Chapter 7 and 13 Bankruptcy Blog

Beginning on June 15, 2010, the federal government will begin mailing one-time $250 rebate checks to Medicare beneficiaries who have hit the drug plan’s coverage gap known as: the doughnut hole.

The payment is part of the new health care reform law and people on Medicare do not have to apply to receive the rebate.  Checks will be mailed roughly every six weeks until the end of the year.

Help with drug costs will continue in 2011 when those on Medicare will receive a 50 percent discount if they reach the doughnut hole.  Savings will continue to increase over the years until the doughnut hole is closed in 2020.

What Does This Mean For Those Who Prepare Bankruptcy Petitions?

If you have a debtor who receives an income from the federal government, you need to ask them if they receive Medicare.  If so, ask them if they received the $250 rebate check.  If so, this additional income will need to be added to Schedule I and the Means Test within the bankruptcy petition.

For more information visit: http://www.medicare.gov

Upcoming Bankruptcy Training Seminars

http://www.bankruptcytrainingproducts.com/home/web-and-teleconference-training

CHAPTER 7 BANKRUPTCY PETITION TRAINING COURSE Course Length: 30 days

This course is designed to teach attorneys, paralegals and other law office personnel how to prepare a well-detailed Chapter 7 bankruptcy petition. In the process the student will learn a high level of skills that enables them to curtail most (if not all) Deficiency Notices issued by the Trustee after the 341 Meeting is complete.

This course is for both beginners as well as advanced students.  The reason we can provide one class that meets the needs of a wide range of knowledge levels is because the course is structured to teach a higher level of detail than is normally never taught in typical bankruptcy law firms.  This allows those who have been trained in the haphazard, traditional training methods to apply their present knowledge and advance their skills tremendously through the lessons they learn in the Chapter 7 Petition Training Course.

Beginning students who have never been trained in the haphazard, traditional method of preparing a bankruptcy petition will have the advantage of being trained correctly from the beginning.  This will protect students at this knowledge level from many of the common problems that exist in the majority of bankruptcy law firms today; which originated from poor petition training methods.  For a complete course description, visit:

http://www.bankruptcytrainingproducts.com/home/web-and-teleconference-training

CHAPTER 13 BANKRUPTCY PETITION TRAINING COURSE Course Length:  5 days

This course is an advanced course.  Students should have either completed the Chapter 7 Petition Training Course or have six (6) months of working knowledge in preparing Chapter 7 petitions prior to taking this course.  For a complete course description visit:

http://www.bankruptcytrainingproducts.com/home/web-and-teleconference-training

HOW TO TRANSITION YOUR BANKRUPTCY LAW FIRM TO A PAPERLESS OFFICE Course Length:  2 hours

This teleseminar will focus on transforming your law firm to a paperless office. We will explore a wide variety of different operational procedures starting at the initial client intake through the filing of the bankruptcy petition. You will learn insider tricks and techniques used by paralegals working inside the law firm for many years. They have been tried and tested and passed on to you when you attend this class.

OPERATIONAL PROCEDURES AND TIME SAVINGS TECHNIQUES FOR BANKRUPTCY LAW FIRMS Course Length:  2 hours

This teleseminar will focus on operational procedures and time saving techniques specifically for use inside your law firm.  This is also an excellent training course for paralegals and legal assistants if you are not a solo practitioner.  BONUS:  Designing and maintaining your own law firm website using WordPress.

Get more information and register for courses at: http://www.bankruptcytrainingproducts.com/home/web-and-teleconference-training

I just developed the first online training video that will be offered to train attorneys and their staff the professional skills needed to prepare a Chapter 7 and 13 Bankruptcy Petition. To provide you with an idea of the information provided in these videos, I have developed a free video centered around the VOLUNTARY PETITION.

I am currently in the process of developing additional videos which will provide training to 1,000s without them leaving the law firm.  However, I would like to get your thoughts and opinions so this product can serve the needs of the many.

If the video does not automatically appear in the area above, click here: http://www.youtube.com/watch?v=feCunYErLlM

DO YOU LIKE MY VIDEOS?

If you enjoy my short videos specifically designed for Chapter 7 and Chapter 13 bankruptcy attorneys, you can subscribe to my YouTube channel at: http://www.youtube.com/user/MsVictoriaRing Click on SUBSCRIBE at top of page

Back in the old days (prior to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), many attorneys would advise their clients to incur debt in order to eliminate any possibility of having unexempt equity in an asset.  Whether this was right or wrong is not the focus of this article.  The focus instead is to simply state that this behavior existed.

To prevent this problem, the lawmakers implemented wording into Section 526(a)(4) of 11 USC when the BAPCPA law went into effect in 2005.  According to this Section, a debt relief agency shall not advise an assisted person or prospective assisted person to incur debt in contemplation of such person filing a case under this title . . . .

I am sure you agree that all this is well and good, but what does it have to do with the point of this article?  The point is that on March 8, 2010, the Supreme Court declared that attorneys for debtors are debt relief agencies pursuant to 11 USC Section 101(12A) of BAPCPA.  A Minnesota law firm by the name of Milavetz, Gallop and Milavetz filed a declaratory judgment action in the District Court against this ruling; but it was overturned.

What does this mean for your law firm? It could be a very good thing marketing wise.  The stigma most people have against the word bankruptcy is often one of depression and humility.  Therefore, if an attorney markets their law firm as a debt relief agency, it could have a more positive effect on consumers in that particular marketplace.

However, this is just my opinion.  Have a great week!

Victoria Ring Certified Paralegal and Instructor http://www.coloradobankruptcytraining.com