A new law has been put in place in Minnesota that can help homeowners going through foreclosure. This law gives homeowners the ability to contest the foreclosure if it is found that the lender may not have used the proper procedures in the process. This forces the lenders to take a closer look at their… Read more »

It was announced early in October that the Minnesota Department of Commerce took action to shut down two collection agencies that it said was collecting debts without the proper licensing and operating out of trust. The trust account balances were near zero or below. The Commerce Department revealed that it began an investigation this past… Read more »

The number of foreclosures each month has been rather high for several years. However, August saw the fewest number of home foreclosures in Minnesota in a while and the lowest rate in the U.S. in almost eight years. This is a trend that is going to reduce the number of homes in foreclosure every month… Read more »

An embattled Buffalo Lake, Minnesota ethanol plant has now been turned over to its lender under a court order, which has left most of the creditors unpaid. Judge Katherine Constantine, a U.S. Bankruptcy judge, awarded the Purified Renewable Energy assets to West Ventures. This is the company that financed the rebirth of the plant in… Read more »

Staffing levels will not be known until after a Minnetonka bankruptcy case gets approval from the bankruptcy court judge. Scicom Data Services could lay off 188 of its workers in the Twin Cities company when it is sold to Taylor Corp. Scicom warned that there would be a mass layoff and that all 118 employees… Read more »

A U.S. Bankruptcy Judge has approved Kodak’s plan to emerge from the oversight of the court. This paves the way for it to become a much smaller company that is mainly focused on commercial and package printing. The plan that the judge approved renews the company’s hopes to reinvent itself. Most of the old Kodak… Read more »

A Montana company that supplies Minnesota’s construction industry has successfully emerged from Chapter 11 bankruptcy, taking advantage of an economy that is bouncing back. With the recession came a lot of heartache for many businesses. They once saw great profits and then they all of a sudden saw themselves falling with the economy. But out… Read more »

The traffic safety firm, Highway Technologies Inc. got the nod from a Delaware bankruptcy judge to sell two of its branches. The sell will total over $8 million so that the bankrupt company can pay back some of its debt. The company had to file for Chapter 11 bankruptcy in May. The U.S. Bankruptcy Judge… Read more »

Many Minnesotans are aware of what wage garnishment is and it is something that can be quite devastating to them. When a creditor is seeking to collect a debt, they can seize a person’s wages or bank account through garnishment. They can actually seize up to 25% of wages, which can be a damaging amount… Read more »

The first quarter of 2013 saw a plunge in both Chapter 7 bankruptcy and Chapter 13 bankruptcy filings in Minnesota and throughout the United States. This is great news considering the thousands on top of thousands of filings that occurred after the economy collapsed. The changes to bankruptcy law occurred just in time so that… Read more »