Minnesota has seen some business bankruptcies popping up lately, such as the filing of the Minneapolis-based Dolan Co. They filed for Chapter 11 protection after listing their debt at $185.9 million and their assets at $236.2 million as of September. But while there has been news of business bankruptcy, there is news that the number… Read more »

The Consumer Financial Protection Bureau (CFPB) and the FTC both weighed in on March 5th in a case heard before the Sixth Circuit of Appeals that could change the way that debt buyers collect on time-barred debt. It seems as if the government regulators wish to limit some of the tactics that debt collectors sometimes… Read more »

Every year, there is at least one type of litigation that takes center stage because it is either the most prevalent or it is the most talked about. In 2014, it looks like debt collector harassment litigation is at the top. This is because there have been a lot of lawsuits filed against debt collectors… Read more »

A question that many individuals throughout Minnesota ask when they are considering or moving forward with bankruptcy is, “How am I going to rebuild my credit?” Rebuilding credit can begin soon after a bankruptcy is discharged. If you file Chapter 7 bankruptcy, then your bankruptcy will be discharged within the year. If you file Chapter… Read more »

It is common knowledge that it is practically impossible to cancel student loan debt in the bankruptcy process. Because of this, fewer than 1,000 people try every year. Those that do have to file a lawsuit against their student loan lenders and then convince the bankruptcy judge that there is absolutely no hope of them… Read more »

If you are a small business owner or a board member or senior executive of a larger company that is failing rapidly, you may be wondering what happens to employee benefits during bankruptcy. The answer is one that not a lot of people like and that is to freeze the benefits. This advice may seem… Read more »

Foreclosure, short sale, and bankruptcy are all words that many people became familiar with as foreclosure rates took a sharp turn just five years ago. The housing market went bust, the economy went down the drain, and many individuals were being pushed out of their homes because of job loss, ballooning mortgage payments, and so… Read more »

In November, the Bankruptcy Appellate Court for the Eighth Circuit stood by an earlier decision by the Minnesota Bankruptcy court that an individual retirement annuity that is funded with a single premium had not lost its tax-qualified status. This means that it is an asset that is exempt when a debtor files bankruptcy. The Bankruptcy… Read more »

Being in a bad financial situation is typically a precursor for bankruptcy and there are many individuals throughout Minnesota who have been very good candidates for it. Perhaps they have lost their jobs and had to acquire jobs at a lower rate of pay. Then again, some have not been able to find work at… Read more »

The total of new foreclosure filings fell nationally to its lowest level in nearly a decade in the month of August. The research was done by RealtyTrac, which is an online foreclosure property marketer. In Central Minnesota, it looks as if the worst of the foreclosure epidemic has come to an end. Benton County saw… Read more »