US Supreme Court Rules that Inherited IRA Funds are Not Exempt from Claims of Creditors in Bankruptcy Cases On June 12, 2014, the United States Supreme Court ruled in the case of Clark v. Rameker that inherited individual retirement account (IRA) funds are not “retirement funds” for purposes of the exemption of certain assets from
Minnesota Business Turnaround, Workout, and Bankruptcy Attorney
Company Debts & Liabilities
It’s no surprise that many companies encounter serious debt issues. Companies take daily risks, markets are ever-changing, and sometimes unexpected problems arise.
CEOs and business owners may feel like the room is closing in around them:
- banks freeze the company’s line of credit,
- creditors intensify their collection efforts,
- lawsuits are commenced, or
- garnishments, levies, and foreclosures occur.
Turnaround experts and attorneys experienced in complex business problems provide an unemotional, logical perspective to identify a path through the chaos. A variety of legal tools are available to hold off creditors while the company gets back on track.
Business turnarounds turnaround experts helping the business get back on its feet, salvaging the value in the company, and making tough decisions to return health to the business. This often involves meeting with creditors to explain a turnaround strategy and repayment plan.
Basics of Business Owner Bankruptcy
The purpose of bankruptcy court is not to punish the debtor, but rather to release the debtor of liability.
Federal court has jurisdiction over bankruptcy cases, and debtors rarely appear in court. However, debtors are required, under rule 341, to attend a meeting between debtors and creditors in order to evaluate the debtor’s assets. This is often referred to as a 341 meeting.
Companies filing bankruptcy generally use Chapter 11 to seek time to reorganize.
For business owners (as individuals), there are three basic types of Bankruptcy as defined by the chapters of the Bankruptcy code. Chapter 7 Bankruptcy deals with the liquidation of one’s assets in order to distribute payment to creditors. Chapter 11 concerns businesses that must reorganize in order to continue operating while paying off its creditors. Chapter 13 Bankruptcy is where an individual must adjust their debts in order to keep their assets while still paying off creditors over time. These chapters also provide many different methods for paying off your debts so you can move one with your life.
Business Owner Bankruptcy Services
Here is a list of bankruptcy services and issues that can be resolved during the bankruptcy process:
- Alimony and child support
- Alternatives to bankruptcy
- Assets and exemption
- Automatic stay
- Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)
- Completing the bankruptcy petition
- Compliance requirements for small businesses
- Credit card debt
- Creditors rights
- Debt discharge
- Debt restructuring
- Debtors rights
- E-discovery and computer forensics in bankruptcy cases
- Interest rate disputes
- Internal Revenue Service (IRS) tax debts
- Litigation in the bankruptcy court
- Mandatory credit counseling and debtor education
- Means test
- Mental health and addiction issues
- Predatory lending
- Predatory lending claims and bankruptcy
- Preparing and attending the 341 meeting of creditors
- Reaffirmation agreements
- Real estate bankruptcies
- Representing trade creditors
- Schedules A,B,C,D, & F
- Second lien lending
- Statement of affairs: discharge and dischargeability
- Taxes during bankruptcy
Bankruptcy Lawyer Credentials
Our attorneys represent Minnesota companies and business owners with turnarounds, negotiating the release of debt (workouts), and filing for bankruptcy when needed. They are admitted to practice in the United States Bankruptcy Court in the State of Minnesota, the Minnesota Supreme Court, the Minnesota Federal District Court in the State of Minnesota, the Minnesota Court of Appeals, all Minnesota State District Courts, ADR forums, arbitration, and mediation.
An experienced bankruptcy attorney can provide clients with representation in the following areas:
- Personal bankruptcy
- Business owner bankruptcy
- Business bankruptcy
- Chapter 7 bankruptcy
- Chapter 11 bankruptcy
- Chapter 13 bankruptcy
- Pre-bankruptcy workouts with creditors (debt negotiation)
Fraud Elements to Avoid Discharge in Bankruptcy
Certain types of fraud are not dischargeable in bankruptcy. United States Bankruptcy law has very specific requirements to establish the type of fraud that is not dischargeable in bankruptcy. That is, only some fraud is not dischargeable. In general, lawsuit judgments and debts are dischargeable in bankruptcy except for a select few including child support
Foreclosure of 2nd Mortgage in Minnesota
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Is my 401(k), IRA, or pension safe from creditors and lawsuits?
Many believe that creditors can’t touch their retirement savings. But in many states—including Minnesota—that’s frequently not true. If you have an ERISA-qualified 401(k) or pension plan, your savings are probably safe from creditors. In such plans, your money generally has complete protection under federal law from garnishment, attachment, and other creditor remedies, so long as
Do not Unknowingly Convert Your Credit Card Debt to Tax Debt
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Options for Dealing with Business Debt
Bankruptcy is not the only option. The alternatives will depend on the type of debt, your financial situation, and circumstances surrounding the debt. If you are dealing with a significant amount of business debt, we would be happy to meet with you to discuss your legal options.
Relevant Information | Minnesota Uniform Transfer Act (MUFTA)
MUFTA is codified in Minnesota Statute’s §513.41 - §513.51. As the fight is generally between the creditor and the transferee, we must understand what a transfer is, and what constitutes an asset. The definitions section is §513.41. A transfer can take place in just about every manner. ““Transfer” means every mode, direct, or indirect, absolute
Minneapolis Bankruptcy: Owner Liability in the Chapter 11 Bankruptcy of a Business
There are many different types of bankruptcies. Often, each type is referred to by the name of the Chapter in which it is contained in the United States Bankruptcy Code. You’ve probably heard of Chapter 7 and Chapter 13, and maybe even Chapter 11 bankruptcies. The following information may be useful to a business which
Forming a Business in Minnesota – Forming a Corporation – Post-Incorporation Issues
When a corporation is formed, it becomes a legal entity that is separate from the owners or shareholders. The corporation can only act, however, through the individuals who are the incorporators, officers, directors, or shareholders. As part of the process of organizing the corporation, those individuals address a number of organizational matters, such as planning
Minnesota Bankruptcy Questions & Answers With Attorney Aaron Hall
If you're not going to declare bankruptcy, and have several different kinds of debt, how do you prioritize which ones to pay off first? High priorities are creditors who are likely to interfere with your life, including tax authorities, creditors with liens on your real property or personal property, creditors on which you rely for
The FDCPA: Protecting Debtors from Abusive Debt Collectors
The Fair Debt Collections Act (FDCPA) was first enacted to protect debtors from the increasingly common problem of harassment by debt collectors. The FDCPA arose out of federal consumer protection laws, and was first enacted in 1978. The law essentially serves to level the playing field between consumers and debt collectors; requiring debt collectors to
What Are My Options If I Find Myself In Debt?
It is not uncommon for someone to find themselves facing a large amount of debt. Credit card bills happen. Medical bills happen. But what happens when all of a sudden the amount of debt becomes overwhelming and creditors are starting to come after you? It is important to fully understand some of the options that
Attorney’s Liens in Minnesota
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An Overview of Minnesota Lien Law
By Michael P. Carlson If you have ever taken out a loan from a bank, received a mortgage, or have purchased a new car, you are most likely at least slightly aware of the law of liens. A lien is a creditor’s interest in property held by a debtor to ensure that the debtor satisfies
Example, Sample Cease and Desist Letter Template to Collection Agency Regarding Disputed Debt
Sad Phone by Ron Bennet If you're receiving phone calls in an attempt to collect a debt that you legitimately do not owe, the following cease and desist letter template may be useful in your attempts and efforts to clear up any confusion and get the annoying debt collectors off from your back. If you
Minnesota Bankruptcy Law Terms
Navigating any portion of the legal system can be very confusing to non-lawyers. Lawyers and Judges and sometimes creditors become so accustomed to the legal language they use that they sometimes forget that many debtors do not often understand the terms they use. While there are many difficult legal terms in bankruptcy proceedings, some basic
Minnesota Bankruptcy Law FAQ
Minnesota bankruptcy law works hand-in-hand with U.S. federal bankruptcy law. For this reason, the information provided here explains federal and Minnesota bankruptcy laws as they generally apply to Minnesota residents and Minnesota business owners. This bankruptcy information is provided for general educational purposes only. If you are contemplating bankruptcy, you should obtain advice from a
How to Get a Cheap Minnesota Bankruptcy Attorney in Minneapolis
Minnesota bankruptcy attorney’s fees generally range from about $2,200 to as much as $5,000 for a Chapter 7 personal bankruptcy, depending on the complexity of your matter. Here are a few more ways to save money and get a cheap Minnesota bankruptcy attorney. Is bankruptcy your only option? Unfortunately, many people are pushed into bankruptcy
Free Minnesota Bankruptcy Attorney Consultation
Let's face it, bankruptcy laws are confusing. To figure out if bankruptcy is a good option for you, you should obtain a free 20-minute analysis from a Minnesota bankruptcy lawyer. The process is simple. Contact us to begin: Call 612-466-0010. The bankruptcy consultation will involve the attorney analyzing your debts (money you owe to anyone)
Minnesota Bankruptcy Alternatives
Do you want to avoid bankruptcy? Bankruptcy alternatives may be available, depending on your situation. As a debt-relief attorney, Aaron Hall can explain legitimate ways to avoid bankruptcy and workout debt problems. Attorney Aaron Hall provides a free consultation to analyze your situation and determine whether bankruptcy alternatives are available for you. Bankruptcy alternatives can