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.

 

Jake Peden

Jake Peden
Seeing the impact that unplanned debt can have on individuals first-hand, and learning the realities of a complex legal system, led me to pursue a career where I could help people get a fresh start.

Recent Posts

The Minnesota Automatic Stay: Both a Shield and a Sword | LifeBack Law

Posted by Jake Peden on October 18

One of the most critical components of bankruptcy law is the “automatic stay,” which is written into law at 11 U.S.C. § 362, and applicable to all bankruptcy cases under Title 11. It is considered “automatic” because it immediately takes effect upon filing of a bankruptcy petition (unless you have filed multiple frequent cases).

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5 Tips to Remember for Your 341 Meetings During COVID-19 in MN

Posted by Jake Peden on October 1

Once your bankruptcy case is filed, it is required that you give testimony at what is called a “341 Meeting.” It is called 341 meeting, because it is required by law at 11 U.S.C. § 341.

The 341 meeting is intended to be a time where any interested parties may appear and ask you questions about your bankruptcy petition and intentions. The meeting is ran by a Trustee, and while creditors are all given notice of the hearing time, it is VERY rare that they show up at the 341 meeting.

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Does the Value of My Home Matter in Minnesota Bankruptcy?

Posted by Jake Peden on September 18

When I meet with clients who own their home, protecting their loved ones and their family home are the number one concerns. As far as protecting your home in bankruptcy goes, Minnesota is one of the best states in the country as far as protecting your equity. Currently, you can have up to $450,000.00 worth of home equity and not lose any of it in filing for bankruptcy relief.

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Per Capita Benefits and Other Benefits to Native American Band Members in Bankruptcy

Posted by Jake Peden on September 7

On July 8, 2021, the United States Bankruptcy Court for the District of Minnesota issued a ruling upholding the rights for bankruptcy debtors who receive benefits under the Federal Indian Gaming Regulatory Act of 1988, 25 U.S.C. §§ 2701, et seq. (“IGRA”).

The 18 page opinion ends with a clear admonishment: “even outside of the Pokagon Band’s sovereign authority to create and define property rights, the per capita payments are not property of the estate in policy, logic, or equity.”

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What Is My Right to Amend My Bankruptcy Schedules in Minnesota?

Posted by Jake Peden on September 5

A fundamental part of the bankruptcy process, is that the person(s) filing for bankruptcy relief must file schedules, statements and related documents, which are true, complete, and correct to the best of their knowledge, information and belief.

When disclosing the bankruptcy filer’s assets, it is important that all interests in property or assets (even if contingent) are disclosed. However, it is inevitable that from time to time, things may be overlooked or forgotten about.

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Does the Bankruptcy Court Know How Much Stuff I Have and Its Worth?

Posted by Jake Peden on August 13

A common question I get from Minnesotans who are suffering from debt and considering filing for bankruptcy relief is: “how does the court know how much stuff I have and what it is worth?” The answer is very simple. We tell them.

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Does the Value of My Home Matter in Minnesota Bankruptcy?

Posted by Jake Peden on August 9

When I meet with clients who own their home, protecting their loved ones and their family home are the number one concerns. As far as protecting your home in bankruptcy goes, Minnesota is one of the best states in the country as far as protecting your equity. Currently, you can have up to $450,000.00 worth of home equity and not lose any of it in filing for bankruptcy relief.

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Timing Matters When You File Bankruptcy in MN

Posted by Jake Peden on April 5

For most people, considering “when” you should file bankruptcy can be as important as the decision of “if” you should file for bankruptcy.

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What Happens If I Cannot Make My Bankruptcy Chapter 13 Payments in MN?

Posted by Jake Peden on April 2

A debt reorganization bankruptcy, also known as chapter 13 bankruptcy, allows people in debt to restructure their finances and dedicate their future “disposable income” towards repaying past debts. In bankruptcy payment plans, the debtor(s) has the ability to restructure their debts, prioritize what is important, and make a single monthly payment which then gets divided up to prescribed parties by a bankruptcy trustee.

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MN Bankruptcy and Credit Scores: What Is the Real Truth?

Posted by Jake Peden on March 30

“What effect will filing bankruptcy have on my credit score?” is probably the most common question I get during my first consultations with Minnesotans. My response starts with: “what is your current credit score now?”

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§ 341 Meetings in Minnesota: Then and Now

Posted by Jake Peden on March 29

11 U.S.C. § 341 provides: “Within a reasonable time after the order for relief in a case under this title, the United States trustee shall convene and preside at a meeting of creditors.” It further provides: “The court may not preside at, and may not attend, any meeting under this section including any final meeting of creditors.”

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How Do My Creditors Get Notice When I File Bankruptcy in MN?

Posted by Jake Peden on February 27

The Office is one of my favorite TV shows of all time. In one of the more memorable episodes, Michael Scott tries to “declare bankruptcy” simply by shouting it for everyone in the office to hear. Bankruptcy law dates back to 1542 in England, but even back then, I don’t think shouting that you declare bankruptcy would be enough to put your creditors on notice.

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Reorganizing Your Debts in Minnesota: Is Bankruptcy the Bets Way?

Posted by Jake Peden on February 10

While we are still learning all the effects of the COVID-19 coronavirus, the far-reaching impact of this pandemic and related government shutdowns will continue to be discovered for years. Many people have been directly impacted and been laid off, furloughed, or otherwise had their hours and compensation cut. But the even wider reaching are the effects will be felt for years and across nearly every industry.

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Minnesota Bankruptcy Can Set You Free From Co-Signed Debts With Your Ex

Posted by Jake Peden on January 30

Relationship break-up is one of the most common reasons why people end up filing for bankruptcy, and it is easy to put your personal finances on the back-burner while coping with the stress of losing your partner in life. The problem is, that bills still keep coming due, and your creditors are not very sympathetic and understanding when your finances (and life in general) are in flux.

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