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2005 Bankruptcy Act: Sweeping Changes CPAs Must Know

Author/Moderator: Grant Newton, CIRA, CMA, CPA, Ph.D.
Publisher: AICPA
Availability: Backordered
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Description

On April 20, 2005, President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("2005 Act"). The 2005 Act represents in many ways the most significant change in the bankruptcy laws since the Bankruptcy Code replaced the Bankruptcy Act in 1978. While the primary focus of the 2005 Act was on eliminating abuses of the law by consumers, there are provisions in the bill affecting almost all participants in the bankruptcy process — businesses, creditors, landlords and the professionals involved in this field.

To effectively represent clients it is important that the financial advisor understand the provisions of the 2005 Act and its impact.

Objectives: 
  • Discusses practices prior to the 2005 Act
  • Identifies the underlying objectives driving the changes in the law
  • Describes changes enacted by the 2005 Act
  • Explains the impact of the changes in the 2005 Act

Prerequisite:  None

Accepted for PFS and CFP® credit.

Table of Contents

  • Chapter 0
    • Overview
      • Reasons to Take Course
      • Learning Objectives
      • Effective Dates
      • Purpose of the 2005 Act
      • Course Content
  • Chapter 1
    • Claims
      • Learning Objectives
      • Introduction
    • Changes in Amounts and Order of Priority Claims
      • First Priority: Domestic Support Obligations (2005 Act Section 212)
      • Fourth and Fifth Priority: Wages and Employee Benefits
      • Eighth Priority: Defining Priority Tax Claims
      • “Incurred” Property Taxes: A Fix in Language (2005 Act Section 706)
      • New Tenth Priority: Driving Under the Influence (2005 Act Section 223)
    • Reclamation (2005 Act Section 1227)
      • Practice Prior to 2005 Act
      • Changes Enacted
      • Impact
    • Within 20 Days – De Facto Critical Vendors?
      • Practice Prior to the 2005 Act
      • Changes Enacted
    • Commercial Real Estate Leases and Executory Contracts
      • Introduction
      • Special Rules for Nonresidential Real Estate Leases
      • Rules Related to All Unexpired Leases and Executory Contracts
      • Personal Property Leases
    • Questions
  • Chapter 2
    • Operating in Chapter 11
      • Learning Objectives
      • Introduction
    • Employee Compensation and Conflicts
      • Key Employee Retention and Severance Programs
      • Postpetition Hires
      • Fraudulent Transfers
      • Priority Claims for Employee Benefits
      • Wages and Benefits Awarded as Back Pay
      • Retiree Benefits
    • Retention of Financial Professionals
      • Investment Bankers
      • Compensation Arrangements
      • Board Certification
      • Other Compensation Issues
    • Utility Service
      • Introduction
      • Practice Prior to 2005 Act
      • Changes Enacted
      • Impact of Changes
      • Open Issue: Definition of Utility
    • Questions
  • Chapter 3
    • Plans and Creditors’ Committees
      • Learning Objectives
      • Introduction
    • Plans of Reorganization
      • Introduction
      • The Exclusive Periods for Plan Filing
      • Treatment of Taxes Under a Plan
      • Vendor Payments
      • Treatment of Charitable Property
      • Plan Modification
    • Disclosure Statement
      • Impact of Changes
    • Committee Reconstitution and Treatment of Constituents
      • Practice Prior to 2005 Act
      • Changes Enacted
      • Impact of Changes
    • Questions
  • Chapter 4
    • Means Testing
      • Learning Objectives
      • Introduction
    • Provision for Abuse
      • Prior to 2005 Act
      • Change in Approach to Abuse
    • Income and Presumption of Abuse
      • Income Less than State Median
      • Income Greater than State Median
    • Allowed Deductions
      • IRS Guidelines
      • Expenses Not Specified by IRS
      • Expenses for Care of Family Member
      • Chapter 13 Monthly Expense
      • Special Educational Expenses
      • Excess Housing and Utilities
      • Secured Debt Payments
      • Priority Claims
      • Contributions
    • Rebutting the Presumption of Abuse
      • Special Circumstances
      • Other Basis for Abuse or Dismissal
    • Questions
  • Chapter 5
    • Consumer Bankruptcies
      • Learning Objectives
      • Introduction
    • General Provisions
      • Increased Time between Discharges
      • Requirements for Tax Returns and Other Documents
      • Credit Briefing and Financial Instruction
      • Limit on Automatic Stay
      • Homestead Exemption
      • Retirement Plans
    • Chapter 13
      • Duration of Chapter 13 Plans
      • Confirmation of Chapter 13 Plans
      • No Discharge of Fraudulent Taxes in Chapter 13
      • Requirement to File Tax Returns to Confirm Chapter 13 Plans
    • Chapter 11 Cases Filed by Individuals
      • Property Acquired Postpetition Including Earnings
      • Future Earnings in Plan
      • Plan Confirmation
      • Domestic Support Obligations
      • Discharge of Debts
      • Plan Modification
    • Questions
  • Chapter 6
    • New Chapter 15: Ancillary and Other Cross Border Cases
      • Learning Objectives
      • Introduction
    • Purpose of Chapter 15
    • Who May Be a Debtor Under Chapter 15
      • Venue
    • Commencement and Recognition
      • Commencement of a Case Under Chapter 15
      • Relief Available Between Petition Filing and Recognition of Foreign Proceeding
      • Effect of Recognition
      • Additional Relief Available Post-Recognition
    • Concurrent Plenary Cases
      • Avoidance Actions Under Chapter 15
    • Rights of Foreign Creditors in U.S. Cases
      • Conclusion
    • Questions
  • Chapter 7
    • Tax Determination, Discharge, and Returns
      • Learning Objectives
      • Introduction
    • Tax Determination
      • Treatment of Certain Liens
      • Determination of ad valorem Tax Liability
      • Notice of Request to Determine Taxes
      • Rate of Interest on Tax Claims
      • The Stay of Tax Court Proceedings
      • Discharge of the Estate’s Liability for Unpaid Taxes
      • No Discharge of Fraudulent Taxes in Chapter 11
    • Tax Returns
      • Income Tax Returns Prepared by Tax Authorities
      • Dismissal for Failure to Timely File Tax Returns
      • Payment of Taxes in the Conduct of Business
      • Tardily Filed Priority Tax Claims
      • Setoff of Tax Refund
    • Questions
  • Chapter 8
    • State and Local Taxes and Summary of Impact of 2005 Act
      • Learning Objectives
      • Introduction
    • State and Local Taxes
      • Bankruptcy Estates
      • Cancellation of Indebtedness and Preserving Net Operating Losses
    • Impact of the 2005 Act
      • Introduction
      • Impact on Businesses
      • Impact on Consumers
      • Mandatory Credit Counseling and Educational Course
      • Bankruptcy Judges Become Referees Again
    • Questions
  • Chapter 9
    • Ethics Focus: Consulting Services
    • Ethics Overview
    • Interpretation 101-3
    • Key Ethical Dilemmas
    • Addressing Ethical Dilemmas
    • Available Resources
  • Chapter 10
  • Latest Developments

Excerpts

Videocourse Details

NASBA Field of Study: Business Law
Level: Intermediate
Recommended CPE Credit: 12
Important Information on Your CPE Credit
Text
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