Minnesota Chapter 11 Bankruptcy: The Reorganization Plan

Minnesota Chapter 11 Bankruptcy: The Reorganization Plan

Chapter 11 is the chapter of the United States Bankruptcy Code that allows reorganization. Chapter 11 is usually utilized by corporations or partnerships. The purpose of reorganization under Chapter 11 is to allow a business to survive through the bankruptcy, rather than close up shop, and extend the time frame within which the business must…

10 Things Every Minnesota Small Business Owner Should Know

10 Things Every Minnesota Small Business Owner Should Know

For the busy business owner, here is a list of the 10 things every small business owner in Minnesota should know: Worker’s Comp – If you have employees, you generally must get workers compensation insurance, even if you only have one employee (other than yourself). Limiting Personal Liability – Owners of partnerships and sole proprietorships…

Chapter 13 Bankruptcy: The Chapter 13 Plan and the Trustee

Chapter 13 Bankruptcy: The Chapter 13 Plan and the Trustee

In Chapter 13 bankruptcy, the United States Trustee supervises the private trustees who administer Chapter 13 cases. In this chapter, the trustee does not liquidate the debtor’s assets, but instead evaluates the debtor’s financial affairs and makes recommendations to the court regarding the debtor’s proposed repayment plan. Chapter 13 Purpose Chapter 13 bankruptcies are intended…

Minnesota Bankruptcy Trustees: Administration of the Chapter 13 Plan

Minnesota Bankruptcy Trustees: Administration of the Chapter 13 Plan

In Chapter 13 bankruptcy, the United States Trustee supervises the private trustees who administer Chapter 13 cases. In this chapter, the trustee does not liquidate the debtor’s assets, but instead evaluates the debtor’s financial affairs and makes recommendations to the court regarding the debtor’s proposed repayment plan. Chapter 13 Basics A Chapter 13 bankruptcy will…

Chapter 7 bankruptcy is known as the “liquidation” bankruptcy process. There are other processes under other chapters of the United States Bankruptcy Code, however. Statistics show that debtors file Chapter 7 bankruptcy petitions more frequently than petitions under any other chapter. This is likely due to the discharge of many assets available to individual debtors…

Who is Chapter 7 Bankruptcy Trustee and Where Does Trustee Come From? | MN Bankruptcy Attorney

Who is Chapter 7 Bankruptcy Trustee and Where Does Trustee Come From? | MN Bankruptcy Attorney

Chapter 7 bankruptcy cases are the most commonly filed form of bankruptcy in the United States. Both individuals and businesses may file a Chapter 7 bankruptcy if they can meet the requirements. Discharge, however, is only available to individual debtors. Qualifying for Chapter 7 Bankruptcy Individuals who qualify under what is called the “means test”…

Bankruptcy Procedures: The Effect on Taxes and Estates

Bankruptcy Procedures: The Effect on Taxes and Estates

Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate. The Identity of the Bankruptcy Estate If the debtor is an individual who files for bankruptcy under chapter 7 or 11, the bankruptcy estate is treated as a new taxable entity, separate from…

Minnesota Bankruptcy Estate: Bankruptcy Estates and Taxes

Minnesota Bankruptcy Estate: Bankruptcy Estates and Taxes

Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. Table of Contents Creation of the Bankruptcy Estate, a Taxable EntityTax Obligations of the DebtorThe Chapter 7 Bankruptcy Trustee and EstateTax Forms Creation of the Bankruptcy Estate, a Taxable Entity The filing of the petitions creates a bankruptcy estate. If the debtor…

Help Understanding Bankruptcy Court Process

Help Understanding Bankruptcy Court Process

Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. Common and Uncommon Avenues for Bankruptcy Relief Most…

Filing a Petition in Federal Court | Bankruptcy Court Procedures

Filing a Petition in Federal Court | Bankruptcy Court Procedures

All bankruptcy cases are heard by federal and not state courts. Bankruptcy cases must be filed in federal courts. State courts are not permitted to hear these matters. Types of Bankruptcy Proceedings There are several types of bankruptcy proceedings that may be filed. One commonly filed type of bankruptcy petition is a petition that requests…

Minnesota Bankruptcy: Types of Bankruptcy Cases

Minnesota Bankruptcy: Types of Bankruptcy Cases

Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. Table of Contents Main Types of Bankruptcy FilingsBankruptcy…

Bankruptcy Discharge: What is a Discharge in Bankruptcy?

Bankruptcy Discharge: What is a Discharge in Bankruptcy?

Discharge in bankruptcy refers to permission to no longer repay certain debts. Certain debts are “dischargeable” in bankruptcy. Credit card debt is dischargeable. Student loans, tax debt, and court ordered child support obligations are not dischargeable through bankruptcy. Table of Contents Purpose of a DischargeWhat Does a Discharge Do For Me?What Debt Will Be Discharged?When…

Minnesota Bankruptcy Filing: The Procedure for Filing Bankruptcy in Minnesota

Minnesota Bankruptcy Filing: The Procedure for Filing Bankruptcy in Minnesota

The laws surrounding bankruptcy are intended to provide a debtor an opportunity to begin again, start over without existing debt, or reorganize the repayment schedule to find a workable payment plan. Federal Courts A bankruptcy case normally begins by the debtor filing a petition with the bankruptcy court. Federal courts, and not state courts, hear…

Bankruptcy Filings: Cautionary Notes

Bankruptcy Filings: Cautionary Notes

Filing for bankruptcy is an extremely personal decision. It can also be a very emotional decision. Filing for bankruptcy may be done by an individual without the help of an attorney, but there are consequences to making mistakes. Corporations and partnerships are not allowed to file for bankruptcy without an attorney. Important Concerns Surrounding Bankruptcy…

Bankruptcy Processes and Procedures: Where the Laws Come From and the Role of the Trustee

Bankruptcy Processes and Procedures: Where the Laws Come From and the Role of the Trustee

The Creation of Bankruptcy Article I, Section 8, of the United States Constitution authorizes Congress to enact “uniform Laws on the subject of Bankruptcies.” Under this grant of authority, Congress enacted the “Bankruptcy Code” in 1978. The Bankruptcy Code, which is codified as title 11 of the United States Code, has been amended several times…

Minnesota Bankruptcy Discharge: Eliminate Your Debts!

Minnesota Bankruptcy Discharge: Eliminate Your Debts!

A discharge of bankruptcy debts is the elimination of debts. The “debtor” is the person or entity owing a debt. The “creditor” is the person or entity to whom the debt is owed. Dischargeable and Nondischargeable Debts Only certain debts are dischargeable, or may be eliminated. Tax debt, student loans, and court ordered child support…

Aspects of Copyright Infringement

Aspects of Copyright Infringement

Minnesota copyright laws protect a creator from having his or her original creative works copied. Copyrights protect the expression of ideas, not the ideas themselves. Creators would not want to show their creative expressions to others if they could always be stolen and sold under another person’s name for a profit. The advancement of society…

When is Your Employee Entitled to Overtime Pay? Minnesota Employment Attorney Explains

When is Your Employee Entitled to Overtime Pay? Minnesota Employment Attorney Explains

Most workers who are paid an hourly wage and work more than 40 hours in a 7-day work week must be paid overtime. When paying overtime, a business must pay at least one and one-half times the worker’s regular hourly rate. Generally, employers cannot provide “comp” pay instead of paying overtime. For those employers not…

Minnesota Bankruptcy Powers and Trustees: The Authority and the Responsibility

Minnesota Bankruptcy Powers and Trustees: The Authority and the Responsibility

Bankruptcy is the process through which an individual or business has the opportunity to have debts eliminated, or discharged, or the process through which an individual or business has the opportunity to pay back existing debts over a set number of years. Who May File for Bankruptcy? Not everyone is permitted to file for bankruptcy….

Stranger-Originated Life Insurance: How Seniors Can Fight STOLI Scams

Stranger-Originated Life Insurance: How Seniors Can Fight STOLI Scams

Old Couple Share A Moment by James Kendall   I have represented a number of senior citizens who have been victims of a STOLI scam. This article explains the basics of the STOLI scam on seniors and what they can do to fight back. In short, the seniors should turn the tables on the STOLI…

Bankruptcy: Understand Essential Bankruptcy Terminology

Bankruptcy: Understand Essential Bankruptcy Terminology

The bankruptcy court system uses many terms in the course of its proceedings that may not be commonly understood. Many people will have some idea of the meaning of the terms without having complete understanding. The Importance of Understanding Bankruptcy Terminology If you are filing for bankruptcy, it is important to understand each term so…

What Are They and What if They are Broken? | Minnesota Non-Solicitation Contracts

What Are They and What if They are Broken? | Minnesota Non-Solicitation Contracts

You’ve probably seen houses with “No Soliciting” signs in their windows or on their doors. Non-solicitation agreements are quite different. “No Soliciting” signs on houses are requests that others not come ask the occupants for anything, including asking the occupants to purchase something. Non-solicitation agreements are generally among very different parties. A non-solicitation agreement isn’t…

Confidentiality Agreements: What is a Confidentiality Agreement?

Confidentiality Agreements: What is a Confidentiality Agreement?

Do you own a business and want to require your employees to keep your business’s information confidential? Are you an employee who is being asked by your employer to sign a confidentiality agreement? Purpose of Confidentiality Agreements A confidentiality agreement is a contract. Contracts are promises. Confidentiality agreements are used in situations where someone will…

Minnesota Business TRO | How to Get a Temporary Restraining Order

Minnesota Business TRO | How to Get a Temporary Restraining Order

A TRO is a Temporary Restraining Order issued by a Minnesota court judge. The most common type of TRO is for domestic abuse or threats of violence in the family context, but Temporary Restraining Orders are also used in a business context. Click here for information on Restraining Orders for Domestic Abuse Table of Contents…

Defending Against an Allegation of Copyright Infringement

Defending Against an Allegation of Copyright Infringement

Music by Horia Varlan Original creative works may be copyrighted in Minnesota. Copyrights in Minnesota do not have to be registered in order to be valid. Even if a copyright is unregistered, use or reproduction by another of the copyrighted material without permission of the copyright owner generally constitutes copyright infringement. The plaintiff in a…

My Trademark was Violated. What Can I do? Infringement Remedies

My Trademark was Violated. What Can I do? Infringement Remedies

Copyright violations lead to lawsuits. There will be a winner and a loser in every lawsuit. The plaintiff in a copyright infringement lawsuit is a person alleging that he or she had a copyright in a creative work and someone else reproduced that creative work without permission. The defendant in a copyright infringement lawsuit is…