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The Executive Office of the United States Trustee has indicated on April 26, 2017 that any person or business that engages in a marijuana related business, legal under state law, is barred from seeking bankruptcy protection. This is because "marijuana assets" are "proscribed under federal law and may not be administered
under the Bankruptcy Code." This presents a problem that cannot be solved an effectively locks any such person out of person. The problem is that a debtor seeking bankruptcy protection must testify under penalty of perjury that they have disclosed all assets. If an individual in financial trouble for reasons unrelated to a marijuana business (but who has marijuana assets) fails to disclose those assets, they have committed a federal crime. If they disclose those assets, they are barred from a bankruptcy discharge.

It seems unlikely that the directive does not contemplate that any client who works in a dispensary or marijuana business, even if just an employee, is barred from seeking bankruptcy protection. "Wages," either accumulated and not paid, or paid and in the form of deposits at banks or cash, constitute assets.

Finally, to push the envelope even farther, and even though the justification is that the government of the United States may not "administer" such assets, the prohibition (requirement that the United States Trustee object) applies even if the wages or assets are exempt or abandoned.

The letter "reiterating" the policy may be found at the link below.

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Please take a look at our hiring website to see four new positions listed. One is a technology/marketing position, another is a technology development position, the next is a paralegal position, and, finally we are seeking to hire an associate bankruptcy attorney.

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I'm proud to be one of only four attorneys in Ventura/ Oxnard who is a member of the American Bankruptcy Institute. More info at link.

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Thanks to B W. for the great review!

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From the Financial Times:

More than a million US consumers have fallen at least two months behind on car loan repayments as the delinquency rate reaches its highest level since 2009, in the latest sign of stress in the $1.1tn market.
The proportion of soured car loans showed a 13 per cent increase to 1.44 per cent in 2016, according to data published on Thursday by TransUnion, the US credit bureau with an anonymised database of 220m consumers.
Delinquencies on credit cards also rose by about the same amount over the period to 1.79 per cent — the highest since 2011.

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The answer seems clear to me. Why should a creditor be allowed more rights in bankruptcy and potential greater recovery than if it collected directly?
Midland Funding, LLC v. Johnson
Docket No. Op. Below Argument Opinion Vote Author Term
16-348 11th Cir. Jan 17, 2017
(1) Whether the filing of an accurate proof of claim for an unextinguished time-barred debt in a bankruptcy proceeding violates the Fair Debt Collection Practices Act; and (2) whether the Bankruptcy Code, which governs the filing of proofs of claim in bankruptcy, precludes the application of the Fair Debt Collection Practices Act to the filing of an accurate proof of claim for an unextinguished time-barred debt.
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