The Communicator - Volume 1, Issue 2 - (Page 16)

In a Chapter 13, there is a plan to pay creditors, while in a Chapter 7, there is no such plan. In either chapter, the debtor is responsible for paying post-petition assessments, but in a Chapter 13, it is prudent to make certain that the Chapter 13 plan provides for the payment of postpetition assessments. Due to the potential duration of a Chapter 13 plan (up to 60 months) and its ability to affect your recovery of payments, close scrutiny of a Chapter 13 plan is always recommended. Regardless of which chapter is involved, the association needs to establish a book- keeping procedure that separately tracks post-petition payments. Lastly, you need to be aware of pertinent dates. These dates are generally set forth in the notice of commencement you will receive. The two dates that you must usually note are the last date to file a proof of claim and the date of the meeting of creditors (also referred to as a 341 meeting). In most instances, you will not need to file a proof of claim (which advises the bankruptcy court of the amount owed as of the date of the bankruptcy petition) in a Chapter 7, Russell & Mallett, LLP 2900 Camino Diablo, Suite 200 Walnut Creek, CA 94597-3999 Tel. 925/947-4915 Fax 925/947-4920 Toll Free: 1-888-488-2255 info@russell-mallett.com though you will usually have to file one in a Chapter 13. The second date of which you should be aware is the date of the meeting of creditors, particularly with a Chapter 13. It is this date that serves as the basis for your last date to object to the debtor’s proposed Chapter 13 plan. It is imperative that you provide the most time you can for your attorney to object to the plan because it is at this stage that the association’s rights could most seriously be affected. Following these steps should allow you (and your attorney) to best protect the interests of the association, give you a sound basis for tracking the status of the bankruptcy, and provide a sense of control over the situation. M. Jeffrey Micklas has been a practicing California attorney since 1977, focusing on representing creditors in bankruptcy and collection matters. He is the principal of the Law Offices of M. Jeffrey Micklas in Walnut Creek, Calif., and president of Stonehenge Trustee Services, which collects delinquent assessments for homeowners associations. Providing Legal Expertise to the Homeowner Association Industry Construction Defect Litigation and Reconstruction Guidance Contracts and Mechanics Liens CC&R Revisions and Compliance General Counsel to Homeowners Associations, Directors and Management NEUmILLER & BEARDSLEE SINCE SINCE 1903 1903 ATTORNEYS & COUNSELORS Lawyers Who Find Solutions I can help you make sure your coverage is up-to-date. Call me today. (800) 573-0606 Dean Shibler Insurance Agent 6852 Pacific Avenue Stockton DeanShibler@allstate.com CA Lic: 0834515 Serving the community for over 20 years Insurance subject to availability and qualifications.Allstate Insurance Company and Allstate Property and Casualty Insurance Company, Northbrook, Illinois © 2007 Allstate Insurance Company. 509 West weber ave Stockton ca 95203 (209) 948-8200 www.NEUmILLER.COm 16 • The Communicator http://www.neumiller.com http://www.allstate.com

Table of Contents Feed for the Digital Edition of The Communicator - Volume 1, Issue 2

The Communicator - Volume 1, Issue 2 Contents President's Message The Hammer is Broken Top 10 Mistakes That Get Board Members Sued Dealing with Bankruptcy Ask the Experts – Are Your Contractors Licensed and Insured? 2008 Events & Education Calendar Welcome to CAI BayCen Directory Updates Index to Advertisers

The Communicator - Volume 1, Issue 2

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