By Craig Andresen, Attorney at Law on Jan 25, 2008 in Decisions of Interest, 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 [...]
Popularity: 16% [?]
By Craig Andresen, Attorney at Law on Jan 14, 2008 in General Bankruptcy Information, Minnesota, Mortgages, Protecting Assets In Bankruptcy | 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 [...]
Popularity: 24% [?]
By Craig Andresen, Attorney at Law on Jan 14, 2008 in General Bankruptcy Information, Minnesota, Mortgages | 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 [...]
Popularity: 20% [?]
By Craig Andresen, Attorney at Law on Oct 30, 2007 in Chapter 7 Bankruptcy, General Bankruptcy Information, Minnesota, Protecting Assets In Bankruptcy, Venue and Qualifications | 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 [...]
Popularity: 20% [?]
