Chapter 7 & 13 | Consumer Bankruptcy

Posts by Craig W. Andresen, Attorney

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…

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How 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 —…

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Minnesota’s Bankruptcy Judges Enact Rule Governing Chapter 13 Lien Stripping

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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…

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Eighth 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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