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December 7, 2021

In this issue:

Video: Bankruptcy Notices: All is Not Lost: How to Get Money Out of a Bankruptcy?
401(k) Contributions Prior to Bankruptcy Can't be Excluded from Disposable Income
The Significance of the Consolidated Appropriations Act for Bankruptcy Trustees
News: Foster Swift to Participate in Mansfield Rule Program Focused on Diversity

Bankruptcy Notices: All is Not Lost: How to Get Money Out of a Bankruptcy?

Have you ever received a bankruptcy notice in the mail from a customer or someone you are under contract with and thought "Well that's it, I'm never going to see any more money." Your first instinct is to throw in the towel.

All is not lost. In the following video, Foster Swift bankruptcy practice leader Patricia Scott explains what can be remedied in a bankruptcy depending on the situation by identifying:

Who filed bankruptcy? Was it the individual you are in contact with, what it the business or was it both?
What chapter was filed?

Sixth Circuit Affirms Holding that Contributions to a 401(k) Plan Made More than Six Months Prior to Bankruptcy Cannot be Excluded from Disposable Income

Patricia J. Scott

The U.S. Court of Appeals for the Sixth Circuit recently ruled in a case involving a Chapter 13 debtors’ attempt to shield contributions to a 401(k) retirement account from “projected disposable income,” therefore making such amounts inaccessible to the debtors’ creditors. For the reasons explained below, the Sixth Circuit rejected the debtors’ arguments...

The Significance of the Consolidated Appropriations Act for Bankruptcy Trustees

Scott A. Chernich and co-author Kelly Rathbun

In the wake of the COVID-19 pandemic, Congress passed the much-needed Consolidated Appropriations Act of 2021 (CAA). The Bill, which supplements the sprawling Coronavirus Aid, Relief, and Economic Security (CARES) Act from March 2020 and creates economic relief for those impacted by the pandemic, was signed into law on December 27, 2020.

Beyond providing $900 billion in stimulus funding that was attached to a $1.4 trillion spending bill, there were also a slew of alterations to laws that resulted from the passage of the CAA. In particular, there were significant changes for both debtors and creditors as it relates to multiple sections of the Bankruptcy Code...

Scott A. Chernich

Foster Swift to Participate in Mansfield Rule Program Focused on Diversity in Leadership

Foster Swift Collins & Smith will be one of 70-plus law firms participating in the Midsize Mansfield Rule Certification program.

This program was established by the Diversity Lab (an incubator for innovative ideas and solutions that boost diversity and inclusion in the law) with the goal to boost the representation of historically underrepresented lawyers in law firm leadership by broadening the pool of candidates considered for these positions.

The Mansfield Rule Certification measures whether law firms have affirmatively considered at least 30 percent women, underrepresented racial/ethnic groups, LGBTQ+ lawyers and lawyers with disabilities for leadership and governance roles, equity partner promotions, formal client pitch opportunities, and senior lateral positions...

Foster Swift Collins & Smith, PC E-Newsletters are intended for general information for our clients and friends. This newsletter highlights specific areas of law and is not legal advice. The reader should consult an attorney to determine how this information applies to any specific situation.

IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.

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