Creditors Beware: New, Simplified Ch. 13 Comes At A Price

Law360, New York (November 29, 2017, 12:30 PM EST) -- The U.S. Supreme Court has approved changes to the federal bankruptcy rules that will go into effect Dec. 1, 2017, and will — among other things — modify the filing of proofs of claim by residential mortgage lenders and secured creditors in Chapter 7, 12 and 13 cases, compress timelines for debtors to object to claims, and standardize Chapter 13 plans. These updates focus mainly on consumer bankruptcies, but do include some changes to all bankruptcy proceedings.

Amended Rule 1001, for instance, reiterates that the intent...
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