Real Estate, Bankruptcy, Estate Planning, Business Planning & Tax Resolution.
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The Bankruptcy Court has notified you that a dismissal has been sought in your bankruptcy case. A dismissal would leave you liable for your debts and without the protections you sought when you filed your bankruptcy petition. However, the notification that a dismissal has been sought does not mean that a dismissal will necessarily occur. You are Entitled to Notice and to a Hearing Prior to Dismissal of Your Case A Minnesota Chapter 7 dismissal should never be a surprise. Instead you should be provided with a Notice informing you that either the court or a creditor has requested a dismissal and the reasons why the dismissal has been sought. Then, [...]
Over the past year, Fannie Mae has been developing a new program aimed at keeping homeowners in their homes and preventing foreclosures. Fannie Mae is already using the program, known as Know Your Options Customer Care, with some of its biggest servicers and expects to use it with more servicers in the near future. Some of the key components of the Know Your Options program include training loan servicers to: Develop consultative relationships with homeowners who are struggling to pay their bills. Implement ongoing quality control measures. Advise homeowners of their options and how to achieve those options. Establish one person in the call center as a point of contact for an [...]
You have waited years for this moment. For the past three, four, or five years you have made sacrifices and diligently made your monthly payment on your Chapter 13 repayment plan. Now the time is nearing for your Chapter 13 repayment plan obligations to be complete. What can you expect to happen, and should you check in with your St. Paul bankruptcy attorney? Getting the Discharge you Deserve Generally, you are entitled to a Chapter 3 bankruptcy discharge in Minnesota if: You have made all of your payments in accordance with the terms of your court approved repayment plan. You have completed an approved financial management course. There are no issues [...]
Earlier this summer, the Minnesota Department of Commerce (“the Department”) filed charges against a company that it says offered unlicensed mortgage adjustments to Minnesotans. Specifically, the Department, through its commissioner Mike Rothman, claimed that a Utah-based company known as CC Brown Law took approximately $134,000 in payments from Minnesotans without delivering the promised services. CC Brown may have also done business under other names, including Sentry Legal, WT Lee, and JL Martin. This is not the first time that the Department has filed charges against a mortgage adjustment firm or loan modification company for failing to deliver the services promised to its clients, nor is this the first time that CC Brown Law [...]
Minnesota bankruptcy filings fell during the first half of 2012, according to recent data released by Epiq Systems, which compiles data for the American Bankruptcy Institute. The Star Tribune reports that bankruptcy filings are down 11.5% for the first half of 2012 when compared to the first half of 2011 and may drop below the level of 2009 bankruptcy filings. The reported decline was even greater in Minneapolis. According to the U.S. Bankruptcy Court, 4,539 Minneapolis bankruptcy filings were made from January through June 2012, a 14% decrease when compared to January through June 2011. Despite this seemingly good news, economists are warning Minnesotans and others that the bankruptcy filing statistics should not [...]
When you file for Chapter 7 bankruptcy in Minnesota, there will be many technical terms used in communication with the bankruptcy court. It is important to talk to your Minneapolis Chapter 7 lawyer about any terms that you do not understand so you can be confident that you know what is happening in your case. In this post, we will explain one term that is important for all Chapter 7 bankruptcy filers to fully understand. That term is “bankruptcy estate.” Bankruptcy Estate Definition When you file for your bankruptcy, you are, temporarily, no longer the owner of your property. Instead, an entity known as the bankruptcy estate is technically the owner of your [...]
A recent study completed by the credit rating company TransUnion Corp. looked at what happens when homeowners receive mortgage loan modifications. Approximately 3.9 million homeowners in the United States, including some in Minnesota, had mortgage loans modified between January 2009 and April 2012. The TransUnion study looked at more than half-a-million homeowners who had loans modified between January 2008 and January 2011. These homeowners had missed at least four payments prior to loan modification to be included in the study. The study found that homeowners who received mortgage loan modifications were less likely to default on their auto and credit card loans. Specifically, researchers found that homeowners who had lower mortgage payments due to [...]
California legislators recently passed what is believed to be among the strongest foreclosure protections for homeowners in the United States. The law is widely expected to be signed by the Governor. The new protections would make California the first state in the nation to prohibit banks from a practice known as “dual tracking.” Dual tracking occurs when a bank is negotiating a mortgage modification with homeowners while at the same time pursuing foreclosure actions. The law also provides further protections for homeowners. For example, the law will allow homeowners to sue banks for damages in limited circumstances when the bank willfully, intentionally, or recklessly violates foreclosure laws. Additionally, the law requires that [...]