01 Nov 2017

“Dear Angie”: Setting the Table for Successful TIRs

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Welcome to “Dear Angie,” our monthly column featuring BMS Sr. Account Manager, Angela Vitale, answering your bankruptcy and software questions!

BMS Account Managers are an extremely valuable resource to your practice with bankruptcy expertise and software know-how, and they are only ever a call or email away.

Check out Angie’s latest Q&A below discussing how to set the table for more successful TIRs!



Cook Up Strong TIRs with the Right Mix of Ingredients


As an Account Manager, over the years I, like my colleagues, have received numerous client inquiries about Handbook procedures, policies, and software features, as well as general “what do other trustee offices do” questions. In sharing these questions and answers with our Chapter 7 community, I hope you find them useful and interesting!


DEAR ANGIE: It’s that time of year and my Trustee Interim Reports (TIR) are due. Every time I go through this process, I feel bogged down by what I have to do. I’m afraid that I may miss something important. Can you help me? I would love to submit a perfect report!



DEAR THANKFUL: Preparing for your TIRs doesn’t have to be overwhelming. There is a cornucopia of features in our software that can help you to focus, review and submit information so your reports can be complete!

When helping a client with their TIR preparation, here are a few of the reports I review with them.  By using these tools on a consistent basis, you will have very little clean-up when your TIR is due. Like a well-organized Thanksgiving dinner, your report will have all the “ingredients” required for a great report!

  • Tardy NDR Report – This report lists cases that are either without a No Distribution Report (NDR) Date or have a NDR date a certain number of days past the Initial Debtor Examination (IDE) Date. This report can help you to determine what cases require a Form 1 Asset Report. As per the UST’s General Instructions for Interim Reports (TIRs), a case needs to have a Form 1 if “a No Asset report has not been filed with the United States Trustee and the court, and 120 days have passed since the initial examination of the debtor at the § 341(a) meeting.”
  • Auditor Tool  – The Auditor tool tests your data, links you to any issues found that need to be corrected, and offers additional functionality for follow-up and tracking. In addition to the variety of information this report provides, The Auditor tool is also very useful for reviewing ledger descriptions. You want your TIR reviewer to understand exactly what was done on each transaction when reading your ledgers. Providing a complete description that includes, for example, the date of an Order, Stipulation or Docketing event (if applicable) will ensure that the reviewer is not hungry for more information.
  • UST Tool (for CaseLink² users) – The UST Tool in CaseLink² mimics the reports that most Trustees receive in response to their TIR, alerting you to any possible errors which you can clean up before submitting your TIR. The UST Tool can be found on the Global Menu Bar under “Tools” in the Auditor sub-menu.
  • Case Memo Report – The Case Memos Report prints individual memos for one case or all cases, including the internal case memo. You can use this report to filter cases without a TDR date, making it easy to track your monthly case activity. When reviewing this information, you should keep a running history of ongoing activity prefaced by the date of when that activity took place. This helps to get a more thorough picture of what is happening on a case, and can contribute toward the case administration process required by the Chapter 7 Handbook, which states that “the trustee’s records must indicate regular and ongoing management of the cases… documentation shall be notated to indicate the date of the Trustee’s review” (Chapter 7 Handbook, pg. 4-25).
  • Form 3 – Form 3, also known as the Summary Interim Asset Report, is a summary listing of pending asset cases, shown in sequence by case number.  When I review this form, I can gather information such as whether disposition dates (Column 7) need to be updated on certain cases, if assets need to be reviewed (Column 6), or if there is a need to change the status of a case.

You can use the above features any time of the year. In fact, reviewing your open case information on a quarterly basis is a Chapter 7 Handbook requirement.

As a general rule, I advise you to reference the Chapter 7 Handbook for any situation you come across, as it is an invaluable resource for Trustees. In addition, always check with your local UST for district-specific requirements.

Thank you for writing in!



Got a Question for Dear Angie?

Send it to us at BMS@BMSAdvantage.com! You might just see it answered in our next issue.