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

      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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      BANKRUPTCY FILERS IN MINNEAPOLIS, MN

      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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      THE 40 HOUR WORK WEEK-PART 3

      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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      THE 40 HOUR WORK WEEK-PART 2

      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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      Student Loans and Bankruptcy

      Posted by Col Ovik on August 3

      Student loans continue to be an issue for many Americans. The pending litigation surrounding the loan forgiveness of the Biden Administration is being watched carefully for those that may be eligible for loan forgiveness. 

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      Exception to Bankruptcy Discharge: Willful and Malicious Injury

      Posted by Col Ovik on July 7

      Not all debts in a bankruptcy are treated equally, and some debts can be excepted from the bankruptcy discharge. Under § 523(a)(6), the creditor must demonstrate "willful and malicious injury by the debtor" to another person or their property, and if a creditor can successfully demonstrate a willful and malicious injury by the debtor the creditor’s claim can be excepted from discharge. 

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      Asset Concealment in Bankruptcy

      Posted by Col Ovik on July 3

      Debtors should disclose all assets on the bankruptcy schedules, and failure to do so can result in the denial of discharge. If a debtor discovers or remembers an asset was not properly disclosed on the bankruptcy schedules, even if the asset is discovered years later, the debtor should amend the schedules to properly disclose the asset. 

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      NON-DISCLOSURE OF ASSETS AFTER FILING BANKRUPTCY

      Posted by Col Ovik on June 20

      A client may be judicially estopped from asserting a cause of action not disclosed on the bankruptcy schedules or otherwise mentioned in the disclosure statements. 

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      BANKRUPTCY: UNDISCLOSED ASSETS AND EXEMPTIONS IN MINNEAPOLIS

      Posted by Col Ovik on May 9

      Lack of disclosure in a bankruptcy filing can negatively impact a debtor. Clients will often question why they need to disclose certain information or if it would be better to “hide” certain assets from the court.  

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      INHERTIED IRAS AND BANKRUPTCY IN MINNEAPOLIS

      Posted by Col Ovik on May 5

      The U.S. Supreme Court held that inherited IRAs do not qualify for the section 522(b)(3)(C)  exemption.  

      That opinion makes clear that a beneficiary faces a choice between (1) "rolling over" the IRA, thus making the IRA subject to the tax and bankruptcy rules for traditional and Roth IRAs, or (2) keeping the IRA as an inherited IRA subject to different tax and bankruptcy rules for inherited IRAs.

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      CASE DISMISSAL OF A CHAPTER 7 BANKRUPTCY IN MINNEAPOLIS

      Posted by Col Ovik on May 1

      The primary purpose of filing bankruptcy is to award a fresh start to an honest but unfortunate debtor. Occasionally, a debtor may request the dismissal of their chapter 7 case if the debtor would be worse off if he stayed in the chapter 7 case than if the case were to be dismissed. However, the case cannot simply be dismissed because the debtor is unhappy with the outcome of the chapter 7 case, the debtor needs to have acted in good faith. 

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      CHAPTER 7 BANKRUPTCY DISCHARGES IN MINNEAPLOIS

      Posted by Col Ovik on April 25

      Generally, Chapter 7 debtors are entitled to a discharge of their pre-petition debts. However, some debts are excepted from discharge. 11 U.S.C. 523(a). Of those debts that are excepted, some are excepted from discharge as a matter of law, e.g., 11 U.S.C. § 523(a)(5) (domestic support obligations) and Section 523(a)(7) ) (fine, penalty, or forfeiture payable to a governmental unit). 

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