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


      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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      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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      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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      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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      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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      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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      Posted by Col Ovik on October 13

      Starting the bankruptcy process can seem like a lonely time. It can be defeating to feel like you have no other options, but the bankruptcy process is meant to provide individuals relief. And even though you may feel like no one you know has had to file bankruptcy, you may be surprised to learn all the people you know who have had to file bankruptcy in the past. 

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      Posted by Col Ovik on September 17

      Even if the studies show that reducing working hours per week is beneficial to both for employers and employees, how do we get there? The federal government-meaning your elected officials-will have to pave the way. Similar to the path of the 40 hour work week, and some states like California and Maryland have already proposed this legislation.

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      Posted by Col Ovik on September 9

      The need to limit the working hours per week was a necessity, but why was the 40 hour work week selected as the standard? 

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      The 40 Hour Work Week-Part 1

      Posted by Col Ovik on August 25

      The 40 hour work week was signed into law in 1940 as part of The Fair Labor and Standards Act, but should society continue to allow this standard? To understand if the 40 hour work week should remain, we must first discuss the origin of the 40 hour work week, and how we came to accept this standard for the past 70 years. 

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      The Great Recycling Scam

      Posted by Col Ovik on August 15

      Reduce, reuse and recycle. We have heard this mantra many times.  And the message is clear, continue consuming, and you can consume relatively guilt free, just recycle that old shampoo bottle and it will ultimately become part of someone’s tennis shoe or maybe new kid’s toy. An amazing feat, and what we know now, an amazing lie. 

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      Chapter 13 Bankruptcy Requirements

      Posted by Col Ovik on August 9

      A Chapter 13 plan must meet the requirements of section 1325(a) to be confirmed. 11 U.S.C. § 1329(b)(1). Plan compliance is discussed in section 1325(a)(6). That section states that "the court shall confirm a plan if the debtor will be able to make all payments under the plan and to comply with the plan." 11 U.S.C. § 1325(a)(6).

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