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Craig William Andresen

Craig Andresen’s Answers

24 total

  • If my house is being foreclosed on and I was single when I bought it will my new wifes credit be affected?

    Her name is not on the first or second mortgage.

    Craig’s Answer

    The answer to this question is no, because there is no such thing as a joint credit report for married couples.

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  • I need a new car and to file bankruptcy.which do I do first?

    Got my car loan Oct 2012. Haven't always made payments on time, some have been 60 days late. I work off commission and have health issues so I do what I can. Credit is bad. Mainly medical bills due to lack of insurance. Recently had to put in clos...

    Craig’s Answer

    The best idea is to get the new (or used) car loan first, then file bankruptcy afterwards. Don't do a trade in; keep the new car loan separate from the old one. There is no waiting period to file the bankruptcy after you do this either.

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  • Can I claim a car-ownership deduction under the Chapter 13 petition?

    I filed a Chapter 13 bankruptcy petition. Among my assets, I listed a 2014 VW Beetle that I owed $32,580 for as well as a 1970 El Camino that I owned free of debt. In her monthly expenses she listed the payment for the VW of $485 and a separate d...

    Craig’s Answer

    The bank is correct in pointing out that you can't take a deduction on Form B-22C for an ownership allowance for a vehicle you own free and clear. See Ransom v. FIA Card Services, a 2010 U.S. Supreme Court decision. You should concede that the bank is correct, and amend Form B-22C to remove the deduction for El Camino. However, your chapter 13 payment is determined not by the result obtained from Form B-22C, but by your Schedules I and J, that is, your actual income minus your actual expenses. That is the holding of Hamilton v. Lanning, another 2010 U.S. Supreme Court decision. Therefore, the bank's objection is irrelevant to the outcome of your plan confirmation hearing. You should file a response stating that your plan payment is determined by your Schedules I and J, not Form B-22C.

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  • Bankruptcy questions

    hi I received a trust fund a month ago on my 25th birthday I am filing bankruptcy now I have no accounts a bank I am unemployed and plan to start a business this summer so I just got my mn business license will this come up and will I be asked any...

    Craig’s Answer

    In either a chapter 7 or chapter 13 bankruptcy, the important question is whether your trust contains a "spendthrift clause." If so, then you will not lose your ownership of the trust in either kind of bankruptcy. The bankruptcy law's section 541(c)(2) says that the validity of a spendthrift clause in a bankruptcy proceeding is a question of state law (here this would be Minnesota law). It is likely that you should consult with a bankruptcy lawyer who is familiar with Minnesota's spendthrift trust laws.

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  • What practice area would I need to search in to sue a Contact for Deed holder!

    09/01/2009 I gave a company called Real Assets of St. Cloud, Minn. ,10 % down and signed a contract for Deed purchase of a home for $224,900.00. Six months before the end of the term, under the CD holders direction I attempted to refinance with a...

    Craig’s Answer

    To find the right lawyer for solving this problem, look up real estate lawyer or business litigation lawyer on Google.

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  • How is the amount determined for assets when filling out an IRS form 982 (insolvency) ?

    Due to my becoming disabled, I was able to have my student loans forgiven. The amount is approximately $55,000.00. I received a 1099 C form which will need to be claimed as income and reported to the IRS. I printed the IRS 982 form that will nee...

    Craig’s Answer

    For the fair market value of your assets, use the price you could get if you actually sold your clothing, household goods, and car on Craigslist. Include everything you own, by category. Talk with a CPA or a bankruptcy lawyer if you can for the best results.

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  • Can I include my roommate as a household member for Chapter 7 Means Test purposes?

    We live in a 4 bedroom apartment, sleep in separate rooms, but share kitchen, bathroom, living room, etc. We are both on the lease and co-liable for it.

    Craig’s Answer

    I don't like to answer a question in this forum by saying there is no sure answer, but this is one the rare questions that can only be answered by taking into account every aspect of your income and other financial information, and that of your roommate as well. The simple answer is yes, but whether it is wise or even necessary is a whole different question. If you really need an answer, read bankruptcy code section 101(10A) and all the cases interpreting that section, especially In re Ellringer, a Minnesota case decided by Judge Robert Kressel. The best idea is to get the answer from a bankruptcy lawyer who is an expert on the means test while you are sitting in his or her office.

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  • Can my ex file chapter 7 bankruptcy on the house I and his three kids currently live in? I'm paying all mortgage payments-timely

    I'm divorced living in home. My ex-husband filed Chapter 7 bankruptcy. Can I end up homeless? His name is on the house and I'm making the mortgage payments.

    Craig’s Answer

    It is very likely that you will be able to keep the house, as long as you continue to make the mortgage payments. If you want to be completely sure, ask your divorce lawyer about this, but you almost certainly will be okay if you just keep up the payments.

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  • There was an order dismissing my Chapter 13 case without prejudice.

    I submitted an emergency filing. I did not get all of my schedules, Chapter 13 Plan or pay stubs in on time, so the court ordered a dismissal of Chapter 13. Can I refile the Chapter 13 right away?

    Craig’s Answer

    • Selected as best answer

    You may file a new case right away, but if you do that, you will have to file a motion to extend the stay immediately. Instead of filing a new case, you should file a motion under Rule 60 seeking an order vacating the order dismissing the case -- that way, you won't have a problem with the stay expiring a second case. Getting the case reinstated is the way to go.

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