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Supreme court adopts new bankruptcy rules that could affect our entire industry.. or not. No, they probably will. Though it can be hard sometimes to parse out all the doom and gloom messaging from many different news outlets. Bankruptcy itself isn't going away, so that isn't the major change. What we've been served with, however, is a new set of rules to play by. We talk about some of them in this week's show.

Supreme Court Adopts New Bankruptcy Rules

Finally, after several years of debate, major changes have been approved that will have a profound impact on consumer bankruptcy cases.  On April 27, 2017, the Supreme Court of the United States, through Chief Justice John Roberts, submitted to Congress amendments to the Federal Rules of Bankruptcy Procedure which set forth extensive changes dealing with forms and filing of claims.  The proposed changes will take effect December 1, 2017 and will significantly change how creditors should approach consumer bankruptcy cases (Chapter's 7, 12 and 13) and will require crucial adjustments to conform to the shortened timelines for creditors to take action, particularly in Chapter 13 cases.  

The most noteworthy changes are as follows:

Rule 2002: Notice to Creditors

The amendments to this Rule now require that creditors are to be provided at least 21 days' notice of the time fixed for filing an objection to confirmation of a Chapter 13 plan and be provided at least 28 days' notice of the confirmation hearing in a Chapter 13 case.  Neither of these notice provisions existed prior to the proposed rule change and each provides creditors with advance notice for the date of the scheduled confirmation hearing and the deadline for filing an objection.

Rule 3002: Filing of Proof of Claim

The amendments to this Rule may have the biggest impact on creditors largely due to the shortened deadlines for filing claims and the requirement that all creditors—including secured creditors—must file proofs of claim within 70 days of the filing date of a Chapter 7, 12 or 13 case or within 70 days of the date of conversion to a Chapter 12 or 13 for the claim to be deemed allowed.  The new Rule does add a provision that allows a creditor the opportunity for an extension of time of up to 60 days to file a proof of claim upon motion and order if the creditor can establish that it did not have a reasonable time to file a proof of claim because the debtor failed to timely file the list of creditors and addresses or because the notice was mailed to the creditor at a foreign address. The Rule does clarify that a lien that secured a claim is not void should the creditor fail to file a proof of claim.

There are a lot more notable changes, you can see a few more here.

Shrinking, Aging Skilled Labor Force

This is easily one of the best articles I've read on Bigger Pockets in the past year - if not ever. It's a well researched piece about the aging skilled labor force in America. Those blue collar jobs many young people no longer care to do.

The author begins the article with a great story about start from the bottom - insert Drake joke here. And weaves that into a statistic laden romp through our future. A future rife with higher prices on everything from homes to consumer goods. All because no one wants to do the hard blue collar work anymore.

And truthfully, I'm not entirely sure no one wants to do it. Personally, I think we just haven't communicated all the benefits of these jobs to would-be job holders. I'd love to hear your feedback on this topic, and the entire show in general.

That’s it for this week! Thanks for listening everyone and as always, if you have any questions, comments or potential deals to send our way, email us at [email protected].

Listen & Watch this Week’s Show to Learn:

Note Investing Due Diligence
Where To Go To Check On Foreclosure Status, Other Than The Attorney
Trust, But Verify
Techniques To Manage Shitty Days or Weeks
And much more!
Featured on the Show:

Due Diligence Pro
Big Changes To Bankruptcy Rules
RealtyTrac Newsletter July
Investors Bought 1/3 of the Homes In Dallas
Underwater Homeowners Are Drying Up
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Thanks for listening to our show! We’ll be back next Wednesday morning.

Cheers,

Chase & Robby