People sometimes mistakenly assume they have to liquidate all of their assets if they file for bankruptcy. It is true that Chapter 7 is known as liquidation bankruptcy, and some assets may need to be sold to settle a portion of the debt. However, the reality is that...
Too many people – even elderly ones – never get around to creating a will (let alone any other estate plan documents) before they die. That means most of their assets will end up being distributed among family members based on their familial relationship – regardless...
Seeking debt relief through bankruptcy is stressful on its own. Learning you must also undergo mandatory education can ramp up your anxiety. Try not to worry. Fulfilling the education requirements is probably easier than you anticipate, especially when you understand...
The key function of a will is to provide instructions on how assets are divided upon the testator’s death. If the testator has children, the will can also name guardians. These are individuals tasked with raising the child should the testator pass away. For a will to...
Being given the role of estate executor can be considered an honor. It means the decedent trusted you to act in the best interests of their loved ones and their estate. However, it comes with significant financial responsibilities and fiduciary duties, which require...
A Chapter 7 bankruptcy discharge can provide much-needed relief by allowing individuals to eliminate most of their unsecured debts and enable them to regain financial stability. However, not all not all Chapter 7 bankruptcy filings are successful. When you apply for a...
If you are making an estate plan, you may want to use a power of attorney. There are two main types to consider. The first is a financial power of attorney, which allows an agent to do things like accessing bank accounts, transferring real estate or paying taxes. The...
Individuals struggling with unsustainable levels of debt might eventually decide to file for bankruptcy. They then have to choose the type of bankruptcy they pursue based on their income levels, the type of debt they have and the assets they may own. For those with...
When a person files for bankruptcy, the court issues an automatic stay. This gives the filer a reprieve from the constant communication from debt collectors. Once the automatic stay is issued, creditors can’t make any collection attempts, including making demands...
Estate disputes can be highly problematic. In some cases, adult children never talk to one another again. This is why avoiding these disputes is one of the main goals for those who are drafting an estate plan. But disputes can and do happen, so it is also important...
