Probate and Bankruptcy Discussions
6/7/2016
Probate and Bankruptcy Discussions Trends,
1
6/7/2016
Probate Process • • • • • • • • •
Executor or Administrator appointment Is there a Will Time frames Filing Petition Classification of Demand Timely or Forever Barred Suing the estate Surviving Spouse/Minor Children Property- Assets
Creditor opening Estate • Is it worth it? – Expense – Time – Chance of payment
• Estate value • What class is creditor demand? • How many other creditors?
2
6/7/2016
Common Issues • • • • •
Small percentage of estates opened Creditors have strict time lines Many estates insolvent Many claims denied and have to fight States have very different time frames and easy to miss.
State Probate Websites State
Law
Website
Alabama
Title 43, Chapter 8: Probate Code
http://codes.lp.findlaw.com/alcode/43/8
Alaska
Title 13 - Decendents' Estates, Guardianships, Transfers, and Trusts
http://www.touchngo.com/lglcntr/akstats/Statutes/Title13/Chapter16.htm
Arizona
Title 14 - Trusts, Estates and Protective Proceedings
http://www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=14
Arkansas
Title 28 ; Wills, Estates and Fiduciary Relationships
https://courts.arkansas.gov/forms-and-publications/court-forms/probatedivision
California
Probate Code 1800-1804
http://www.leginfo.ca.gov/cgibin/displaycode?section=prob&group=01001-02000&file=1800-1804
Colorado
Title 15 Probate Code - There are 22 Judicial District
https://www.courts.state.co.us/Forms/SubCategory.cfm?Category=Trusts,
Connecticut
Title 45a ; Probate Court Rules of Procedure
http://www.jud.ct.gov/lawlib/law/probatelaw.htm
Delaware
Title 12 - Decendents' Estates and Fiduciary Relations http://delcode.delaware.gov/title12/
DC
District of Columbia Court Rules - Superior Court Rules http://www.dccourts.gov/internet/documents/SuperiorCourtRulesForTheProb of the Probate Division ateDivision.pdf
Florida
Title XLII - Estates and Trusts
http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Index&Titl e_Request=XLII#TitleXLII
Georgia
Title 53 - Council of Probate Court Judges- Uniform Rules
http://gaprobate.gov/
Hawaii
Title 30A - Uniform Probate Code
http://www.capitol.hawaii.gov/hrscurrent/Vol12_Ch05010588/HRS0560/HRS_0560-.HTM
Idaho
Title 15 - Uniform Probate Code
http://www.legislature.idaho.gov/idstat/Title15/T15.htm
Illinois
755 ILCS 5/ - Probate Act of 1975
http://www.ilga.gov/legislation/ilcs/ilcs2.asp?ChapterID=60
Indiana
Title 29 - Probate
https://iga.in.gov/legislative/laws/2015/ic/titles/029/
3
6/7/2016
State Probate Websites State
Law
Website
Iowa
Title XV, Chapter 633 - Probate Code
http://coolice.legis.iowa.gov/coolice/default.asp?category=billinfo&service=iowacode&ga=83&input=633
Kansas
Chapter 59 - Probate Code
http://www.kslegislature.org/li_2012/b2011_12/statute/059_000_0000_chapter /
Kentucky
Title XXIV, Chapter 394
http://www.lrc.ky.gov/Statutes/chapter.aspx?id=39195
Louisiana
CC1575; CCP2883; CCP2851; CCP2852, Probate laws http://legis.la.gov/Legis/LawSearchList.aspx
Maine
Title 18-A - Probate Code
Maryland
Titles 1-16 Estates of Decendents - General Provisions http://law.justia.com/codes/maryland/2013/article-get
http://www.mainelegislature.org/legis/statutes/18-A/title18-Ach0sec0.html
Chapter 521- An Act Relative to the Uniform Probate Massachusetts Code https://malegislature.gov/Laws/SessionLaws/Acts/2008/Chapter521 Michigan
Chapters 701-712: Probate Code , Act 288 of 1939
http://www.legislature.mi.gov/(S(ug4awo0hqmtyp1gpdb3lgkqr))/mileg.aspx ?page=getObject&objectName=mcl-Act-288-of-1939
Minnesota Mississippi
Chapter 524 Uniform Probate Code Title 91- Trusts and Estates
https://www.revisor.leg.state.mn.us/statutes/?id=524 http://law.justia.com/codes/mississippi/2010/title-91/7
Missouri
Title XXXI,Chapters 456-475 - Probate Code Administration Decendent's Estates
http://www.moga.mo.gov/mostatutes/chapters/chapText473.html
Montana
Title 72 Estates, Trusts, and Fiduciary Relationships
http://leg.mt.gov/bills/mca_toc/72.htm
Nebraska
Chapter 30: Decendents' Estates; Protection of Personal Property
http://uniweb.legislature.ne.gov/laws/browse-chapters.php?chapter=30
Nevada
Title 12- Wills and Estates of Deceased Persons
http://www.leg.state.nv.us/NRS/Index.cfm
New Hampshire
Title LVI: Probate Courts and Decendents' Estates
http://www.gencourt.state.nh.us/rsa/html/NHTOC/NHTOC-LVI.htm
State Probate Websites State
Law
Website
Nebraska Nevada
Chapter 30: Decendents' Estates; Protection of Personal Property Title 12- Wills and Estates of Deceased Persons
http://uniweb.legislature.ne.gov/laws/browse-chapters.php?chapter=30 http://www.leg.state.nv.us/NRS/Index.cfm
New Hampshire
Title LVI: Probate Courts and Decendents' Estates
http://www.gencourt.state.nh.us/rsa/html/NHTOC/NHTOC-LVI.htm
New Jersey New Mexico New York
Title 3B - Administration of Estates - Decendents and others Chapter 45- Uniform Probate Code Consolidated Law
http://law.onecle.com/new-jersey/3b-administration-of-estates-decedentsand-others/ http://law.justia.com/codes/new-mexico/2011/chapter45 http://public.leginfo.state.ny.us/lawssrch.cgi?NVLWO:
N Carolina N Dakota Ohio Oklahoma
Chapter 47: Probate and Registration Title 30.1 Uniform Probate Code Title 21 XXI Title 58 - Probate Procedure
http://www.ncga.state.nc.us/gascripts/Statutes/StatutesTOC.pl?Chapter=0 047 http://www.legis.nd.gov/cencode/t30-1.html http://codes.ohio.gov/orc/21 http://www.oklegislature.gov/osStatuesTitle.html
Oregon Pennsylvania Rhode Island S Carolina
Title 12; Chapter 113 Initiation of Estate Proceedings Title 20 Decendents, Estates and Fiduciaries Title 33 Probate practice and procedure Title 62 - South Carolina Probate Code
http://www.oregonlaws.org/ors/chapter/113 http://www.legis.state.pa.us/WU01/LI/LI/CT/pdf/20/20.pdf http://webserver.rilin.state.ri.us/Statutes/TITLE33/INDEX.HTM http://www.scstatehouse.gov/code/title62.php
S Dakota
Title 29 A-3 Probate of Wills and Administration
http://sdlegislature.gov/statutes/DisplayStatute.aspx?Type=Statute&Statute =29A-3
Tennessee Texas Utah
Title 32, Chapter 2, Probate Guide Title 2 - Estate Code Title 75 Utah Uniform Probate Code
http://www.tncourts.gov/sites/default/files/docs/probate_manual_final.pdf http://www.statutes.legis.state.tx.us/Docs/ES/htm/ES.102.htm#00 https://le.utah.gov/xcode/Title75/75.html
Vermont
Title 14- Decendents' Estates and Fiduciary Relations http://legislature.vermont.gov/statutes/title/14
4
6/7/2016
State Probate Websites State
Law
Website
Virginia
Title 64.2 Wills, Trusts, and Fiduciaries
http://law.lis.virginia.gov/vacode/title64.2/
Washington
Title 11 RCW Probate and Trust law
http://apps.leg.wa.gov/rcw/default.aspx?Cite=11
West Virginia
Chapter 44 - Administration of Estates and Trusts
http://www.legis.state.wv.us/WVCODE/Code.cfm?chap=44&art=1
Wisconsin
Chapter 851-882
http://docs.legis.wisconsin.gov/statutes/prefaces/toc
Wyoming
http://legisweb.state.wy.us/LSOWEB/SearchResults.aspx?cx=0177150111516 02216554:5hjhyhx9vlm&cof=FORID%3A11&ie=UTFTitle 2 Wills, Decendents' Estates and Probate Code 8&q=Probate+code&sa=Search
Bankruptcy Code, Title 11 • Federal Law • Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 • Not everything is dischargeable • Can re-affirm debt • Filing Date is when Stay begins • Chapters 7 and 13 common with consumers. • Public Record • Federal laws but at a state level
5
6/7/2016
Chapter 7 – Liquidation State law determines exempt assets Usually no assets Must file Proof of Claim if assets found Trustee has avoiding powers to set aside some transferred if made 90 days before petition • Usually open a few months from filing to discharge. • Can convert to Chapter 13 if do not pass means test • • • •
Chapter 13- Reorganization Repayment plan established 3-5 years Creditors file Proof of claim Always has assets or income Discharge only after repayment plan completed • Can convert to chapter 7 • Limited protection for co-debtors during repayment plan • • • •
6
6/7/2016
Bankruptcy Court Hotline • 1-866-222-8029 • Follow directions for the state search needed • Search by Debtor name, social security number, case number • Have a pen ready!
Questions ????
7
Probate and Bankruptcy Discussions Trends,
1
6/7/2016
Probate Process • • • • • • • • •
Executor or Administrator appointment Is there a Will Time frames Filing Petition Classification of Demand Timely or Forever Barred Suing the estate Surviving Spouse/Minor Children Property- Assets
Creditor opening Estate • Is it worth it? – Expense – Time – Chance of payment
• Estate value • What class is creditor demand? • How many other creditors?
2
6/7/2016
Common Issues • • • • •
Small percentage of estates opened Creditors have strict time lines Many estates insolvent Many claims denied and have to fight States have very different time frames and easy to miss.
State Probate Websites State
Law
Website
Alabama
Title 43, Chapter 8: Probate Code
http://codes.lp.findlaw.com/alcode/43/8
Alaska
Title 13 - Decendents' Estates, Guardianships, Transfers, and Trusts
http://www.touchngo.com/lglcntr/akstats/Statutes/Title13/Chapter16.htm
Arizona
Title 14 - Trusts, Estates and Protective Proceedings
http://www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=14
Arkansas
Title 28 ; Wills, Estates and Fiduciary Relationships
https://courts.arkansas.gov/forms-and-publications/court-forms/probatedivision
California
Probate Code 1800-1804
http://www.leginfo.ca.gov/cgibin/displaycode?section=prob&group=01001-02000&file=1800-1804
Colorado
Title 15 Probate Code - There are 22 Judicial District
https://www.courts.state.co.us/Forms/SubCategory.cfm?Category=Trusts,
Connecticut
Title 45a ; Probate Court Rules of Procedure
http://www.jud.ct.gov/lawlib/law/probatelaw.htm
Delaware
Title 12 - Decendents' Estates and Fiduciary Relations http://delcode.delaware.gov/title12/
DC
District of Columbia Court Rules - Superior Court Rules http://www.dccourts.gov/internet/documents/SuperiorCourtRulesForTheProb of the Probate Division ateDivision.pdf
Florida
Title XLII - Estates and Trusts
http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Index&Titl e_Request=XLII#TitleXLII
Georgia
Title 53 - Council of Probate Court Judges- Uniform Rules
http://gaprobate.gov/
Hawaii
Title 30A - Uniform Probate Code
http://www.capitol.hawaii.gov/hrscurrent/Vol12_Ch05010588/HRS0560/HRS_0560-.HTM
Idaho
Title 15 - Uniform Probate Code
http://www.legislature.idaho.gov/idstat/Title15/T15.htm
Illinois
755 ILCS 5/ - Probate Act of 1975
http://www.ilga.gov/legislation/ilcs/ilcs2.asp?ChapterID=60
Indiana
Title 29 - Probate
https://iga.in.gov/legislative/laws/2015/ic/titles/029/
3
6/7/2016
State Probate Websites State
Law
Website
Iowa
Title XV, Chapter 633 - Probate Code
http://coolice.legis.iowa.gov/coolice/default.asp?category=billinfo&service=iowacode&ga=83&input=633
Kansas
Chapter 59 - Probate Code
http://www.kslegislature.org/li_2012/b2011_12/statute/059_000_0000_chapter /
Kentucky
Title XXIV, Chapter 394
http://www.lrc.ky.gov/Statutes/chapter.aspx?id=39195
Louisiana
CC1575; CCP2883; CCP2851; CCP2852, Probate laws http://legis.la.gov/Legis/LawSearchList.aspx
Maine
Title 18-A - Probate Code
Maryland
Titles 1-16 Estates of Decendents - General Provisions http://law.justia.com/codes/maryland/2013/article-get
http://www.mainelegislature.org/legis/statutes/18-A/title18-Ach0sec0.html
Chapter 521- An Act Relative to the Uniform Probate Massachusetts Code https://malegislature.gov/Laws/SessionLaws/Acts/2008/Chapter521 Michigan
Chapters 701-712: Probate Code , Act 288 of 1939
http://www.legislature.mi.gov/(S(ug4awo0hqmtyp1gpdb3lgkqr))/mileg.aspx ?page=getObject&objectName=mcl-Act-288-of-1939
Minnesota Mississippi
Chapter 524 Uniform Probate Code Title 91- Trusts and Estates
https://www.revisor.leg.state.mn.us/statutes/?id=524 http://law.justia.com/codes/mississippi/2010/title-91/7
Missouri
Title XXXI,Chapters 456-475 - Probate Code Administration Decendent's Estates
http://www.moga.mo.gov/mostatutes/chapters/chapText473.html
Montana
Title 72 Estates, Trusts, and Fiduciary Relationships
http://leg.mt.gov/bills/mca_toc/72.htm
Nebraska
Chapter 30: Decendents' Estates; Protection of Personal Property
http://uniweb.legislature.ne.gov/laws/browse-chapters.php?chapter=30
Nevada
Title 12- Wills and Estates of Deceased Persons
http://www.leg.state.nv.us/NRS/Index.cfm
New Hampshire
Title LVI: Probate Courts and Decendents' Estates
http://www.gencourt.state.nh.us/rsa/html/NHTOC/NHTOC-LVI.htm
State Probate Websites State
Law
Website
Nebraska Nevada
Chapter 30: Decendents' Estates; Protection of Personal Property Title 12- Wills and Estates of Deceased Persons
http://uniweb.legislature.ne.gov/laws/browse-chapters.php?chapter=30 http://www.leg.state.nv.us/NRS/Index.cfm
New Hampshire
Title LVI: Probate Courts and Decendents' Estates
http://www.gencourt.state.nh.us/rsa/html/NHTOC/NHTOC-LVI.htm
New Jersey New Mexico New York
Title 3B - Administration of Estates - Decendents and others Chapter 45- Uniform Probate Code Consolidated Law
http://law.onecle.com/new-jersey/3b-administration-of-estates-decedentsand-others/ http://law.justia.com/codes/new-mexico/2011/chapter45 http://public.leginfo.state.ny.us/lawssrch.cgi?NVLWO:
N Carolina N Dakota Ohio Oklahoma
Chapter 47: Probate and Registration Title 30.1 Uniform Probate Code Title 21 XXI Title 58 - Probate Procedure
http://www.ncga.state.nc.us/gascripts/Statutes/StatutesTOC.pl?Chapter=0 047 http://www.legis.nd.gov/cencode/t30-1.html http://codes.ohio.gov/orc/21 http://www.oklegislature.gov/osStatuesTitle.html
Oregon Pennsylvania Rhode Island S Carolina
Title 12; Chapter 113 Initiation of Estate Proceedings Title 20 Decendents, Estates and Fiduciaries Title 33 Probate practice and procedure Title 62 - South Carolina Probate Code
http://www.oregonlaws.org/ors/chapter/113 http://www.legis.state.pa.us/WU01/LI/LI/CT/pdf/20/20.pdf http://webserver.rilin.state.ri.us/Statutes/TITLE33/INDEX.HTM http://www.scstatehouse.gov/code/title62.php
S Dakota
Title 29 A-3 Probate of Wills and Administration
http://sdlegislature.gov/statutes/DisplayStatute.aspx?Type=Statute&Statute =29A-3
Tennessee Texas Utah
Title 32, Chapter 2, Probate Guide Title 2 - Estate Code Title 75 Utah Uniform Probate Code
http://www.tncourts.gov/sites/default/files/docs/probate_manual_final.pdf http://www.statutes.legis.state.tx.us/Docs/ES/htm/ES.102.htm#00 https://le.utah.gov/xcode/Title75/75.html
Vermont
Title 14- Decendents' Estates and Fiduciary Relations http://legislature.vermont.gov/statutes/title/14
4
6/7/2016
State Probate Websites State
Law
Website
Virginia
Title 64.2 Wills, Trusts, and Fiduciaries
http://law.lis.virginia.gov/vacode/title64.2/
Washington
Title 11 RCW Probate and Trust law
http://apps.leg.wa.gov/rcw/default.aspx?Cite=11
West Virginia
Chapter 44 - Administration of Estates and Trusts
http://www.legis.state.wv.us/WVCODE/Code.cfm?chap=44&art=1
Wisconsin
Chapter 851-882
http://docs.legis.wisconsin.gov/statutes/prefaces/toc
Wyoming
http://legisweb.state.wy.us/LSOWEB/SearchResults.aspx?cx=0177150111516 02216554:5hjhyhx9vlm&cof=FORID%3A11&ie=UTFTitle 2 Wills, Decendents' Estates and Probate Code 8&q=Probate+code&sa=Search
Bankruptcy Code, Title 11 • Federal Law • Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 • Not everything is dischargeable • Can re-affirm debt • Filing Date is when Stay begins • Chapters 7 and 13 common with consumers. • Public Record • Federal laws but at a state level
5
6/7/2016
Chapter 7 – Liquidation State law determines exempt assets Usually no assets Must file Proof of Claim if assets found Trustee has avoiding powers to set aside some transferred if made 90 days before petition • Usually open a few months from filing to discharge. • Can convert to Chapter 13 if do not pass means test • • • •
Chapter 13- Reorganization Repayment plan established 3-5 years Creditors file Proof of claim Always has assets or income Discharge only after repayment plan completed • Can convert to chapter 7 • Limited protection for co-debtors during repayment plan • • • •
6
6/7/2016
Bankruptcy Court Hotline • 1-866-222-8029 • Follow directions for the state search needed • Search by Debtor name, social security number, case number • Have a pen ready!
Questions ????
7
