Some people know they could benefit from filing for bankruptcy, but they are still hesitant to do so. One reason is that they blame themselves. They think they made financial mistakes that led to overwhelming debt, so they believe they need to find another solution...
When a person passes away with remaining debt, the duty of paying off that obligation falls on the estate executor. If the individual had an estate plan in place, they may have chosen this executor themselves. If not, one would be assigned during probate. The reason...
People who are facing mounting debts may decide that they need to file bankruptcy to regain control of their finances. Consumers typically file a Chapter 7 or a Chapter 13 bankruptcy, both of which end with a bankruptcy discharge when a case is successful. A...
Many people who are named as personal representative (often known as “executor”) of a loved one or close friend’s estate don’t anticipate just how complicated it can be. Even relatively small estates can present complications – particularly if the deceased’s estate...
As an estate’s executor, one of your duties is communicating with beneficiaries. Acting in the best interest of the estate, as your fiduciary role requires, involves being transparent with beneficiaries. When you fail to communicate effectively, they can file a...
Perhaps you felt up to the task when asked by your loved one to act as the executor for your parent, sibling or spouse. But when you actually take on the duties of the job, you may find yourself too mired in grief to complete the necessary tasks. Accepting the role of...
Filing for bankruptcy is a major decision in your life, but it is one that can come with great financial freedom. Consumers often file either a Chapter 7 or a Chapter 13 bankruptcy. While both of these can provide a fresh financial start, Chapter 7 is generally...
Chapter 7 bankruptcy is available for both businesses and individuals. When individuals or married couples pursue relief through Chapter 7 bankruptcy, they must first prove that they qualify. Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a relatively...
Healthcare debt is one of the most common reasons people explore Chapter 13 bankruptcy. Unlike consumer spending, these bills usually follow emergencies, chronic conditions or necessary treatment. They appear suddenly and grow quickly, leaving no time to modify...
Facing financial difficulties can be stressful, whether it’s in your personal life or through a business. As such, many people may wonder, “Is personal bankruptcy and business bankruptcy the same?” While both aim to handle debts, they operate differently and follow...
