Business

Minnesota Bankruptcy Case: Home Loan Not Signed by Debtor is Consumer Debt and Case Dismissed as Substantial Abuse The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: Lapke v. Mutual of Omaha Bank (In re Lapke), 428 B.R. 839 (B.A.P. 8th Cir. (Neb.)…

Minnesota Bankruptcy Case: Whether to Close Individual Chapter 11 Case Before Discharge is Within Court’s Discretion The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: Shotkoski v. Fokkena (In re Shotkoski), 420 B.R. 479 (B.A.P. 8th Cir. (S.D.) 11/24/09) (Saladino, J.). Case Summary:…

It’s not uncommon for business owners to encounter unforeseeable problems. Owning a business is a risk. Business owners considering bankruptcy often find themselves dealing with the psychological factors, considering alternatives, and trying to understand the process. This article summarizes these areas. The Psychological Toll Often the thought of filing bankruptcy triggers anxiety, stress, and sometimes…

Often times, people who begin getting behind on their bills do not believe they will have to file for bankruptcy. They make every effort to pull themselves out of debt and get on top of their bills. At first, it may seem feasible. Eventually, the amounts owed may pile up faster than they can be…

People who are in debt know the routine of debt collectors and collection agencies all too well. A person in debt is called a debtor. The person who must be repaid for the debt is called a creditor. Everyone has heard the term bankruptcy. Most people think a bankruptcy involves the ability to no longer…

There are bankruptcy provisions for businesses, bankruptcy provisions for individuals, bankruptcy provisions for reorganization, and bankruptcy provisions for liquidation. Each individual or business must determine his, her, or its own needs and abilities when considering bankruptcy. Chapters of the Bankruptcy Code Chapter 7 bankruptcy is often referred to as the liquidation provision. There are alternatives…

Bankruptcy is a way to extinguish debt or a way to reorganize debt in order to get on top of things. People file bankruptcy because they get so far behind that without some change, they will fall further and further behind without fail. Debts begin to pile up until they are impossible to pay and…

If you are filing for bankruptcy in Minnesota, one of the biggest mistakes you can make is forgetting to list one of your debts or intentionally hiding it. If you don’t list a debt, you can’t get rid of that debt in bankruptcy. This point was recently emphasized on a bankruptcy case in the 7th…

I was recently asked whether a personal guarantee could be discharged in bankruptcy. The answer is fairly simple, but it depends on who filed for bankruptcy. There are two simple rules to keep in mind: The person who files for bankruptcy has his or her debts discharged. The person who does not file for bankruptcy…

If you live in Minnesota and plan to file for bankruptcy protection, you must get credit counseling from a government-approved organization within 180 days before you file. You also must complete a debtor education course to have your debts discharged in a Minnesota bankruptcy. Your Minnesota bankruptcy attorney will help explain this process. If you…

The following questions and answers regarding bankruptcy law in Minnesota are provided for people in Minnesota who are considering filing for bankruptcy. For advice specific to your situation, you should consult with a Minnesota bankruptcy lawyer. Will creditors stop harassing me if I file for bankruptcy? Yes. Once creditors are notified of your bankruptcy, they…

The following is an overview of Minnesota bankruptcy law. This Minnesota Bankruptcy Law Overview includes the following sections: Origin of Minnesota Bankruptcy Law Minnesota Bankruptcy Courts Types of Bankruptcy in Minnesota Eligibility for Minnesota Bankruptcy Property That Is Exempt in a Minnesota Bankruptcy Property That Is Excluded in a Minnesota Bankruptcy Origin of Minnesota Bankruptcy…

When I meet with people in Minnesota who are considering filing for bankruptcy, they often ask me about what exactly they will lose if they file for bankruptcy. In other words, what assets were possessions must they turn over in bankruptcy? Most importantly, people want to know whether they will be able to keep their…

This article provides help for people who have already filed for bankruptcy once and again find themselves in a difficult financial situation. Bankruptcy courts permit people, businesses, and other organizations to file for bankruptcy when they are unable to pay current bills under their current circumstances. The Bankruptcy Code is the set of laws permitting…

A person or business files for bankruptcy in order to get back on top. The three main ways to do this are under Chapter 7, Chapter 11, and Chapter 13 of the Bankruptcy Code. The Bankruptcy Code Article I, Section 8, of the United States Constitution authorizes Congress to enact “uniform Laws on the subject…

Navigating any portion of the legal system can be very confusing to non-lawyers. Lawyers and judges, and sometimes creditors, become so accustomed to the legal language they use that they sometimes forget that many debtors do not often understand the terms they use. While there are many difficult legal terms in bankruptcy proceedings, some basic…

Filing for bankruptcy can be a complex process requiring much attention to detail. Corporations and partnerships are required to have an attorney in order to file for bankruptcy. While not required for individual people, having an attorney through the bankruptcy process may help protect more of your assets and discharge more of your debt, in…

Some types of debt are dischargeable through bankruptcy. This means that they are extinguished by the bankruptcy court and need not be repaid. Some types of debt are not dischargeable through bankruptcy. This means that despite successful completion of the bankruptcy proceedings, the debtor must still repay this debt. Credit card debt is dischargeable and…

A bankruptcy case normally begins by the debtor filing a petition with the federal bankruptcy court. There are federal courts all over the country. State courts are not permitted to hear bankruptcy cases. State courts do not have authority over bankruptcy cases. Who May File a Bankruptcy Petition and Other Documents? A petition may be…

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. Federal Bankruptcy Courts Most cases are filed under…

The First Legal Steps Creditors Will Take, Before You File Bankruptcy Debtors who are unable to pay debts are often forced to file for bankruptcy. Often, when a debtor is considering bankruptcy it is because creditors have not only been calling relentlessly, attempting to collect unpaid debts, but are also taking collection a step further…

Bankruptcy provides individuals and entities with an opportunity to get back on top of debt. This opportunity may be provided through liquidation of assets, or through the creation of a reasonable repayment plan through which the individual or entity can comply. Federal Bankruptcy Courts and Litigation Each of the 94 federal judicial districts handles bankruptcy…

The SCRA applies to all members of the United States military on active duty, and to U.S. citizens serving in the military of United States allies in the prosecution of a war or military action. The provisions of the SCRA generally end when a servicemember is discharged from active duty or within 90 days of…

The ultimate benefit in bankruptcy proceedings is probably the discharge or the permission from the bankruptcy court not to repay certain debts. The bankruptcy court eliminates these debts so that: The debt no longer legally needs to be repaid, and The creditors of that debt are not permitted to attempt to collect that debt. There…

A bankruptcy case normally begins by the debtor filing a petition with the bankruptcy court. A petition may be filed by an individual, by a husband and wife together, or by a corporation or other entity. Statements Filed by the Debtor The debtor is also required to file statements listing assets, income, liabilities, and the…

“Chapter 11 bankruptcy” refers to a bankruptcy petition filed under Chapter 11 of the United States Bankruptcy Code. Chapter 11 differs in many ways from other chapters under the Bankruptcy Code under which bankruptcy petitions may be filed. For instance, Chapter 7 bankruptcy petitions begin a liquidation process for nonexempt assets of the debtor, to…

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. This Chapter is for individuals who have a…

More Chapter 7 bankruptcy petitions are filed more than any other type of bankruptcy proceedings. Additionally, more individual consumers file bankruptcy cases than businesses. Roughly seventy percent of bankruptcy filings are Chapter 7 petitions filed by individual consumers. Power of the United States Trustee In Chapter 7 cases, the United States Trustee litigates issues that…