Northeast Consumer Forum
2:00 p.m.
ABI Registration Desk & Exhibits Open
5:00-6:00 p.m.
New Member/Ambassador Reception
6:00-8:00 p.m.
Opening Reception
Sponsored by Choate, Hall & Stewart LLP; Duane Morris, LLP; Edwards Angell Palmer & Dodge LLP and Wilmington Trust Company
7:00-8:30 a.m.
Breakfast in the Main Dining Room
Sponsored by Cohn Whitesell & Goldberg
8:30-10:00 a.m.
Northeast Consumer Forum
Home Retention and Loss Mitigation Update (More Info)
In response to public pressure, loan servicers and mortgage holders have been moving to create and implement formalized solutions and programs to facilitate home retention for consumers. Critics say that voluntary efforts to modify loans and keep consumers in their homes have been unsuccessful as foreclosures and unemployment are on the rise. The Obama Administration introduced the Homeowner Affordability and Stability Plan as a mechanism to address the problem of homeowners who owe more than what their homes are worth. The federal Economic Recovery Act of 2008 (HERA) created the Federal Housing Administration's HOPE for Homeowners loan program to assist in home retention. The FDIC has proposed an aggressive loan modification program modeled after the program it implemented in its takeover of Indymac Bank. Fannie Mae and Freddie Mac have formal streamlined loss mitigation programs. Panelists will present on these programs and the loan modification tools that are being utilized including modification and repayment agreements, deeds-in-lieu of foreclosure, reaffirmation agreements and short sales and the impact of recent case law on the proposed remedies.
Peter V. Guaetta, Moderator
Guaetta & Benson, LLC; Chelmsford, Mass.
Jerrold S. Levinsky
The Massachusetts Fair Housing Center; Holyoke, Mass.
Hon. Joel B. Rosenthal
U.S. Bankruptcy Court (D. Mass.); Worcester
Mitchell E. Starr
Mitchell Starr, PC; Boston
10:00-10:30 a.m.
Coffee Break
Sponsored by Roberto Israel & Weiner, PC
10:00 a.m.
Optional Event: Horseback Riding
Sponsored by William J. Ash and Winograd, Shine & Zacks, PC
10:30 a.m.-12:00 p.m.
Northeast Consumer Forum
Credit Card Defaults (More Info)
Since 2000, credit card debt in the U.S. has increased over 50%. Consumer bankruptcy filings are made primarily to save the home, while at the same time those petitions include millions of dollars in credit card debt to be discharged. Credit card defaults may exceed 10% in 2009, breaking all records and wiping out more than ½ of annual profit for some of the biggest credit card lenders. Many large credit card lenders are increasing interest rates and fees; they are raising minimum payment amounts and limiting credit lines. Some see these actions as designed to generate increased fee income. New rules were issued by the Federal Reserve Board in 2008 to prohibit unfair lender practices and improve consumer disclosures, but the amended rules do not take effect until mid-2010. The Credit Cardholder's Bill of Rights, introduced in 2008, was designed to amend the Truth in Lending Act to establish fair and transparent credit card lending practices. This panel will discuss consumer protections and actions by credit card lenders and any new legislation proposed to curb credit card lending abuses as well as the impact of the legislation on causes of action including Adversary Proceedings in bankruptcy.
Patricia Antonelli, Moderator
Partridge, Snow & Hahn, LLP; Providence, R.I.
Hon. J. Michael Deasy
U.S. Bankruptcy Court (D. N.H.); Manchester
David C. Phalen
Bartlett Hackett Feinberg P.C.; Boston
Mary F. Stewart
Stewart Law Offices; Concord, N.H.
1:00 p.m.
Optional Event: Golf Tournament - New, Faster Play Format!
Sponsored by Argus Management Corporation and Nixon Peabody, LLP
Optional Event:Tour de ABI
Sponsored by Sheehan, Phinney, Bass + Green PA and J. H. Cohn LLP
Optional Event: Tennis Tournament
Sponsored by Mesirow Financial Consulting, LLC; Parker & Associates and Raftery Law Offices
Optional Event: Fly Fishing
Sponsored by Stephen B. Darr; Mirick O'Connell and Pepper Hamilton LLP
Optional Event: Adventure Hike
Sponsored by Nutter McClennen & Fish, LLP
Optional Event: Canopy Tour/Zip Line Adventure
Sponsored by Verdolino & Lowey, PC
6:30-9:30 p.m.
Friday Reception and Dinner
Sponsored by Goodwin Procter LLP; Sullivan & Worcester LLP and The Watermill Group
Entertainment sponsored by FTI Consulting; National City Capital Markets and WilmerHale
Kids' entertainment sponsored by Goulston & Storrs
8:00-10:00 p.m.
Bonfire!
End your evening with s'mores while enjoying the charm of a mountainside bonfire.
Sponsored by Looney & Grossman LLP; Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC; Mirick O'Connell; Strategic Auction Alliance and Swiggart & Agin, LLC
10:00 p.m.
Optional Event: Mt. Washington Hotel Ghost Tour
Sponsored by Eckert Seamans
7:00-8:30 a.m.
Breakfast in the Main Dining Room
Sponsored by Blum Shapiro; Neubert, Pepe & Monteith, PC; Pullman & Comley, LLC; Reid and Riege, PC and Updike, Kelly & Spellacy, PC
8:30-10:00 a.m.
Northeast Consumer Forum
Cramdowns Now and New: Ins and Outs of Chapter 13 Mortgage Cramdowns (More Info)
The topic of modifying mortgages to reduce principal balances in bankruptcy is hot, hot, hot. While there are some limited mortgage modification rights available to Chapter 13 debtors, the right to modify mortgages is prohibited when it comes to mortgages that secure a debtor's home. Mortgages on vacation homes and rental properties may be modified -- the terms may be restructured, principal may be reduced and re-amortized This panel will cover issues relating to claims allowance and bifurcation, what is considered "additional security" for home mortgages, cramdown interest rates, curing of long-term mortgage debts, the equal periodic payment requirement of §1325(a)(5) and its effect on balloon payment plans, and the challenge for mortgage servicers and debtors in properly accounting for payments from the trustee and debtor. Congressional actions which seek to remove the limitation on modifying home mortgages is becoming increasingly more attractive as a mechanism for dealing with the housing and mortgage meltdown. A legislative update will be provided.
Deidre Keady, Moderator
Harmon Law Offices PC; Newton, Mass.
William J. Amann
Sheehan Phinney Bass & Green, PA; Manchester, N.H.
Nicholas F. Ortiz
Law Office of Nicholas F. Ortiz, PC; Boston
Hon. Mark W. Vaughn
U.S. Bankruptcy Court (D. N.H.); Manchester
10:00-10:30 a.m.
Coffee Break
Sponsored by Hanify & King, PC and Murtha Cullina LLP
10:00-11:00 a.m.
Optional Event: Horseback Riding
Sponsored by Albert Risk Management Consultants - Bankruptcy & Restructuring Practice and KCP Advisory Group LLC
10:30 a.m.-12:00 p.m.
Northeast Consumer Forum
High-income, High-debt Reorganization: Chapter 11 for the People (More Info)
Filing a Chapter 11 for an individual is like trying to fit a square peg into a round hole. The use of Chapter 11 for an individual in this post-BAPCPA era is truly a "hybrid" form of bankruptcy relief bridging the gap between consumer and commercial bankruptcy. In the wake of the economic down-draft even previously-successful individuals with substantial assets and business interests may find themselves facing insolvency. Those who want to retain their ownership in non-exempt assets and whose debt exceeds the Chapter 13 cap must either reorganize out of court or resort to Chapter 11. For the individual debtor, Chapter 11 imposes new tax burdens and treats after-acquired property and post-petition earnings as property of the estate. And a single unsecured creditor can trigger a provision forcing the debtor to commit his "projected disposable income" to the plan. The panel will grapple with how to recognize and deal with the difficult issues that will make or break an individual Chapter 11 case.
Nina M. Parker, Moderator
Parker & Associates; Winchester, Mass.
James F. Molleur
James F. Molleur, LLC; Biddeford, Maine
Hon. Brian K. Tester
U.S. Bankrutpcy Court (D. P.R.); San Juan
Christopher J. Panos
Craig and Macauley, PC; Boston
Michael J. Pappone
Goodwin Procter LLP; Boston
1:00 p.m.
Optional Event: Adventure Hike
Sponsored by Moody, Famiglietti & Andronico, LLP and Phoenix Management Services Inc.
Optional Event: Canopy Tour/Zip Line Adventure
Sponsored by Craig and Macauley, PC and Devine, Millimet & Branch, PA
Optional Event: Extreme Tour de ABI (Cross-Country Mountain Bike Tour)
Sponsored by Paul E. Saperstein Co., Inc.
Optional Event: Mt. Washington Cog Railway Ride
Sponsored by Atlantic Auction Company ~ Yoder and Frey Auctioneers
2:00 p.m.
Optional Event: Wagon Ride
Sponsored by Diamond Business Credit
Optional Event: Horseback Riding
Sponsored by Albert Risk Management Consultants - Bankruptcy & Restructuring Practice and KCP Advisory Group LLC
Optional Event: Orienteering Scavenger Hunt
Sponsored by Huron Consulting Group; Proskauer Rose LLP; SB Capital Group LLC and Seyfarth Shaw LLP
6:00-7:00 p.m.
Sponsor Reception (invitation only - all sponsors invited)
Sponsored by The Tron Group LLC and Foley Hoag LLP
7:00-10:00 p.m.
Saturday Reception and Dinner
Sponsored by CRG Partners
Entertainment sponsored by Brown Rudnick LLP and Kirkpatrick & Lockhart Preston Gates Ellis, LLP
Kids' entertainment sponsored Aurora Management Partners Inc.; Bernstein Shur and Spinglass Management Group LLC
10:00 p.m.
Optional Event: Mt. Washington Hotel Ghost Tour
Sponsored by Eckert Seamans
On-Site Registration Only
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