Uncovering Hidden or Unusual Assets

In a Chapter 7 bankruptcy case, there may be assets which are hidden or not in plain sight. These assets may be found through deeper investigation – whether through Internet searches, bank records or even personal observation – potentially resulting in valuable returns for the estate. By delving deeper into the case, the Trustee may find a..

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Chapter 7 Handbook: Do’s and Don’ts

The Handbook for Chapter 7 Trustees is a valuable resource for the Trustee to reference as they execute their fiduciary duties under the United States Trustee’s supervision. While it is a good practice to reference the Handbook throughout bankruptcy case administration, below are some highlights as well as do’s and don’ts for the Trustee practice…

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Exemptions: How to Correctly Calculate

In a Chapter 7 bankruptcy case, debtors may file exemptions on certain assets based on state or federal law. Exemptions allow debtors to keep protected assets, so it is important for Trustees to pay close attention to exemptions when reviewing a case. Exemptions are listed on Schedule C of the debtor’s petition. When reviewing Schedule..

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The Pivotal Role of the Bankruptcy Trustee: Will Chapter 7’s Unsung Hero Finally Get a Raise?

by Dave Watkins of Bankruptcy Management Solutions and Ronald R. Peterson of Jenner & Block Originally published in Westlaw Bankruptcy Journal Dave Watkins of Bankruptcy Management Solutions and Ronald R. Peterson of Jenner & Block discuss the crucial role bankruptcy trustees play in bankruptcy proceedings and explain why they believe an increase in the compensation..

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Chat with BMS Experts in CaseLink

While administering your cases in CaseLink, you may have simple inquiries which you would rather have answered electronically than calling into the Support Center. For these inquiries, the Chat feature is a convenient tool for you to instantly connect with BMS experts and receive quick responses to your case administration questions while allowing you to..

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Finding Assets in Insurance Policies

In Chapter 7 bankruptcy cases, assets can be recovered in unusual ways. For example, insurance policy proceeds can be recovered as assets for the estate depending on when the instance occurred and if exemptions apply. Accident Insurance If the debtor experienced a personal injury prior to filing Chapter 7 bankruptcy, accident insurance proceeds are the..

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Top 5 Tax Tips for Bankruptcy Estates

Contributed by Cheryl Wesler, CPA, Trustee Resource Group The content provided in this article by a third-party is for informational purposes only and is not intended as BMS-provided tax advice. When preparing bankruptcy estate tax returns, it is important to ensure all requirements are met to avoid costly penalties. Review these helpful tips to stay compliant when..

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“A Not So Fresh Start”

By David S. Watkins, Esq., BMS Vice Chairman Emeritus Reprinted with permission from the Fall 2017 issue of the American Bankruptcy Trustee Journal published by the National Association of Bankruptcy Trustees (NABT) “I tell debtors that America, with its huge frontier, was premised and built on the concept of ’fresh start’. An opportunity to begin..

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Live Training Webinars – December 2017

Learn to leverage BMS software solutions and services with exclusive training just for BMS clients. The following is a list of live courses offered this month: Microsoft Excel Advanced All Users: Tues, December 12th, 2017 2:00 pm ET/11:00 am PT (30 minutes) > Enroll here Skipping the basics, we will cover some of the more advanced..

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Year-End Roundup: Your Favorite 2017 Articles

It’s been a great year for BMS and our clients! As the year winds down to a close, we are looking back at the productivity-enhancing articles plus software tips that you found the most useful from our monthly newsletter. Below, we’ve compiled a list of your favorite BMS newsletter articles from over this past year. Refresh..

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