Personal bankruptcy chapters 7 13 filing laws

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The importance of estate planning to anyone who is keen on continuity and providing for loved ones in the long run cannot be overly emphasized.

However, most people living in the United States who would benefit immensely from estate planning often fail to take this important step because of the mistaken belief that estate planning is only important for the wealthy since they are the ones with enough assets to be brought under contention.

estate planning infographic

Even more people fail to plan their estates simply because they are not aware of the benefits that they stand to gain from doing so. And here comes the main question: why is estate planning so important? Consider the following:

Without a valid will, you have no control over who gets your assets when you die and there is always a good chance that the said assets could fall into the wrong hands. Planning your estate in advance and drawing up a valid will, with the help of a good estate planning lawyer, ensures that your loved ones are provided for even after your demise and that they are able to continue enjoying the same standards of living as they did while you were alive.
Estate planning can help you make preparations for incapacity. Individuals suffering from some terminal ailments are often faced with the prospect of physical or mental incapacitation down the line and by planning your estate, you can decide in advance on what steps should be taken if and when you reach that point. For instance, you could appoint a person or people who will make decisions on your behalf when you are no longer able to make them on your own.
With proper estate planning, you can reduce the financial burdens that will be shouldered by your loved ones upon your death. For instance, you can reduce the costs of transferring property to your family members under the provisions of your will. You could also make arrangements meant to reduce or offset the funeral expenses by catering for that in your will. Contact an experienced tax attorney tampa for legal help.
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Types of bankruptcy

Posted By on Jan 15, 2016

Financial collapse of an individual, a small business or even a bigger corporation can be pretty traumatic experience with huge consequences. Fortunately, there are law and legal ways of damage control constructed to help debtors pull together and come back to the market.

 There are three main types of bankruptcy.

filing-bankruptcyThe first type, also known as liquidating bankruptcy, means that debtor will turn over some of his property to the bankruptcy trustee and this property will be sold. Money earned from that selling will be distributed to the creditors according to their legal claims. After that, debtor is no longer legally obligated to pay back his debts. The bright side of this type of bankruptcy is that most of debtor’s property can be exempted. In other words, the debtor gets to keep most of his assets in order to get a chance to recover. The creditors will get their money only if there is more property than can be exempted. Otherwise, creditors won’t be paid. Cases where all debtor’s assets are exempted are called “no-assets” cases. These laws do not refer to some cases, like debts for alimony and child support.

Chapter+11+Bankruptcy+LawThe second type of bankruptcy refers to so called “house keep and car keep bankruptcy”. Individuals who declare this type of bankruptcy are obligated to pay their debts back (or at least part of them) over next five years using their future income. Court settles and approves the repaying plan and the plan becomes official whether the creditors agree with it or not. If the debtor pays his debts back, he gets to keep all of his property. Otherwise, court will mandate for property to be sold. Law allows for this kind of procedure to be used only by individuals, not by corporations. In that case for example we have dallas Bankruptcy lawyer.

c6xqsbfg-1452574650Corporations, businesses or partnerships usually turn to third type of bankruptcy law. The idea of this type of bankruptcy law is to allow debtors to come up with a plan of reorganization. If permitted by court, corporations gets to keeps its business alive, apply a plan of reorganization to recover and increase its incomes and thereby pays the creditors back over some future time.

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bankruptcy2There is a saying that bankruptcy is a financial death followed by financial rebirth. Finding yourself irreversibly stuck in huge debts with no legal way out is well – known situation throughout the history. Nowadays, it is not such a stigma or a tragedy as it was before. Nowadays, we have bankruptcy laws helping people (for example ) who can no longer afford to pay their debts to get a fresh start. It is usually done in one of two ways: either by liquidating debtor’s assets or by making and realizing a repayment plan. Nowadays, some people even see bankruptcy as a remedy, a smart thing to do in order to reset, regroup and give a brand new shot. Guiding idea says it is better to have no money than to owe money.

thumbThe procedure begins by filing papers, appearing before a judge and proving bankruptcy. Bankruptcy can be filed by an individual or by a corporation. A married person may file alone or together with spouse. All bankruptcy cases are handled by federal bankruptcy courts according to federal (not state) bankruptcy laws. Depending on a situation and a type of debtor, there are different laws for individuals, families, public entities, companies and some privileged businesses. All debtors may file “pro se”, meaning without being represented by a qualified lawyer, but getting professional legal assistance is highly recommended, because process of bankruptcy comes with serious future legal and financial consequences and limits.

Bankruptcy_ChecklistOnce the debtor declares bankruptcy according to one of several bankruptcy laws, the court will order debtor to sell all its property that can be used to pay back his debts, though allowing debtor to keep some of his assets, as a solid ground for a new beginning. Other possibilities include out of court settlement with creditors, which demand creditors’ cooperation. There is also a possibility of making plan for reorganization. The debtor gets some extra period of time and permission from the court to reorganize the business, so the future income pays back the debts. Legal reduction of total amount of debts is also an option.

The best way to deal with dead-end financial situation is to keep a cold head, play smart and get a good lawyer. There are ways to make laws work even for those who ended up broke completely.

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Posted By on Jan 15, 2016

debt1There’s nothing left no matter what you try. That could be very banal description of a bankruptcy. As a consequence of your own bad business decisions, negligence, circumstances or market crises, there is a real frightening possibility to face a point where you can no longer afford to pay all your debts. This is a moment when you declare a bankruptcy. Your solution is to hire a lawyer, for example Chicago bankruptcy lawyers.

Bankruptcy is a legal procedure which implies liquidation of one’s business or property when individual’s current assets are not sufficient to pay all existing debts. The process enables a person to get most bills discharged or get extra time to pay the bills. A good lawyer can even succeed in keeping individual’s property, such as car or home. 

bankruptcyRoughly speaking, bankruptcy law procedure includes an individual (called debtor) doing all the paper work and filing bankruptcy in order to obtain discharge. Process guarantees that creditors cannot sue the debtor or try to neither collect their share nor have any claim on the debtor’s future income.

How-Much-Does-It-Cost-to-File-Bankruptcy-730x484There are several alternatives to bankruptcy, such as out of court settling with creditors, legal ways of reduction of debts or paying debts by selling or borrowing on debtor’s property. Therefore, before declaring bankruptcy the debtor should be sure he had exhausted all the other financial resources. All material property has to be sold off. Otherwise, the court will force it. In order to fill bankruptcy, the debtor has to convince the court that there’s no property left to be sold or any additional income that could be used for settling with creditors. Once the debtor has completed the procedure, the debts are wiped out and he is given a chance for a fresh start. There are several exceptions when law does not allow for that particular debt to be forgiven, but one should anyway leave a good lawyer to handle tricky legal procedures.

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