Minnesota Bankruptcy for Servicemembers: Protections for Servicemembers Under the SCRA

January 27, 2011

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 [...]

Read the full article →

Minnesota Bankruptcy Discharge: Discharge and Timing

January 20, 2011

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 [...]

Read the full article →

Minnesota Bankruptcy Discharge: Prohibition on Collection Efforts of Creditors

January 13, 2011

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 [...]

Read the full article →

Minnesota Bankruptcy Discharge: Second Discharges

January 6, 2011

The purpose of a bankruptcy discharge is to allow debtors the opportunity to begin with new credit and new debts and repay them timely. A discharge helps a debtor do this because the debtor no longer has to repay discharged debt. When a debtor files a bankruptcy petition and asks the bankruptcy court to discharge [...]

Read the full article →

Minnesota Bankruptcy Discharge: Revoking the Discharge of Debt

December 30, 2010

The Creditor’s Turn to Object Debt will not be discharged until after creditor’s have been given an opportunity to object to the discharge. Bankruptcy trustees may also object to the discharge of debts. Once a court grants a discharge of debt, the discharge is usually, but not always, final. Courts May Revoke a Discharge of [...]

Read the full article →

Minnesota Bankruptcy Discharge: What Debts are Not Dischargeable and How Does it Happen?

December 23, 2010

A discharge in bankruptcy is permission from the bankruptcy court to the debtor to not repay those debts that are discharged. A discharge also informs creditors they may not attempt to collect those debts. Non-Dischargeable Debts Not all debts are dischargeable. Most determinations not to allow the discharge of a debt stem from public policy [...]

Read the full article →

The Benefits & Oversight of Chapter 11 Bankruptcy in Minnesota

December 16, 2010

“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 [...]

Read the full article →

Minnesota Bankruptcy Trustee: Chapter 13 and the Trustee

December 9, 2010

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 [...]

Read the full article →

Minnesota Chapter 7 Bankruptcy: The Trustee in Action

December 2, 2010

More Chapter 7 bankruptcy petitions are filed 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 affect [...]

Read the full article →

Minnesota Bankruptcy Liquidation: Chapter 7, the Estate, and the Tax Obligations

November 25, 2010

Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. A bankruptcy petition is a request that the debtor obtain some relief from current debts owed.  Sometimes the request for relief is a request that many or all debts be extinguished.  Sometimes the request for relief is a request that current amounts [...]

Read the full article →

← Previous Entries

Next Entries →