Bankruptcy Attorney Andrew Walker won a court victory in July, 2018 with the In Re Thomas, 17-43661 MER case, regarding the “Snapshot Rule”. This case, decided by the Bankruptcy Court for the District of Minnesota formally adopted the “Snapshot Rule” for how the proceeds from selling a house are treated in a Chapter 7 Bankruptcy… Read more »
Minnesota Changes Bankruptcy Laws to Protect Health Savings Accounts (HSAs)
The Minnesota legislature recently passed a law to make the first $25,000 that a person has in a Health Savings Account or HSA exempt from bankruptcy and exempt from judgment creditors or debt collectors who are trying to collect. This bill is called HF 2391 and was introduced by Senator Roger Chamberlain of District 38 to… Read more »
A warning to people thinking about debt settlement companies
The Consumer Financial Protection Bureau recently brought a case against Freedom Debt Relief alleging that Freedom Debt Relief wasn’t telling its customers everything about how settlement works, and that it wasn’t handling their debts like it advertised. As a bankruptcy practitioner, I meet with lots of people who have tried debt consolidation using debt settlement companies… Read more »
Toys R Us Files Chapter 11 Bankruptcy
Following on from the news that Toys R Us filed Chapter 11 Bankruptcy in September, we thought we’d explain more about why a company would file for Chapter 11 Bankruptcy, and how it compares a person filing for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. Business bankruptcies and personal bankruptcies have two basic similarities: 1. … Read more »
Why Do Celebrities File For bankruptcy?
It is usually relatively big news when celebrities file for bankruptcy. Many sports stars, business people, and entertainment stars have all filed for bankruptcy at some time. Willie Nelson, Courtney Love, Michael Jackson, Mike Tyson, and Pamela Anderson, and now 50 Cent are just some of the celebrities who have filed for bankruptcy. Why do celebrities… Read more »
Rapper 50 Cent Files for Bankruptcy
Rapper, actor and businessman 50 Cent is the latest in a long line of celebrities to feature in the news for filing for bankruptcy. Unlike many individuals who usually file for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, 50 Cent has filed for Chapter 11 Bankruptcy protection. Chapter 11 is often used by large businesses… Read more »