About BankruptcySales.Com  

BankruptcySales.com is the premier web site for the discovery of asset sales from bankruptcy estates by bankruptcy trustees, debtors in possession, or others having the authority to sell such assets by the United States Bankruptcy Court. The goal of this site is to provide a forum to notify potential buyers of bankruptcy assets of all known bankruptcy sales and to sell bankruptcy assets quickly and inexpensively as possible.  

Bankruptcy Sales Posted on this Site  

Those who are responsible for selling bankruptcy assets are first required to seek bankruptcy court approval before selling bankruptcy assets to third parties. As a part of this process, most courts only require that notice is given to all creditors and interested parties who involved with the particular bankruptcy case in which the assets are held. A notice is prepared by the professional and is sent by the Court to all parties involved with the bankruptcy case. There is usually no requirement to notify the general public of the bankruptcy sale. In the past, advertisement of a bankruptcy sale has been expensive, especially if the advertisement is in the national media. In most cases bankruptcy estates do not have any funds to pay for this advertisement until the asset is sold; therefore, advertisement is simply not possible. This website has been designed to allow bankruptcy professionals an opportunity to advertise their bankruptcy sales with little or no cost to the bankruptcy estate.

This site was created by the National Association of Bankruptcy Trustees (NABT) and the American Bankruptcy Institute (ABI) . These associations represent members who are professionals in the bankruptcy system most likely to be held by the Court to be the responsible party to handle bankruptcy sales. Members of these associations are able to post their bankruptcy asset sales on this site without any cost to them or the bankruptcy estate.

Bankruptcy assets posted on this site usually take the following two forms: (1) Assets that are approved by the Bankruptcy Court to be sold on a certain date and time in the future; and (2) Assets that the bankruptcy professional has not yet received an offer and no future sale date and time has been set. For (1) assets posted, a user of this site will be able to find out specific information about the assets being sold, the date and time of the sale, the location of the sale, any preview information, the terms of the sale and contact information. For (2) assets posted, a user will be able to find out specific information about the assets being offered, the location of the assets, any requirements that may be required to make an offer and contact information. For (2) assets, a user may send an offer to the bankruptcy professional by email, fax or mail. Once the offer is received by the professional (and is deemed appropriate) approval of the sale will be sought from the bankruptcy court and a certain sale date will be determined. At that sale date, time and location, the asset will be offered for sale. Usually, other bids will be accepted at the sale date so the user who made the original bid should be prepared to overbid their original bid if other bids are made. This may require the party who made the original offer to attend the sale in person, by representative or telephonically. After the sale is complete and the highest bid has been received, the professional will be responsible for closing the sale. Some Bankruptcy Courts require the professional to seek a final order confirming the sale, thus causing additional delay in closing the sale.  

Bankruptcy Sale Process  

Most bankruptcy asset sales are "as is where is with no warranties implied or stated". This means that after the sale is complete, the buyer cannot obtain a refund back if the asset they bought does not meet their expectations. If a buyer is unhappy with the sale, they should first contact the professional who is responsible for the sale. If the buyer's complaint is not satisfied by the professional, the buyer may seek relief by going to the bankruptcy court for that particular bankruptcy case and asking for relief. Some buyers will try and seek relief by filing an action at their local court; however, the matter will most likely be moved to the bankruptcy court responsible for the case in which the asset is held. Most Bankruptcy Courts rule for the professional since it is commonly understood that bankruptcy sales are "as is where is with no warranties implied or stated"

Bankruptcy sales are usually "subject to any existing liens and encumbrances". This means that there may be some existing liens against the property sold and that a buyer of the property should expect to satisfy the lien prior to taking possession of the property. Since bankruptcy sales are "as is where is with no warranties implied or stated", an ultimate buyer will be presumed to have done their own "due diligence" regarding the property prior to bidding on that asset.

Some bankruptcy sales are sold "free and clear of all liens and encumbrances". In these sales, a buyer receives the property with a guarantee that the asset purchased is free and clear of any existing liens. In these situations, the funds received from the buyer are held by the professional who will later payoff any existing liens after approval from the Bankruptcy Court. Often, a buyer will received a Court Order approving the sale if it is sold "free and clear of liens and encumbrances".

Most bankruptcy sales of real property such as raw land and timeshares are done without title insurance or with the assistance of a title agency. These real estate assets are also sold "as is where is with no warranties implied or stated subject to any existing liens and encumbrances". Accordingly, buyers must do their own due diligence prior to bidding and will usually only receive a "bankruptcy trustee's deed" after the sale is complete. Buyers should expect to incur the costs to record and transfer the property to their name without the assistance of the bankruptcy professional. If a buyer wants to utilize a title agency, the buyer should expect to incur the cost of the title agency as the bankruptcy professional will not share or pay for the cost of this service.

Personal property is also sold by bankruptcy professionals. Personal property is often sold "as is where is". Buyers are often responsible for the removal and transfer of the items purchased. If there are any costs in the transfer of ownership, that cost is born by the buyer. Usually a buyer can check with the bankruptcy professional regarding the terms and conditions of the sale.

This website is considered to be a "classified ad" section of the internet that lists bankruptcy sales and bankruptcy assets for sale. Users of this site are most likely to be anyone who is interested in finding out about future bankruptcy sales or interested in making an initial offer on a bankruptcy asset. Users should use common sense before making an offer or bidding on a bankruptcy asset.  

Disclaimer  

Bankruptcysales.com is not responsible for any of the sales posted on this website. Each sale posted is the responsibility of the bankruptcy professional who listed the asset.

The definitions for the following terms are found in a booklet entitled Bankruptcy Basics, which is available from the Public Information Series, Bankruptcy Judges Division of the Administrative Office of the United States Courts (202/273-1900).

Voluntary bankruptcy - A bankruptcy proceeding where the case is initiated by the debtor.

Involuntary bankruptcy - A case initiated by creditorsusually three or more who have noncontingent, unsecured claims not subject to bona fide dispute in an aggregate amount of at least $10,775.00. 11 U.S.C. §303.

Automatic Stay - The statutory stay that is triggered by the filing of a bankruptcy case and that generally prohibits creditor actions against the debtor or property of the bankruptcy estate. 11 U.S.C.A. §362.

Bankruptcy - A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).

Bankruptcy Code - The informal name for title 11 of the United States Code (11 U.S.C.A. 101 - 1330), the federal bankruptcy law.

Bankruptcy estate - All legal or equitable interests of the debtor in property at the time of the bankruptcy filing. The estate includes all property in which the debtor has an interest, even if it is owned by or held by another person. 11 U.S.C. §541.

Bankruptcy trustee - A private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases to represent the interests of the bankruptcy estate and the debtor's creditors. 11 U.S.C.A. §§701-04, 1104, 1202, 1302.

Chapter 7 - The chapter of the Bankruptcy Code providing for liquidation, that is, the sale of the debtor's nonexempt property and the distribution of the proceeds to creditors. Chapter 7 is frequently called "Liquidation Bankruptcy" or "Straight Bankruptcy," and it contemplates an orderly, court-supervised procedure by which a chapter 7 trustee collects the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors. Because there is usually little or no nonexempt property in most chapter 7 cases, there may not be an actual liquidation of the debtor's assets. These cases are called "no-asset cases." A creditor holding an unsecured claim will get a distribution from the bankruptcy estate only if the case is an asset case and the creditor files a proof of claim with the bankruptcy court where the case is filed. In most chapter 7 cases, the debtor receives a discharge that releases the debtor from personal liability for certain dischargeable debts.

Chapter 7 trustee - A person appointed in a chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors. The trustee's responsibilities include reviewing the debtor's petition and schedules, liquidating the property of the estate, and making distributions to creditors. The trustee may also bring actions creditors or the debtor to recover property of the bankruptcy estate. 11 U.S.C.A. §§701-04.

Chapter 11 - A reorganization bankruptcy usually involves a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11. Although predominantly used for reorganization purposes, the chapter 11 also permits liquidation plans. The debtor typically remains in possession of the estate's assets during the chapter 11 process, unless a chapter 11 trustee is appointed by the court. The debtor, or in some instances another party in interest, will file a plan of reorganization or liquidation. The court ultimately approves (confirms) or disapproves the plan. Under a confirmed plan, the debtor may reduce its debts by repaying a portion of its obligations and discharging others. The debtor may also terminate burdensome contracts and leases, recover assets, sell assets, and rescale its operations in order to return to profitability. Under chapter 11, the debtor normally goes through a period of consolidation and emerges with a reduced debt load and a reorganized business.

Chapter 12 - The chapter of the Bankruptcy Code providing for adjustment of debts of a "family farmer," as that term is defined in the code, at 11 U.S.C.A. §101(18). The process under chapter 12 is very similar to that of chapter 13, under which the debtor proposes a plan to repay most debts over a period of time; no more than three years unless the court approves a longer period, not to exceed five years; however, repayment of long-term secured debt may take longer than three or five years. There is also a trustee in every chapter 12 case whose duties are very similar to those of a chapter 13 trustee. The chapter 12 trustee's disbursement of payments to creditors under a confirmed plan parallels the procedure under chapter 13. chapter 12 allows a family farmer to continue to operate a farm business while the plan is being carried out, and the debtor typically remains in possession of the assets of the estate.

Chapter 12 trustee - A person appointed to administer a chapter 12 case. A chapter 12 trustee's responsibilities are similar to those of a chapter 7 trustee; however, a chapter 12 trustee has the additional responsibilities of overseeing the debtor's plan, receiving payments from the debtors, and disbursing plan payments to creditors. 11 U.S.C.A. §1202.

Chapter 13 - The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts under a confirmed plan over time, usually three to five years. Eligibility to be a chapter 13 debtor is found in the Code at 11 U.S.C.A. §109(e). Chapter 13 is often preferable to chapter 7 because it allows the debtor to keep a valuable asset, such as a house. At a confirmation hearing, the court either approves or disapproves the debtor's plan, depending on whether the plan meets the Bankruptcy Code's requirements for confirmation. Chapter 13 is very different from chapter 7, since the chapter 13 debtor usually remains in possession of the property of the estate and makes payments to creditors, through the trustee, based on the debtor's anticipated income over the life of the plan. Unlike chapter 7, the debtor does not receive an immediate discharge of debts. The debtor must complete the payments required under the plan before the discharge is received.

Chapter 13 trustee - A person appointed to administer a chapter 13 case. A chapter 13 trustee's responsibilities are similar to those of a chapter 7 trustee; however, a chapter 13 trustee has the additional responsibilities of overseeing the debtor's plan, receiving payments from the debtors, and disbursing plan payments to creditors. 11 U.S.C.A. §1302.

Consumer bankruptcy - A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.

Debtor - A person, corporation, partnership or other business entity whose assets and debts are the subject of the bankruptcy proceeding. 11 U.S.C.A. §101(13). Note that the former term "bankrupt" is no longer used in the Code or in practice.

Debtor in possession - A debtor in a chapter 11 case who remains in possession of the estate's assets, operates the estate's business, and generally has the duties of a case trustee. 11 U.S.C.A. §1107.

Family farmer - An individual, individual and spouse, corporation, or partnership engaged in a farming operation who meets certain debt limits and other statutory criteria for filing a petition under chapter 12. 11 U.S.C.A. §101(18).

Liquidation - A sale of a debtor's nonexempt property with the proceeds to be used for the benefit of creditors.

FAQ'S  

What is the debtor?

A person, corporation, partnership or other business entity whose assets and debts are the subject of the bankruptcy proceeding. 11 U.S.C.A. §101(13). Note that the former term "bankrupt" is no longer used in the Code or in practice.

What is a voluntary bankruptcy?

A bankruptcy proceeding where the case is initiated by the debtor.

What is an involuntary bankruptcy?

A case initiated by creditors-usually three or more who have noncontingent, unsecured claims not subject to bona fide dispute in an aggregate amount of at least $10,775.00. 11 U.S.C. §303.

How are assets sold in bankruptcy cases?

All sales out of the ordinary course of business may occur only after notice to creditors. The overwhelming majority of sales occur under §363 of the Bankruptcy Code. Sales may either be by public auction or private sale. For further information, see the topic headings below.

How are public auctions conducted in bankruptcy cases?

Public sales usually are conducted through an auctioneer hired by the trustee or debtor-in-possession. Before proceeding with a public sale the trustee or debtor-in -possession will first obtain permission from the court to hire the auctioneer to conduct the sale. Further court approval is usually not needed once the court approves the method of sale.

How are private sales conducted in bankruptcy cases?

Private sales under §363 of the Bankruptcy Code normally begin with the trustee or debtor-in-possession making a decision to sell certain assets to an identified buyer for a certain purchase price. The sale may be subject to certain other terms and conditions. An agreement is then entered into to sell the assets subject to following the procedures established by the Bankruptcy Code, Bankruptcy Rules and local procedure. Typically, the trustee or debtor-in-possession will send a notice of intent to sell the assets to all creditors and parties in interest, including those persons and entities that have either already expressed an interest in the assets or who otherwise might be interested in them. The trustee or debtor-in-possession may also continue to advertise the sale after sending out the notice of sale. Bankruptcysales.com is one place where the sale might be advertised. By rule, creditors and other parties in interest must be given at least 20 days notice before a sale can be approved, although the time period may be shortened for cause. Creditors and interested parties may submit higher bids or objections to the sale. If there is more than one qualifying bid, then the "winning" bidder is determined either through a round of auction-style bidding or through a sealed-bid procedure. The final round of bidding may be conducted before the court, although it is often conducted in the offices of counsel for the trustee or debtor-in-possession, or some other location.

Other FAQ's

What is a Chapter 7 bankruptcy?

Chapter 7 bankruptcy is a liquidation legal proceeding. Upon filing ofthe bankruptcy petition, the debtor turns over all non-exempt property to the court-appointed bankruptcy trustee, who then converts the property to cash to make a distribution to creditors. Generally, most assets held by the average debtor are considered to be non-exempt. In those cases, the trustee files a report of no distribution with the Court to indicate therewill be no payment to the creditors. The debtor is required to attend a Section 341 hearing which is commonly called the first meeting of the creditors.The bankruptcy trustee presides at this hearing and the debtor is required to answer specific questions outlined in the U.S. Bankruptcy Code. Creditors of the debtor are allowed the opportunity to ask questions of the debtor regarding the statements and schedules filed by the debtor with the Court.Usually after 60 days from the date of the 341 hearing the debtor will receive a discharge which effectively "wipes out" all dischargeable debts.

In order to file a bankruptcy, the debtor must reside in the location of filing within the greater part of 6 months (91 days). The debtor maybe an individual, married couple, corporation, partnership or trust. The debtor may not have been granted a Chapter 7 discharge within the previous 6 years. The debtor must not have had a previous bankruptcy dismissed forcause within the last 180 days.

The most common reasons for filing a Chapter 7 (liquidation) bankruptcy are: divorces with extensive credit, extended period of unemployment, large medical expenses, extended period of disability, over extended consumer credit, large amount of unexpected expenses and business losses.

After the bankruptcy petition is filed, the United States Trustee appoints as trustee a disinterested person who is a member of a panel of Chapter7 trustees ("panel trustee") to serve as an interim trustee. Theinterim trustee serves until a permanent trustee is elected or designated at the Section 341 hearing. If a trustee is not elected or designated at the Section 341 hearing, the interim trustee will then serve as the permanent trustee. In almost every case, the interim trustee will continue to serve as the permanent trustee. A Panel Trustee is appointed in each Chapter 7 case to review the bankruptcy petition and schedules filed with the Court and to determine if the debtor has any non-exempt assets available for distribution to creditors. The Panel Trustee is required to be independent and works primarily for the benefit of the debtor's unsecured creditors.

A Panel Trustee is appointed by the United States Trustee. A person is appointed to a panel of trustees usually in the locality of the office of the United States Trustee in which the person resides. Each Panel Trustee must pass a FBI background check and is required to post a bond in each case that he/she is appointed. Most Panel Trustees qualify for a blanket bond which covers them in each of the cases that they are appointed. TheUnited States Trustee is responsible for the selection of panel members.Each United States Trustee office has its own qualifications for selecting a Panel Trustee. Usually individuals interested in serving as a Panel Trustee files a resume with the United States Trustee to be reviewed when selecting a new panel member. The selection of a Panel Trustee by the United States Trustee should be a non-political process. Panel Trustees are varied inexperience; however, most Panel Trustees are lawyers, accountants and individuals experienced in business such as bankers, insurance agents, appraisers, real estate or investment brokers.

The United States Trustee usually institutes a program at the local levelwhich insures that a Panel Trustee is selected on a random basis to handle all Chapter 7 bankruptcy cases. The Panel Trustee is selected at random to insure that debtors or their attorneys do not "trustee shop"for a specific Panel Trustee. It also assures a Panel Trustee that he/she has an equal chance to get appointed to a case that may have significant assets to administer. If the Panel Trustee has a conflict in a specific case, he/she may withdraw by giving notice to the United State Trustee.Panel Trustee case loads vary between several hundred cases a year to several thousand depending on the location of the Panel Trustee.

The Panel Trustee will review the debtor's petition and schedules after they have been filed with the Court. The Panel Trustee may request additional information from the debtor to review in conjunction with the debtor's petition and schedules. The Panel Trustee specifically reviews the debtor's exemption schedules to determine whether the debtor has properly followed the state or federal exemption laws. The Panel Trustee formulates questions to ask the debtor at the Section 341 hearing regarding the debtor's assets, liabilities,income and expenses. The Panel Trustee serves as the hearing officer for the 341 hearing. Each debtor is sworn and examined by the Panel Trustee and the creditors are allowed the opportunity to ask questions which is moderated by the Panel Trustee. After the Section 341 hearing, the Panel Trustee will object to exemptions that have been improperly claimed. The Panel Trustee must file an objection to the claimed exemptions within 30 days of the Section 341 hearing. The Panel Trustee will seek turnover of assets held by the debtor or other parties and will arrange for their eventual sale. The Panel Trustee may also seek to recover assets conveyed by the debtor prior to the filing of the bankruptcy. This could include payments made by the debtor to its creditors within 90 days of the bankruptcy filing or 1 year if the payments were made to related parties of the debtor. The Panel Trustee will cause a notice to be given to all creditors to file their claims with the Bankruptcy Court. The Panel Trustee will then pay creditors according to the priority level they have been given by the Trustee. After all funds held by the Panel Trustee are distributed, the Trustee will seek approval of the Court to close the bankruptcy case.

In an individual case, the Panel Trustee will administer all assets thatare not exempt. These assets could include: equity in the debtor's vehicles (above the exemption), equity in the debtor's residence (above the homestead exemption), rental property, timeshares, raw land, business assets, inventory,accounts receivable and lawsuits (i.e. personal injury lawsuits pendingor potential claims). In corporate, partnerships or trust bankruptcies,there are no exemptions afforded the debtor. In these cases, the Panel Trustee usually administers all property of the debtor. The Panel Trustee may abandon property that has little or no value or that is over secured by a lienholder.An abandonment is completed after the Panel Trustee gives notice to creditorsof the estate and no objections are filed. Business assets can include:real property, machinery and equipment, deposits, bank accounts, accounts receivable, inventory, patents and other intangibles. In some instances,the Panel Trustee may determine it to be in the best interest of creditors for the Trustee to continue operating a business for eventual sale. The Panel Trustee must seek Court approval to operate such a business and must file reports with the Court indicating the progress of the business operation.The Panel Trustee would only operate a business if he determines in his best business judgement that the business would lose significant value if it were closed. Operating business typically would include: restaurants,bars, leased property, nightclubs, etc.

Panel Trustees handle various assets that are eventually sold. Panel Trustees are allowed to sell assets of the estate after notice is given to all creditors of the debtor. Panel Trustees are not generally requiredto provide notice of bankruptcy sales to the general public. For sales of business property, the Panel Trustee will usually appoint an auctioneer to handle the administration and sale of property. Typically the auctioneer provides notice to the general public of these sales. Panel Trustees generally sell real property at a bankruptcy court sanctioned sale. A Panel Trustee may hire a real estate broker to market the property and to bring forwardan original bid. When a potential bid is accepted by the Trustee, he will notice the sale through the Bankruptcy Court for a specific hearing date before a Bankruptcy Court Judge. At this sale, the Judge will ask for other competitive bidders and will sell the property to the highest and best bidders.Some Panel Trustees sell property at sales held in their offices once noticeis given to the creditors or the estate. Successful bidders at a bankruptcy sale are required to complete the sale and pay the proceeds to the Panel Trustee. Bidders who do not close their sales may be liable for the full amount of the sale if the Trustee cannot find another buyer. Bidders must not collude together in order to rig a sale. This could be a violation of federal bankruptcy and criminal laws.

The Panel Trustee reviews the claims that are filed with the Court to determine if they should be allowed at the priority levels they have been claimed. If the Panel Trustee believes a claim is incorrect, he will file an objection to the claim and notify the creditor of his objection. If the creditor does not respond to the objection filed by the Trustee, the Panel Trustee will obtain an order from the Court allowing his/her objection.If the Creditor requests a hearing, the Court will determine whether the Panel Trustee's objection will stand or not. The Panel Trustee will pay creditors based upon their priority, administrative expenses under Chapter 7 are paid first. This would include the Trustee, the Trustee's attorney,the Trustee's accountant, the Trustee's appraiser, the Trustee's auctioneer and Court costs. Administrative expenses incurred under another chapter would be paid next. This would typically include administrative expenses incurred under Chapter 11. Other claims are then paid in their respective order as follows: wage claims to the extent of $4,000; contributions to employment benefit plans; customer deposits to the extent of $1,800; claims for debts due a spouse for alimony or child support; secured taxes; priority taxes and unsecured claims. Any excess funds remaining would be returnedto the debtor.

Panel Trustees are paid $60 for each Chapter 7 case they administer. In addition to the standard fee, Panel Trustees are compensated on an incentive commission bases. Panel Trustees are compensated on a commission bae s in order to maximize the dollar amount of assets brought into the estate by the Trustee. The commission is determined on the total disbursements made by the Panel Trustee to interested parties of the estate, excluding any payment to the debtor. The commission rate is : 25% on the first $5,000 distributed; 10% on the next $45,000 distributed, 5% on the next $955,000 and 3% for every dollar distributed in excess of $1,000,000. The commissions earned by the Trustee are reviewed by the Court, when requested, to determineif the fees are reasonable. In these circumstances the Panel Trustee will provide time records to the Court to substantiate the amount of time spent by the Trustee and his/her staff to administer the bankruptcy case. Panel Trustees are usually awarded their full commission compensation since they handle hundreds of cases in which a great deal of work may be done and the only fee earned in $60.

Many bankruptcy cases have complex assets which require litigation to resolve. In these cases, the Panel Trustee must hire an attorney to handlethe litigation on behalf of the estate. As in many situations which involve litigation, the time period necessary to resolve the legal issues can take several years.

The National Association of Bankruptcy Trustees (the " NABT ") is a nonprofit association formed in 1982 to address the needs of the bankruptcy trustees( 1) throughout the country and to promote the effectiveness of the bankruptcy system as a whole. While the majority of the trustees who are members of the NABT are Chapter 7 trustees who primarily liquidate nonexempt assets for the benefit of creditors, many Chapter 7 trustees also serve as Chapter 11 trustees, who operate and reorganize companies. Some of our members are also Chapter 12 trustees who handle farm bankruptcies, or Chapter 13 trustees who administer wage earner plans which provide a return to creditors primarily from the future income of our debtors.

Chapter 7 trustees alone currently distribute approximately $1.8 billion dollars each year to creditors and administer over one million cases annually. There are approximately 1,200 panel trustees in the country who are currently receiving new cases, 90% of whom are NABT members, together with hundreds of associate members, including judges, United States Trustees (USTs)( 2), auctioneers, appraisers, insurance agents, bankers, attorneys, and accountants who frequently work with trustees.

The NABT provides a wealth of information and a common voice for panel trustees by issuing a quarterly publication known as NABTalk, which is circulated throughout the country to all members, as well as all United States Trustees and Assistant United States Trustees. A barometer of issues important to bankruptcy trustees, NABTalk also provides a valuable educational resource in addition to timely updates on fast breaking topics of interest to trustees. An author and subject matter index of NABTalk articles is now available, as well as an index 3 of seminar and convention topics. NABT members are also electronically connected by our web site on the Internet which may be found at www.nabt.com. Not only can the NABT leadership communicate instantly with its members, but all trustee members are able to share ideas and have questions answered. Moreover, a program to assist trustees in the sale of assets on the Internet has been developed by NABT as well as a joint website with with the American Bankruptcy Institute to view assets for sale. ABI/NABT Asset sale information can be found at www.bankruptcysales.com.

The NABT is also a significant source of education for panel trustees through its trustee seminars. The Association presently sponsors at least two educational events each year, including a seminar on trustee issues, and an annual convention which attracts speakers from all over the world and attendance of over 500 persons. Members who attend the annual convention are provided an in-depth look at the management of trustee operations as well as the good fellowship of trustees from all over the nation, who participate in numerous social events including golf tournaments, fun runs and hikes, tours and boat trips which all culminate in the President's Banquet and Dinner Dance on the last day of each convention.

The NABT has also been successful in bringing specific issues of concern to our membership to the attention of the United States Congress, Congressional Staff Members, the United States Trustee, the Administrative Office of the United States Courts, and the National Bankruptcy Review Commission 4 as well as other organizations involved in bankruptcy or with the legislative process. Fair and equitable changes to the United States Bankruptcy Code have been achieved, such as the recent increases in compensation for trustees. Legislative changes currently being considered include proposed legislation providing administrative procedures and due process for panel trustees as well as legislation proposed to provide a uniform standard of care governing personal liability for trustees. Other concerns being addressed include modification to laws, regulations and policies regarding federal taxation, the continued employment of trustees as professionals in bankruptcy estates, the priority and distribution of estate funds to creditors and the effectiveness of individual panel trustees. Members of the NABT have testified before Congress and the EOUST 5 Advisory Board 6 , and at hearings conducted by National Bankruptcy Review Commission.

One of the primary goals of the NABT is to foster an awareness that if sensible and legal solutions are not developed regarding issues such as these, panel trustees will be less effective in returning significant dividends to creditors as well as maintaining the integrity of the bankruptcy system.

Footnotes

1 Private citizens who may be attorneys, accountants or business executives appointed by the Department of Justice to administer bankruptcy cases.

2 United States Trustees are a division of the United States Department of Justice created by statue to supervise and maintain a panel of private trustees.

3 The index and individual articles may be ordered from NABT headquarters at (800) 445-8629. The NABT headquarters also serves as an information clearinghouse allowing members to more quickly and effectively handle their caseloads.

4 A commission formed to study and propose to Congress proposed modifications to the United States Bankruptcy Code and Rules.

5 Executive Office of the United States Trustees.

6 This is a panel of USTs and judges selected by the Director of the EOUST to advise the Director on important issues.

The American Bankruptcy Institute is the largest multi-disciplinary, non-partisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes 9,500 attorneys, auctioneers, bankers, judges, lenders, professors, turnaround specialists, accountants and other bankruptcy professionals providing a forum for the exchange of ideas and information. In fulfillment of its mission to provide information to its members, journalists, Congress and the public, ABI is engaged in numerous educational and research activities, as well as the production of a number of publications both for the insolvency practitioner and the public.

ABI is the nation's leading provider of quality bankruptcy educational programs. ABI's national and regional conferences are highly rated in the bankruptcy community for their thorough discussions of the latest developments and the opportunities to earn continuing legal and professional education. ABI's conference and workshop panelists always include expert practitioners and bankruptcy judges who provide a unique perspective.

Policy-makers on Capitol Hill have long relied on the expertise of ABI in the evaluation of bankruptcy law and efforts to improve the system. While ABI does not advocate policy positions or lobby Congress for legislation, it does provide a unique multi-disciplinary perspective. The Legislative Committee analyzes proposed bills at the request of Congress and legislative staff. In addition to testifying before Congressional committees , ABI prepares white papers on current bankruptcy topics and also conducts periodic briefings for Congressional staff members.

ABI's online headquarters, ABI World, is the most comprehensive reference tool on insolvency and related issues. In addition to the ABI Journal, published 10 times per year, and the ABI Law Review, published twice per year, ABI's web site supports a weekly newsletter of insolvency issues, Cracking the Code , and prints a variety of specialized publications. Some of these titles include the Bankruptcy Telecommunications Manual , which provides an overview of basic bankruptcy law for the telecom professional and basic communication law for the insolvency professional, and the Consumer Bankruptcy Manual , which provides both new and experienced practitioners with the fundamentals of consumer bankruptcy proceedings under chapter 7 or 13 of the Code. ABI also publishes educational materials from its many conferences. For information on obtaining any or all of these publications, please check out the Online Bookstore .

ABI has a number of committees focused on a variety of aspects. All members are invited to join the work of the committees.