargeable • Trustee

  9. Chapter 13 • Chapter 13 is the reorganization of debt. • Chapter 13 allows a debtor to keep property and use disposable income to pay debts over 3 – 5 years. • They have to submit a plan

  10. Chapter 11 • Chapter 11 is Reorganization normally involving corporations. • Reorganization Plan • Monitor during the course of the plan

  11. 3 TYPES OF DEBT

  12. General Unsecured Debt • Creditor’s Claim without a priority for payment. Holds no Collateral • Most common General Unsecured Claims are Credit Cards, Medical Bills and Signature/Personal Loans • The debt WILL be Discharged

  13. Secured Debt • A Claim Secured by a Lien • Can be divided into Secured and Unsecured depending on Value of Property • Generally a Secured Claim gets paid in full

  14. Priority Debt • Unpaid Wages, Spousal or Child Support and Federal and State Taxes • Priority must be paid in full before General Unsecured Claims

  15. PACER • Public Access to Court Electronic Records • Must have a PACER Account to access • Allows users to obtain case and docket information from Federal Courts

  16. How Arapahoe County Handles Bankruptcy • Pull a Daily PACER Report for ALL Chapters 7, 13 and 11 • Review all filings to see if property owned • If property is owned & taxes are owed:

  17. Chapter 7 Delinquent Taxes • Flag your system for no further collection • Prepare/File a Notice of Appearance • By filing a Notice of Appearance, this allows you to get Notice of ALL documents filed in case

  18. Chapter 13 Delinquent Taxes • Pull Docket from PACER and review the Chapter 13 Plan to see if our tax debt is included • File a Proof of Claim • If not included in Plan file Objection to Confirmation of Plan

  19. Chapter 11 Delinquent Taxes • Immediately File a Notice of Appearance • If Personal Property Taxes owed file Proof of Claim • Check first day motions to see if a Motion Sell Property Free and Clear of Liens • File Objection to Motion • Most major businesses file in District of Delaware and Southern District of New York. • Must be registered in each District to be able to file through CM/ECF.

  20. CM/ECF Filings • CM/ECF is a comprehensive case management system that allows users to file over the internet • Pleadings and Proof of Claims are filed through CM/ECF Filing • Must have an attorney registered to use CM/ECF

  21. Conclusion • Lack of Notice of a Bankruptcy is crucial • Without Notice you could lose out on getting paid on Personal Property Taxes • Get daily Emails from Google or Other Search Engines regarding bankruptcy filings

  22. Questions?

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