Media Contact: Michael L. Moskowitz 212.684.7800
Richard E. Weltman 212.684.7800 or 201.794.7500
E-mail: mlm@weltmosk.com or rew@weltmosk.com
For Immediate Release
NEW YORK, NY – Almost every year changes are made to the Federal Rules of Bankruptcy Procedure (“Bankruptcy Rules”). The Bankruptcy Rules dictate how bankruptcy cases are handled on a day to day basis. The annual changes to the Bankruptcy Rules typically are in response to significant Supreme Court decisions or to correct prior errors or drafting mistakes. The changes address issues identified by an Advisory Committee on Bankruptcy Rules for the Judicial Conference of the United States which is made up of federal judges, bankruptcy attorneys, and others. This year the Advisory Committee proposed amendments to Bankruptcy Rules 1007, 2015, 3001, 7054, and 7056. This Alert focuses on Bankruptcy Rule 3001.
Additional Paragraph added to Rule 3001(c)
The Advisory Committee followed up on last year’s significant amendments to Bankruptcy Rule 3001 by adding paragraph (c)(3). The proposed new paragraph (3) requires that claims based on an open-end or revolving consumer credit agreement, such as credit card debt, include significant loan information. According to the Advisory Committee notes, “because a claim of this type may have been sold one or more times prior to the debtor’s bankruptcy, the debtor may not recognize the name of the person filing the proof of claim. Disclosure of the information required by paragraph (3) will assist the debtor in associating the claim with a known account. It will also
provide a basis for assessing the timeliness of the claim.”
A copy of the Advisory Committee's report, together with a redline of the new rule amendments, is available by following the link in this sentence. The report also includes the Advisory Committee's notes on each new or amended rule. All of the new amendments became effective on December 1, 2012.
For further information, please contact either Michael Moskowitz or Richard Weltman.
Richard E. Weltman and Michael L. Moskowitz are members of Weltman & Moskowitz, LLP, a business – oriented law firm having offices in New York and New Jersey. The firm focuses on bankruptcy and creditor’s rights, bankruptcy and business litigation, technology law, business divorce, commercial dispute resolution, and many types of business transactional matters, including entity formation, counseling and buy-sell agreements. They can be reached at 212.684.7800 or 201.794.7500 or by e-mail at mlm@weltmosk.com or rew@weltmosk.com.
