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Protecting Assets under the Minnesota Bankruptcy Exemptions
When filing either chapter 7 or chapter 13 bankruptcy, each individual debtor is allowed to exempt a limited amount of equity in real...
Lynn Wartchow
Apr 2, 20232 min read
Changes to Chapter 13 Plans due to COVID-19 in the CARES Act...
Changes to Chapter 13 Plans due to COVD-19 in the CARES Act: You may be able to modify your existing chapter 13 plan to reduce your...
Lynn Wartchow
Mar 26, 20203 min read
Can I still file bankruptcy during COVID-19?
Yes, the Minnesota bankruptcy court is still accepting new consumer and business bankruptcy filings for all chapters of bankruptcy,...
Lynn Wartchow
Mar 25, 20203 min read
The 2019 Chapter 13 Debt Limits effective April 1, 2019
*Applies to case filed in 2019, 2020, 2021 and through April 2022. Effective April 1, 2019, the debt limits for filing chapter 13...
Lynn Wartchow
Jul 8, 20192 min read
The Rise in Bankruptcy Filings for Older Individuals and Seniors
Since 2007, bankruptcy filings have doubled for those aged 55 and over. Despite being at a time in life where their children are out of...
Lynn Wartchow
Oct 25, 20182 min read
When Chapter 13 is a Better Option than Chapter 7
Chapter 13 may not be your first choice for a bankruptcy, and many people wrongly assume that the monthly chapter 13 plan payments is...
Lynn Wartchow
Aug 21, 20182 min read
Inherited IRA’s May Be Exempt in Bankruptcy, Depending on from Whom the IRA was Inherited
One of the greatest areas of controversy regarding the exemption for individual retirement accounts (IRAs) is the inherited IRA. If a...
Lynn Wartchow
Jul 1, 20183 min read
What Partners/Shareholders Should Know about Personal Exposure When Putting a Business in Chapter 11
In many small and medium-sized businesses, one or more of the partners or shareholders—also called equity security or equity interest...
Lynn Wartchow
Sep 16, 20174 min read
Pros and Cons of Small Business Chapter 7 Bankruptcy
It happens to many small businesses: Operations and sales start slumping. While key creditors may offer forbearance agreements or even...
Lynn Wartchow
Apr 4, 20174 min read
Can a Divorcing Couple File a Joint Bankruptcy? And when it’s just not a good idea.
Divorcing couples can file a joint bankruptcy proceeding so long as they are still married on the date the bankruptcy petition is filed...
Lynn Wartchow
Sep 26, 20162 min read
Why am I having a hard time refinancing after bankruptcy?
You filed a bankruptcy case to resolve your debts. So why aren’t you qualifying for a refinance on your home mortgage? The title company...
Lynn Wartchow
May 13, 20163 min read
Qualifying for a Mortgage After (or During) Bankruptcy: What does it take and how long will I wait?
It should come as no surprise that qualifying for a new mortgage or refinance with a bankruptcy in your credit history is likely to...
Lynn Wartchow
Apr 17, 20163 min read
The 2017 Chapter 13 Debt Limits (valid through 2019)
For the 2019 debt limits effective April 1, 219, see here: The 2019 Chapter 13 Debt Limits effective April 1, 2019 Effective April 1,...
Lynn Wartchow
Apr 13, 20162 min read
2016 Minnesota Median Income effective for bankruptcy cases commenced on April 1, 2016 or later (est
Median income is a critical measure in bankruptcy upon which the ‘Means Test’ calculation is largely based to determine whether a debtor...
Lynn Wartchow
Mar 16, 20162 min read
2015 Minnesota Median Income effective for bankruptcy cases commenced on/after November 1, 2015 and
Median income is a critical measure in bankruptcy upon which the ‘Means Test’ calculation is largely based to determine whether a debtor...
Lynn Wartchow
Oct 9, 20152 min read
Minnesota Debtors can Compel a Bank to either Foreclose or Accept Deed to a Zombie Property
On September 1, 2015, the honorable Judge Michael Ridgway of the US Bankruptcy Court for the District of Minnesota joined several other...
Lynn Wartchow
Sep 29, 20153 min read
Debt Consolidation vs. Debt Settlement vs. Bankruptcy? What Can You Expect from Each Option
When facing mounting debts that cannot be repaid according to the regular monthly terms, one should consider all options for debt...
Lynn Wartchow
May 19, 20153 min read
Bankruptcy Relief may be on the Horizon for Private Student Loans
A legislative proposal is finally pending with Congress as a first step to help ease the student loan crisis. Sponsored by Sen. Durbin of...
Lynn Wartchow
Apr 21, 20152 min read
More on the National Crisis of Defaulted Student Loans: the Income Based Repayment (IBR) Program is
The student loan debt predicament is to the 2010s what the foreclosure/subprime lending crisis was to the 2000s. Student loans are a...
Lynn Wartchow
Apr 14, 20153 min read
The Archdiocese of St. Paul and Minneapolis Files Chapter 11 Bankruptcy...
The Archdiocese of St. Paul and Minneapolis Files Chapter 11 Bankruptcy: A Review of the First Day Filings For more detailed discussion...
Lynn Wartchow
Jan 16, 20154 min read
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