Bankruptcy

If you are considering bankruptcy, you have probably begun to do some initial research on your own to determine your options. You are probably also looking into the benefits of bankruptcy and weighing these benefits against the drawbacks of filing for bankruptcy. The benefits and drawbacks of filing for bankruptcy will differ depending on the…

The following is a list of bankruptcy terms. This list is provided to help you understand Minnesota bankruptcy legal concepts, including the articles on Minnesota Bankruptcy Attorney. As with all content on this site, these terms and definitions are provided for general educational purposes and advertising, so you should consult with a Minnesota bankruptcy lawyer…

A person who owes a debt to another is called a “debtor.” The person to whom the debt is owed is called the “creditor.” You will hear these words in the bankruptcy courts and possibly through the collection efforts of creditors. Collection Efforts of Creditors When debtors get behind in the repayment of debts, creditors…

The bankruptcy process is intended to provide individuals a way out from under mounds of debt and an opportunity to rebuild their lives, and their credit, and begin daily life with a fresh start. Most bankruptcies are filed under chapters 7, 11, and 13 of the Bankruptcy Code. Chapter 7 Basics Chapter 7 bankruptcy is…

Individual people can file for bankruptcy. Businesses can file for bankruptcy. Different laws apply to individuals and businesses, and some businesses are not considered different from the people behind them, such as sole proprietorships. LLCs and corporations have separate identities than the individuals behind them. Chapters of the Bankruptcy Code Chapter 7, Chapter 9, Chapter…

While there are many types of bankruptcy filings, Chapter 11 is a way to reorganize in order to be able to pay debt rather than a way of extinguishing debt. It is important to first determine what types of bankruptcy may be available to you and next what type is best for you. The law…

The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: In re Nessa, 2010 WL 128313 (Bankr. D. Minn. 1/11/10) (O’Brien, J.). Case Summary: Inherited IRA is Exempt The trustee objected to the chapter 7 debtor’s claimed exemption of an inherited IRA under 11…

The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: In re Brown, BKY 08-35504 (Bankr. D. Minn. 2/11/10) (O’Brien, J.). Case Summary: Trust’s Spendthrift Provision Excludes Property from the Estate The debtor, Brown, sought to compel the trustee to abandon an interest in…

The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: Stephens v. Hedback (In re Stephens), 425 B.R. 529 (B.A.P. 8th Cir. (Minn.) 3/12/10) (Federman, J.). Case Summary: Debtor may not Block Trustee Settlement when She has no Interest in Subject Property The Eighth…

A bankruptcy trustee does not represent the debtor in a bankruptcy. The bankruptcy trustee is a representative of the bankruptcy estate. Purpose and Powers of the Trustee The trustee’s powers help unsecured creditors obtain any possible repayment of debt before the resolution of the bankruptcy proceedings. An individual bankruptcy trustee is under the supervision of…

The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: Milavetz, Gallop & Milavetz, P.A. v. U.S., 130 S.Ct. 1324 (2010). Case Summary: Yes, You are a Debt Relief Agency The Court affirmed the Eighth Circuit’s ruling that attorneys are “debt-relief agencies” under 11…

The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: In re Robrock, 430 B.R. 197 (Bankr. D. Minn. 5/21/2010) (Kishel, J.). Case Summary: Bankruptcy Court Recomputes Disposable Income and Dismisses The bankruptcy court granted the UST’s motion to dismiss the debtor’s chapter 7…

Introduction The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: Brown v. Manty (In re Brown), 427 B.R. 715 (D. Minn. 3/29/10) (Tunheim, J.). Case Summary: Assertion of 5th Amendment Right to Remain Silent Does Not Mean Debtor Did Not Have Full and…

The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: Polaroid Corp. v. Ritchie Capital Management, LLC (In re Polaroid Corp.), ADV 09-4032 (Bankr. D. Minn. 12/04/09)) (Kishel, J.). Case Summary: Ditto The Polaroid plaintiffs, as chapter 11 debtors-in-possession, commenced an adversary proceeding against…

Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a 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 the individual taxpayer. Tax Obligations Created…

Introduction The following is a summary of a Minnesota bankruptcy case or a case relevant to Minnesota bankruptcy law. Minnesota Bankruptcy Case: Gustafson v. Seaver (In re Hecker), 2010 WL1875553 (D. Minn. 5/10/10) (Davis, J.). Case Summary: 5th Amendment Privilege Does Not Apply to Production of Documents The trustee in the Hecker bankruptcy case sought…