Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

      Col Ovik

      Col Ovik
      Solving problems and helping people, that is what lawyers do, and I am so grateful that clients allow me the opportunity to help them.

      Recent Posts

      CLAIMS IN A CONVERTED BANKRUPTCY CASE

      Posted by Col Ovik on May 23

      Occasionally, a bankruptcy case will be converted from one chapter to a different chapter. There are several reasons to convert a case. A typical conversion would be a conversion from a chapter 13 filing to a chapter 7. The reasons to convert include: loss of income, increased dependents, reduction in income, divorce, or a failed business. Debts incurred after the filing of the original bankruptcy, but prior to the date of conversion receive the same treatment as prepetition claims.  

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      Hoglund Law Reviews by Real Customers

      Posted by Col Ovik on May 12

          Over the years, I have seen many reviews written by angry clients of Hoglund Law. Many complained about the fact that Hoglund Law claimed to be “local” and one said were “states away”.  These are heartbreaking reviews to read when the person is already vulnerable and often sick. It doesn’t help when Hoglund Law admits to using software to mask bad reviews by angry clients who felt duped by Hoglund Law. The software is designed to “gate” bad reviews (i.e. not publish bad reviews) and only publish good reviews. It’s a slimy tactic that should be banned and is unbecoming of a law office in Minnesota.

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      BANKRUPTCY AND FORECLOSURE

      Posted by Col Ovik on May 4

      In the event of a pending foreclosure, bankruptcy can be a practical tool. The bankruptcy can stay the impending foreclosure process, but the bankruptcy filing is not the end of the process for the debtor. The bankruptcy debtor will also be tasked with specific responsibilities. 

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      DOMESTIC SUPPORT OBLIGATIONS IN A BANKRUPTCY

      Posted by Col Ovik on April 27

      Ongoing domestic support obligations are unchanged in a bankruptcy filing. The bankruptcy court has no authority to reduce the obligation or deny the obligation. And in a chapter 13 bankruptcy, the debtor must be current on their support obligation at the time of the discharge. 

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      MORTGAGE, ESCROW AND BANKRUPTCY

      Posted by Col Ovik on April 20

      When filing for bankruptcy and owning a home, it is important for a debtor to understand they will still have an obligation to the mortgage lender. With Chapter 7 bankruptcies the obligation is fairly obvious, the debtor will continue to make the normal monthly mortgage payment to the lender, but in a Chapter 13 bankruptcy, the debtor’s obligation may be less obvious. 

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      DIVORCE AND BANKRUPTCY

      Posted by Col Ovik on March 7

      Divorce and a bankruptcy tend to go hand and hand. Often the question comes up, what should come first, the bankruptcy or the divorce. Depending on the facts of your specific case one should consider the consequences how a divorce may impact a bankruptcy filing. 

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      AVOIDANCE ACTIONS IN BANKRUPTCY IN MINNEAPOLIS, MN

      Posted by Col Ovik on February 11

      Avoidance actions are claims to avoid a transfer of property by the debtor that was made voidable by the Bankruptcy Code. Avoidance actions include claims to recover fraudulent transfers and certain preferential transfers made too close in time to the filing of bankruptcy. The action is brought for the benefit of the estate and therefore belongs to the estate.

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      VALUING ASSETS IN A BANKRUPTCY IN MINNEAPOLIS, MN

      Posted by Col Ovik on February 3

      When filing a bankruptcy petition, the debtor is required to value of all of their assets. The value should be based on the current fair market value of the asset. The debtor needs to use logic and fact when determining the value of the assets. While most debtors are not experts on the value of all the assets that they own, at the time of the bankruptcy filing, the debtor is in a unique position to make a fair estimate on the value of the asset. The debtor knows the current condition of the asset, what is wrong with it, how well it has been maintained when it was purchased, and for how much. Additionally, many debtors have recently tried to sell their assets before filing for bankruptcy, to avoid filing, and they know the market and asking price for the asset. 

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      Bankruptcy Audits in Minneapolis  Part 3

      Posted by Col Ovik on January 22

      For questions or concerns about information on the petition, the debtor will be required to supply relevant explanations. Supplying the required evidence, documents and explanations may seem daunting, but is it part of the process to ensure that bankruptcy debtors continue to be honest and forthcoming on their petitions.  

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      Bankruptcy Audits Part 2 in Minneapolis, MN

      Posted by Col Ovik on January 8

      If your case is selected for audit, the U.S. Trustee will select an audit firm to conduct the audit. The firm will review all the documents filed with the court looking for material misstatements of income, expenses, or assets. 

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      OMITTED CREDITORS AND A CHAPTER 13 BANKRUPTCY

      Posted by Col Ovik on December 25

       A debtor who completes his payments under a Chapter 13 plan is entitled to a discharge of the debt that is provided for by the plan. 

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      THE PROPERTY TAX REFUND IN BANKRUPTCY IN MINNEAPOLIS, MN

      Posted by Col Ovik on December 19

      The State of Minnesota does offer a property tax refund. The Tax Refund Act provides three types of refunds: (1) a refund for homeowners whose property taxes are above a certain percentage of their household income, Minn. Stat. § 290A.04, subd. 2 ; (2) a refund for renters whose rent constituting property taxes exceeds a certain percentage of their household income, and (3) a refund for homeowners whose property taxes increased substantially.

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      BANKRUPTCY AUDITS PART 1

      Posted by Col Ovik on December 6

      When filing bankruptcy the debtor is required to file a bankruptcy petition. The petition includes information about the debtor’s income, assets, creditors and other required disclosures. The debtor files the petition under the penalty of perjury that all the information contained in the petition in true and correct. 

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      The Bankruptcy Petition

      Posted by Col Ovik on November 19

      When filing a bankruptcy petition the debtor must file a financial statement which includes a schedule of the assets that are part of the bankruptcy. This includes any current or future interests the debtor may have, including causes of action possessed by the debtor at the time of filing. 

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      Previous Bankrupticies and the Automatic Stay

      Posted by Col Ovik on November 4

      Filing for bankruptcy is available to honest debtors to allow them respite from their creditors. Even those debtors that have previously filed for bankruptcy relief are allowed to file again for bankruptcy. For those debtors with previous bankruptcy filings, they may not be entitled to a discharge or other protections allowed to bankruptcy debtors depending on the status of their previous cases and when their previous bankruptcies were filed. 

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      THE BANKRUPTCY DISCHARGE OF DEBTS AND THE FACTS

      Posted by Col Ovik on October 20

      Under section 523(a)(6) in the bankruptcy code, "any debt . . . for willful and malicious injury by the debtor to another [person]" is not dischargeable. 11 U.S.C. §523(a)(6). 

      To determine “willful and malicious injury” the facts of the incident must be analyzed. The bankruptcy code itself lacks definition for these terms. 

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