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Appeals Court Holds More Than Mere “Mistake” Required for Imposition of Constructive Trust; Bankruptcy Trustee Entitled to Mistaken $90,000 Deposit into Debtor’s Account »

By Craig Andresen, Attorney at Law on Jun 12, 2009 in Bankruptcy Cases & Legislation, Bankruptcy Practice and Procedure, Minnesota | 0 Comments

The Eighth Circuit Bankruptcy Appellate Panel recently reversed a Minnesota bankruptcy court’s ruling that under Minnesota law, a chapter 7 trustee was not entitled to $90,000 which had been mistakenly deposited by a bank president into the debtor’s bank account before he filed bankruptcy.  The bankruptcy court had ruled that because the deposit was a mistake, [...]

Chapter 7 Debtor May Use “$0″ Exemption on Asset Having Unknown Value; Mistaken Exemption Upheld »

By Craig Andresen, Attorney at Law on Mar 29, 2009 in Bankruptcy Cases & Legislation, Exemption Issues, Featured, Minnesota | 0 Comments

Grueneich v. Doeling, 2009 WL 605774 (8th Cir.BAP, Minn., March 11, 2009), held that a chapter 7 bankruptcy debtor can, in good faith, claim an exemption in an unknown amount (”0.00″), if the debtor has good reasons for doubting the value of an asset.  In this case, the Eighth Circuit Bankruptcy Appellate Panel reaffirmed the continuing [...]

Amending the Bankruptcy Schedules: Sometimes It’s Best to Say “No” »

By Craig Andresen, Attorney at Law on Sep 30, 2008 in Bankruptcy Practice and Procedure, Minnesota | 0 Comments

In a consumer bankruptcy case, sometimes the trustee will request, or even demand, that the debtor amend the schedules based upon the trustee’s opinion that something has been omitted, or that something is incorrect.
Usually, the trustee is right and the debtor makes the amendment.  After all, the bankruptcy schedules are complicated and contain a great deal of [...]

Replacing a Bad Check Could Be ‘New Value’ »

By Wendell Sherk, Missouri Attorney on Sep 24, 2008 in Bankruptcy Cases & Legislation, Minnesota, Missouri | 0 Comments

When a check bounces, making good on it is normally just paying off a debt owed.   If that happens during the 90-days before a bankruptcy is filed, it would be an avoidable preference. But if a lender plays its cards right, it may be able to protect itself after all.
In the normal scenario of [...]

I Own My Vehicle Outright–Will I Lose It If I File Bankruptcy? »

By Karen Oakes, Southern Oregon Bankruptcy Attorney on May 28, 2008 in Bankruptcy Myths, Bankruptcy Practice and Procedure, Benefits of Bankruptcy, California, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Featured, General Bankruptcy Information, Kansas, Massachusetts, Minnesota, Oregon, State Specific Bankruptcy Issues, Your Bankruptcy Attorney & You | 0 Comments

So, you have no choice but to file bankruptcy, but you own a vehicle worth, say $10,000.00. What will happen if you file bankruptcy?
Your co-workers say you will lose it. That you should value it at less than what it is worth. Your attorney says give accurate values.
What really happens?

Minnesota Bankruptcy Law: Self Employed Debtors Can Claim an Exemption for “Wages” »

By Craig Andresen, Attorney at Law on Jan 25, 2008 in Minnesota | 0 Comments

In Minnesota, a person filing for bankruptcy and choosing to use the Minnesota exemptions has traditionally been allowed to keep 75 percent of wages owed to him or her on the day the bankruptcy was filed, pursuant to Minnesota Statutes Section 550.37 subd. 13. It has been widely believed that this exemption applied only [...]

Contract for Deed Cancellation in Minnesota: Can Bankruptcy Stop It? »

By Craig Andresen, Attorney at Law on Jan 14, 2008 in General Bankruptcy Information, Minnesota | 0 Comments

In Minnesota, the purchase of a home is most commonly financed by obtaining a mortgage, but it can also be accomplished by means of a contract for deed.  This is usually done by a buyer whose credit rating is too poor to qualify for a mortgage.  There are less legal protections for the contract for [...]

Mortgage Foreclosures in Minnesota: How Does It Work? »

By Craig Andresen, Attorney at Law on Jan 14, 2008 in General Bankruptcy Information, Minnesota | 0 Comments

In Minnesota, a home mortgage can be foreclosed by sheriff’s advertisement sale or by court action. Unless there a title defect to cure by means of a court order, almost all Minnesota mortgage foreclosures are done by advertisement.
Foreclosing by advertisement is simpler, quicker and less expensive for the mortgage bank than doing it by [...]

Minnesota Homestead Exemption: Increased to $300,000 and 160 Acres, or $750,000 for Farmers »

By Craig Andresen, Attorney at Law on Oct 30, 2007 in Chapter 7 Bankruptcy, General Bankruptcy Information, Minnesota | 0 Comments

In many states, you can choose between the federal bankruptcy law exemptions and your state exemptions, whichever protects your property the best. The federal bankruptcy exemptions provide for an exemption of $20,200 for your home equity, which usually means $40,400 for a joint case. That’s not a very generous exemption.
However, Minnesota allows debtors [...]