Lawyers in Minneapolis-St. Paul assisting you with Real Estate, Estate Planning, Business Matters, Bankruptcy and Tax Debt. Call Us: MN (952) 920-1001 or AZ (480) 207-2203 |info@barrylaw.com
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Business2019-06-14T23:36:03+00:00

You need answers, and you need them now.

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

However, if you are ready for a legal consultation, free of charge and free from judgment, contact the lawyers in Minnesota at Rosenzweig Law Office.

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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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If You’re Seeking a Qualified Lawyer in Minneapolis-St. Paul, Our Law Firm is the One for You. At the Rosenzweig Law Office, we believe we are the right Minneapolis-St. Paul attorneys for you. We handle each client’s case with the unique and personal care it needs and are dedicated to achieving only the best results.

Barry Rosenzweig • Attorney at Law

(952) 920-1001 or barry@barrylaw.com

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