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The 2005 amendments to the Bankruptcy Code are being reviewed in a five-part series of continuing legal education programs offered by the Monroe County Bar Center for Education. On July 22, approximately 100 people were in attendance to learn how the amendments affect Chapter 7 cases.

Kenneth Gordon and Deborah Kall Schaal (of Gordon & Schaal, LLP) served as co-chairs of the program presented at the Rochester Crowne Plaza. The MCBA Bankruptcy Committee sponsored the event and Morgan Stanley provided underwriting, which included a full buffet breakfast before the session started.

Attorneys practicing bankruptcy law for Chapter 7 debtors are called 'debt relief agencies' under the amendments, explained Gordon in his opening remarks. And to file for Chapter 7, there must be proof that the debtor had credit counseling by an approved credit counselor within 180 days of filing.

There are very few exceptions for non-compliance with this credit counseling provision. However, since there currently are no certified credit counselors in Western New York, it is possible that the local assistant U.S. Trustee may seek a one-year deferral for that requirement. Non-compliance, absent a deferral or some legal intervention, will result in dismissal.

The amendments also require that certain notices and disclosures be provided to the debtor within three business days of when services are offered, Gordon continued. A five-day timeframe regarding a retainer agreement is also specified.

In the handouts, Gordon included a model retainer agreement which included the required disclosure language, indicating that this was one way to meet the Chapter 7 requirements using just one document.

The handouts also included a list of websites that are likely to help a debt relief agency in verifying the accuracy of the debtors' schedules. The Kelly Blue Book (www.kbb.com) is recognized as a reliable source for valuing automobiles and the NADA Guides (www.nadaguides.com) are similarly useful for checking the value of motorcycles, boats, recreational vehicles and the like.

The Monroe County Clerk's Office website is useful for accessing deeds, mortgages and judgments filed in the county, back to 1996, he noted. And a city property website provides useful information about tax assessments on city properties and includes photos of the houses. It (http://geo.cityofrochester.gov/defmenu.asp) is searchable by property address or tax ID.

Michael Arnold, of Place & Arnold, took the podium next to expand upon the importance of getting the schedules right the first time.

Clients seeking bankruptcy help have probably never read a purchase agreement and are often unsophisticated in understanding financial and business terms, said Arnold. In order to get all of the right information from a client, I often compare a bankruptcy to death, explaining that every nickel, dime, piece of furniture and broach needs to be accounted for, just as the executor of an estate must identify all property before dispersing it or selling certain items to disperse the cash.

Arnold then went into some detail about particular types of property, noting the importance, in listing real property, of identifying any interest in property - from time share interest, to remainder interest, to partial interest of some other type.

John Andrew of Woods Oviatt Gilman LLP talked a bit about the creditor's perspective of the changes to Chapter 7. The handouts included a discussion of the 341 hearing, the debtors' duties, nondischargeable debts, the automatic stay and related topics.

Lucien A. Morin of McConville, Considine, Cooman & Morin, PC shared some insights about the bankruptcy amendments as the last presenter for the program.