The National Association of Bankruptcy Trustees is the voice of the Chapter 7 Bankruptcy Trustee community, serving its interests and needs through education, communication and promotion of the profession.
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Terminating Tax-Qualified Retirement Plans in a Chapter 7 Bankruptcy
Many businesses maintain tax-qualified retirement plans—such as 401(k) plans or pension plans—to help employees accumulate funds for retirement. When a company maintaining such a plan is liquidated in bankruptcy, the Chapter 7 trustee must oversee the termination of the plan and the application of its assets for the benefit of the plan’s participants. Retirement plans are subject to complex regulatory requirements enforced by three different federal agencies. Accordingly, the trustee must proceed carefully—and with competent professional assistance—in carrying out its plan termination responsibilities. This article examines the steps a Chapter 7 trustee must undertake to terminate a tax-qualified retirement plan in a bankruptcy case and provides practical pointers to help ensure those tasks are accomplished in accordance with all applicable federal laws, including the Bankruptcy Code, the tax code, and the comprehensive federal employee benefits law known as ERISA.READ FULL ARTICLE
Small Business Reorganization Act of 2019
There is now a new subchapter of chapter 11 for small businesses. Small business cases will look a lot like cases under chapters 12 or 13 under this new law. read full article
Tax Attributes Available to Bankruptcy Estates
Separate bankruptcy estate is created when a debtor files a petition with the Bankruptcy Court under Chapter 7 of the bankruptcy code. The Chapter 7 Trustee is responsible for preparing and filing the estate’s tax returns and paying any tax liability that arises within the estate. read full article
Tax Consequences Following a Student Loan Income Based Repayment Plan
The interplay between Income-Driven Repayment Plans (“IDR”) and the undue hardship analysis when a debtor seeks to discharge student loans in bankruptcy has been heavily litigated with differing results. read full article
Exciting Reasons to Join Our Association
The National Association of Bankruptcy Trustees is the only organization dedicated to the chapter 7 trustee practice. With over 500 active panel trustees and a dedicated network of professionals who work with trustees, NABT offers unparalleled education, resources and connections for the trustee community.