Bankruptcy Options if You Are Behind on Condo / Townhome Assessments
Behind on your monthly HOAs, late fees or special assessments owed to your homeowner’s association? Under Minnesota statute, most...
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Lynn Wartchow
- May 20, 2014
- 2 min
Converting from Chapter 13 to Chapter 7: What’s Involved and Why Would You Convert?
Life inevitably changes and things happen that may cause a chapter 13 debtor to no longer need or afford their original chapter 13 plan....
Lynn Wartchow
- Oct 31, 2013
- 2 min
How to Postpone the Sheriff’s Sale: Minnesota Statutory Postponement of Foreclosure Sale
In Minnesota, homeowners can apply for a postponement of the sheriff’s sale scheduled in a foreclosure process. So long as the...
Lynn Wartchow
- Aug 27, 2013
- 2 min
Condo, Townhome and HOA Association Liens in Minnesota
In Minnesota, if you have unpaid condominium or townhome association assessments—which are often called “HOAs”—these unpaid amounts...
Lynn Wartchow
- Feb 15, 2013
- 3 min
What Happens after the 341 Meeting of Creditors is Over?
The answer to this depends on whether you have filed Chapter 7 or Chapter 13 bankruptcy. (Chapter 11 individual debtors also are required...
Lynn Wartchow
- Jan 2, 2013
- 2 min
How Are Non-Dischargeable Debts Treated in a Chapter 13 Bankruptcy?
Non-dischargeable debts are those few categories of personal liabilities which can never be discharged in either form of Chapter 7 or...
Lynn Wartchow
- Dec 12, 2012
- 2 min
Will My Assets Be Protected in Bankruptcy? What Are the Bankruptcy Exemptions?
Most people who file for bankruptcy are able to protect most if not all of their assets, including cash bank accounts, household goods...
Lynn Wartchow
- Nov 15, 2012
- 3 min
Managing the Business During Chapter 11: Reporting and Other Requirements
When a business files Chapter 11, it becomes a “debtor-in-possession” of its own affairs as a fiduciary to the bankruptcy estate. What...
Lynn Wartchow
- Sep 19, 2012
- 2 min
What is the Median Income in Minnesota and How Does is Factor into Chapter 7 Bankruptcy?
Qualification for Chapter 7 bankruptcy is largely determined by comparing one’s household income to the median income for their state....
Lynn Wartchow
- Sep 4, 2012
- 2 min
What is Individual Chapter 11 Bankruptcy and Why Would I File an Individual Chapter 11?
The vast majority of individuals who file bankruptcy chose to do so under either Chapter 7 or Chapter 13, which are the most common forms...
Lynn Wartchow
- Aug 15, 2012
- 2 min
What are the Debt Limits for Chapter 13 Bankruptcy?
Click here to see the current Chapter 13 Debt Limits effective April 1, 2016 and valid through 2019. As of the date of this post, the...
Lynn Wartchow
- Aug 6, 2012
- 3 min
What Should I Expect at the 341 Bankruptcy Meeting of Creditors?
If you have done basic research into the bankruptcy process, you will know that about one month after filing a bankruptcy petition and...
Lynn Wartchow
- Jul 24, 2012
- 3 min
Foreclosure in Minnesota: Know the Process, Timeline and How Bankruptcy Can Help
Home foreclosures in Minnesota are common and arguably are even on the rise despite an improving real estate market. In April 2012, the...
Lynn Wartchow
- Jul 10, 2012
- 2 min
What is the “Means Test” and Why Does it Matter in Bankruptcy?
The “Means Test” was one of the major and most controversial additions to consumer bankruptcy law that occurred as part of the 2005...
Lynn Wartchow
- Jun 21, 2012
- 2 min
What is the “Credit Counseling” Requirement to File Bankruptcy?
A credit counseling course must be completed before an individual can file bankruptcy. This course basically goes through your budget and...
Lynn Wartchow
- May 9, 2012
- 3 min
Bankruptcy and Divorce: What Should Come First?
Divorce is often a precursor to bankruptcy, for either one or both of the divorcing spouses find themselves in need of discharging debts...
Lynn Wartchow
- Apr 30, 2012
- 3 min
Chapter 7 vs. Chapter 13 Bankruptcy: A Primer
Most often the people that come to me for help in bankruptcy do not initially know the difference between Chapter 7 and Chapter 13...
Lynn Wartchow
- Apr 10, 2012
- 2 min
When Will I Owe a “Deficiency” after Foreclosure in Minnesota? It Depends.
Under some circumstances after foreclosure, a deficiency may still be owed on a foreclosed property. A deficiency or “deficiency...
Lynn Wartchow
- Apr 6, 2012
- 2 min
Defined: The Bankruptcy “Trustee” and the “United States Trustee”
The terms “trustee” and “United States Trustee” sound similar and often encompass similar objectives, however the role of the trustee in...
Lynn Wartchow
- Mar 9, 2012
- 3 min
Received a Form 1099-C on Foreclosed Home? You May Qualify for the Mortgage Forgiveness Exclusion to
If you receive a Form 1099-C reporting ‘debt cancellation’ income after a home foreclosure, you may qualify for the Mortgage Forgiveness...
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