Lawyers in Minneapolis-St. Paul that focus on assisting you with Real Estate, Estate Planning, Business Matters and Bankruptcy. Call Us: MN (952) 920-1001 or AZ (480) 207-2203 |info@barrylaw.com
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FAQ Business 2018-06-20T21:04:14+00:00

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Our FAQ section will help you better understand the challenges you face with common legal questions.

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Business

ANSWER: Yes. A debtor may move during bankruptcy but must provide prompt written notification to the court and the trustee. Many courts have change-of-address forms for this purpose, as most court orders and trustee-issued notices are sent to the debtor via mail. If the debtor does not respond to a notice or order, the case may be dismissed, and so it is very important that the debtor have a current address on file with the court and the trustee.

ANSWER: While the debtor in possession generally cedes authority over its assets to the trustee, the debtor may still use, lease or sell many of its assets in the ordinary course of its business without first getting the court’s permission to do so. The court, however, may limit that authority in cases in which there is a particular risk of the debtor depleting the bankruptcy estate. If the debtor wishes to use, lease or sell its assets outside of the ordinary course of its business, it must first get the court’s permission to do so. The debtor must also get court approval to spend “cash collateral.”

ANSWER: Chapter 13 bankruptcy which involves a payment plan established by the bankruptcy court and you and allows for the ordering payoff of your debt. After the court consolidates the petitioner’s debts and considers the debtor’s financial ability to make payments, it orders monthly payments. During the repayment period, the debtor is allowed to continue collecting his or her regular sources of income and may also retain ownership of property. Because of this, Chapter 13 bankruptcy is also known as a “wage earner’s plan.” Most payment plans under Chapter 13 bankruptcy filings are quite affordable for the debtor. At the end of the plan, most of the debtors unsecured debt is discharged (wiped out).

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FAQ

good-looking-guyFrom arrests to real estate contracts and business issues, people find themselves facing legal matters all the time – and they’re often confused about what to do or where to turn. At Rosenzweig Law Office, we guide you along each step of the way to make the process easier and relieve some of your stress. We offer a wide variety of services, including wills and estate planning, real estate transactions, business planning, bankruptcy, federal and state tax resolution, and criminal defense, including DWI/DUI. We also can help you seek compensation if another party has caused you injury.