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United States Trustee Program Resumes Consumer Debtor Audits

2/27/2014

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​As reported by the Wall Street Journal, the United States Trustee Program, a component of the Department of Justice responsible for monitoring both consumer and corporate bankruptcy filings, will resume its practice of conducting audits of consumer bankruptcy cases on March 10, 2014. Citing budgetary constraints, the United States Trustee Program suspended the audit program indefinitely last March. 
The audits are a result of Congress's overhaul of the Bankruptcy Code in 2005, which implemented numerous revisions aimed at reducing fraud and abuse of the bankruptcy system. In addition to selecting one out of every 250 cases per federal judicial district for audit, United States trustees may also select any cases that raise red flags because of unusually high income or expense figures.

Interestingly, the United States Trustee Program does not actually perform the audits; rather, United States trustees select the cases and independent accountants conduct the audits.
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United States Trustee Program Offers Guidance on the Recognition of Same-Sex Marriages in Bankruptcy

2/10/2014

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​As part of the Department of Justice's broader efforts to expand federal privileges and protections to married same-sex couples following the Supreme Court's landmark decision declaring portions of the Defense of Marriage Act unconstitutional, the United States Trustee Program recently offered guidance on the expanded meanings of the terms "marriage," "spouse," and "husband and wife," as they are used in the United States Bankruptcy Code and the Federal Rules of Bankruptcy Procedure.

Specifically, the United States Trustee Program advised that it will interpret these terms to refer to individuals lawfully married under any state law, including same-sex couples who were legally married in a state that recognizes same-sex marriages, but who are domiciled in a state that does not. The United States Trustee Program's position does not, however, include formal relationships recognized by a state that are not characterized as marriage under state law, such as domestic partnerships and civil unions.
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January Bankruptcy Filings Down 13% From 2013

2/6/2014

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As reported by the American Bankruptcy Institute, total bankruptcy filings nationwide declined 13% in January 2014 as compared to the previous year. Perhaps more notably, year-over-year bankruptcy filing totals have now declined for 38 consecutive months. 
​
Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, attributes the decline in bankruptcy filings to a combination of the high costs of filing and a sustained period of low interest rates, factors affecting individuals and businesses alike. 
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Westbury, New York 11590
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