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Financial Services Law Insights and Observations

Southern District of New York Bankruptcy Court issues general order addressing certain filings, documentation requirements, and deadlines

State Issues Covid-19 New York Bankruptcy Mortgages Student Lending

State Issues

On April 9, the U.S. Bankruptcy Court for the Southern District of New York issued General Order M-545 regarding court operations under the exigent circumstances created by Covid-19. Effective immediately, with respect to cases filed by an individual under chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code, the general order:

  • Suspends the requirement that a CM/ECF user secure the signer’s original signature prior to electronically filing a document bearing the signature, provided certain requirements are met.
  • Provides guidance on documentation that creditors (mortgage holders or servicers) must file in connection with a temporary suspension of mortgage payments.
  • Extends any deadline under the Loss Mitigation Program Procedures or Student Loan Mediation Program Procedures that has not expired as of March 16, 2020, to July 1, 2020.
  • Provides an alternate standard for establishing a debtor’s identification for purposes of a meeting of creditors under section 341 of the bankruptcy code.

The order expires on July 1, 2020 unless modified by further order.

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