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Bankruptcy Payment Change Notice Rule Changes to Take Effect December 1, 2016

On December 1, 2016, the amendments to Bankruptcy Rule 3002.1 aimed at clarifying when a secured creditor must file a payment change notice (“PCN”) in a Chapter 13 bankruptcy take effect. The new rule requires secured creditors to file PCNs on all claims secured by the Chapter 13 debtor’s primary residence for which the debtor or Chapter 13 Trustee is making post-petition payments during the bankruptcy, without regard to whether the debtor is curing a pre-petition arrearage. The new rule also clarifies that the PCN requirement ceases once the creditor obtains relief from stay, unless the court orders otherwise.

Copyright 2020 K & L GatesNational Law Review, Volume VI, Number 327


About this Author

Phoebe Winder, KL Gates Law Firm, Financial Services Attorney

Phoebe Winder focuses her practice on bankruptcy consumer finance matters.

As a member of the firm’s consumer financial services and financial services litigation practice groups, Ms. Winder has represented a variety of servicers, lenders, and other financial institutions in connection with consumer bankruptcy practices. Ms. Winder currently serves as national bankruptcy coordinating counsel for several of the largest mortgage banking servicers.

Ryan Tosi, KL Gates Law Firm, Financial Services Attorney

Ryan Tosi is a partner in the Boston office of K&L Gates, and a member of the firm's Consumer Financial Services Litigation, Class Action Litigation Defense, and Government Enforcement groups. Mr. Tosi’s practice focuses on federal and state class action litigation and consumer finance litigation. Mr. Tosi has extensive experience representing financial services institutions, consumer credit institutions, mobile wireless companies, and sports entertainment companies in class action litigation, government enforcement matters, bankruptcy proceedings and individual litigation matters. Mr. Tosi serves as national coordinating counsel for national consumer financial services institutions in connection with government and consumer inquiries into various bankruptcy servicing practices. In addition, he has significant experience representing corporations and individuals in internal investigations, white collar crime matters, regulatory investigations, and securities enforcement investigations.