Posts by Craig Andresen
Retirement Accounts Awarded in Divorce May Not Be Exempt in Bankruptcy
The U.S. Supreme Court’s decision in Clark v. Rameker, 134 s.Ct. 2242(2014), saying that inherited IRAs are not exempt in bankuptcy, formed the basis for a 2018 ruling from the Bankruptcy Appellate Panel involving a different type of retirement account: divorce court-awarded IRAs and 401(k)s. While the bankruptcy code’s section 522(d)(12) allows an exemption for…
Read MoreCraig Andresen Elected Vice Chair of MSBA Bankruptcy Law Section
In May 2018, Craig Andresen was elected by the Bankruptcy Law Section to serve as Vice Chair for the 2018-19 year. This position also entails supervising the Pro Bono Committee and assisting the committee in formulating its annual budget. Other duties include serving on the planning committee for the annual Bankruptcy Institute.
Read MoreChapter 13 De-Mystified: Simple Explanation of a Chapter 13 Plan
Because Chapter 13 is hard to understand in a vacuum, using a hypothetical situation is the best way to show just how much Chapter 13 could help the average family. Below is an example of how Chapter 13 would help “John and Mary Smith,” a young couple how have had trouble making the payments on…
Read MoreNew Bankruptcy “Means Test” Income Figures Effective April 1, 2017
The U.S. Trustee’s Office has announced new median income figures slated to go into effect on April 1, 2017. These income figures will become part of the bankruptcy means test for chapter 7. The new figures for Minnesota are: $52,785 for a one person household $70,889 for two person household $85,033 for a three person…
Read MoreHow to Stop a Foreclosure Without Filing Bankruptcy
Yes, in Minnesota you can stop a mortgage foreclosure, and save your home, without filing bankruptcy. What’s more, there are two ways to accomplish this important result. The Minnesota legislature recently enacted two new statutes allowing a homeowner to stop a residential mortgage foreclosure. These were enacted in response to the housing market meltdown —…
Read MoreCraig Andresen Appointed Treasurer of MSBA Bankruptcy Section
On May 21, 2016, the Minnesota State Bar Association’s Bankruptcy Section appointed Bloomington attorney Craig Andresen as treasurer of the section, for the 2016 – 2017 year. This follows Mr. Andresen’s service as education director for the prior year, and his service as chair of the consumer committee the year prior to that. Mr.…
Read MoreNew Minnesota Bankruptcy Court Ruling Protects Property Tax Refunds
In a case in which Andresen Law Offices represented the debtor, the Minnesota bankruptcy court issued a published decision barring chapter 7 trustees from taking property tax refunds. This ruling by Judge Ridgeway, In re Johnson, No. 13-41370 (Bky. D. Minn. Sept. 11, 2013), held that Minnesota property tax refunds are “government assistance based upon…
Read MoreNew Bankruptcy Court Ruling on Minnesota Health Care Savings Accounts
Minnesotans who file for chapter 7 bankruptcy need to take care that their health care savings accounts are not lost to the bankruptcy trustee, due to a recent decision of the federal Bankruptcy Appellate Panel. In this case, Leitch v. Christians, No. 13-6009 (8th Cir. BAP July 16, 2013), the appeals court upheld a ruling by Minnesota…
Read MoreMinnesota’s Bankruptcy Judges Enact Rule Governing Chapter 13 Lien Stripping
Just seven months after the federal appeals courts upheld the right of chapter 13 debtors to strip off a completely unsecured second mortgage on homestead real estate (in a case litigated by Craig Andresen), Minnesota’s four bankruptcy court judges enacted Local Rule 3012-1, which sets forth the procedure for lien stripping. This action demonstrates the…
Read MoreEighth Circuit Appeals Court Ruling Preserves Lien Stripping in Chapter 13 Bankruptcy Cases
The U.S. Court of Appeals issued its ruling in In re Fisette, 695 F. 3d 803 (8th Cir. 2012), saying that the manner in which the trustee’s appeal was presented was improper. The Eighth Circuit’s action has the effect of leaving undisturbed the Bankruptcy Appellate Panel’s opinion establishing lien stripping in Minnesota and the other states…
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