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Renting an Apartment After Filing for Bankruptcy

Many people are aware that after they file for bankruptcy, details about the event will appear on their credit report for at least the next few years. Some people discover that the bankruptcy process impacts their ability to rent an apartment even after the bankruptcy is complete. Factors Landlords are Likely to Consider There are several factors that a landlord is likely to consider when deciding if a person is a good candidate to rent an apartment. Some of these factors include:   Disposable incomes. Landlords almost always place great emphasis on the amount of disposable income that a person has to pay rent. A landlord who owns a property will often be willing to listen to a person’s story about bankruptcy and consider extenuating factors. Employment history. Many landlords are concerned about a person’s job stability. In addition to a person’s employment history, a landlord will often be interested in the length of time that a person has been at a position, permanent employment, the person’s previous employment history, and the individual’s wage history.   Tips to Renting an Apartment After Bankruptcy There are several pieces of advice that a person can follow to increase his or her chances     Read More

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Personal Injury Claims and Bankruptcy

Filing for bankruptcy is a challenging part in many people’s lives because it involves a substantial amount of paperwork and complicated emotions. Because bankruptcy law is particularly challenging, it can be difficult to determine what to do. The bankruptcy process can be made even more complicated if the person who has filed for bankruptcy expects to receive compensation from a personal injury claim. The Role of a Bankruptcy Trustee When a person files for a bankruptcy petition, it creates a bankruptcy estate that is administered by a bankruptcy trustee. After this estate is created, a person has an obligation to disclose all details about assets and properties to the estate. It is critical to disclose information about compensation received in a personal injury lawsuit to a trustee. Discharging Debt in Bankruptcy If you file for Chapter 7 bankruptcy, you will be allowed to clear most types of debt. The role of the bankruptcy trustee is to take your non-exempt assets and pay creditors using these proceeds before your debt can be discharged. In cases in which a person files for Chapter 13 bankruptcy, however, the individual’s debts are reorganized. The bankruptcy trustee mediates negotiations between the debtor and creditor to     Read More

Advice on Disinheriting Someone From Your Estate Plan

Some family units end up broken. This can involve children who are left behind after a divorce or family members who stop talking to others as a result of addiction or other complication. In the case of some fractured relationships, you might decide that you want to disinherit someone. In many cases, to successfully disinherit someone, it is best to obtain the assistance of an experienced estate planning lawyer. Recognize the Difference Between Living Trusts and Wills In many situations, if you decide that you want to disinherit someone, it is better to use a living trust than a will. This is because if you use a will to disinherit someone, it is easy for that individual to later challenge this decision. Another advantage of disinheriting someone through a living trust is that a will is a public document, which makes it much easier for anyone to find out about the disinheritance. Living trusts, however, are private documents, which means that there is a much greater amount of privacy. Consider the Value of a “No Contest” Clause If you do not plan on entirely disinheriting your children, you still might decide to leave them less than other children or heirs.     Read More

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Important End-of-Year Estate Planning Advice

As 2018 comes to an end, it is a good idea to review your estate plan to make sure that it is up to date. This is also a good time to check some of the important details about your estate planning documents. An experienced estate planning attorney can help you ensure that all your future plans are in order. Determine if You Have a Disability Plan It is critical to have documents in your estate plan to determine what happens in case you lose your mental or physical abilities. A Health Care Power of Attorney document is just one tool which helps to appoint a person to make medical decisions in case you are no longer able to make medical decisions for yourself. Examine Your Beneficiary Designations While they are important, beneficiary designations are often overlooked. These designations determine who will receive your assets after your death. Despite the numerous changes that can occur including divorce and marriage, these designations will remain the same despite the numerous changes that can occur. To avoid running into difficulties, it is best to review your beneficiary designations to make sure that these elections properly reflect your current goals. Inventory Your Assets If     Read More

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Child Support and Bankruptcy

Filing for bankruptcy offers individuals the opportunity to wipe out various forms of debt or to reorganize debt into a more manageable payment plan. Some types of debt, however, can not be discharged in bankruptcy. Filing for bankruptcy will discharge stop child support obligations, for one. Filing for Chapter 13 bankruptcy, however, sometimes allows a parent to turn child support payments into a more feasible payment plan. An experienced bankruptcy attorney can help you determine which option is best for you. Chapter 7 Bankruptcy and Child Support Chapter 7 bankruptcy allows a person to liquidate assets to pay off creditors and eventually discharge debt. Because child support is a “priority” debt, however, it can not be discharged through Chapter 7 bankruptcy. Priority debts are obligations that are not secured by collateral but are prioritized among other debts when there are not enough assets to pay a person’s creditors. Child Support and Chapter 11 Bankruptcy Chapter 11 bankruptcy involves the reorganization of debt. Under this type of a bankruptcy, a person creates a reorganization plan that takes into consideration factors like assets, liabilities, current income, and expenditures. Reorganization plans must first be approved by bankruptcy courts. Under this type of bankruptcy,     Read More

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Why Young People Should Create Estate Plans

It is important to remember that each estate plan must be written to take a unique set of circumstances into consideration. As a result, there are often differences between estate plans, and people who create an estate plan for the first time often have questions about what process entails. If you are contemplating putting together an estate plan, you should consult with an experienced estate planning attorney. Even Young People Should Have Estate Plans There are several reasons why young people should consider writing estate plans: Incapacitation can strike a person at any age. Fortunately, creating an estate plan allows a person to deal with these events in case they arise. Powers of attorney allow a person to designate the individual who will make his or her financial or healthcare decisions in case incapacitation occurs. Without appointing a power of attorney, families are left without a clear-cut answer about what to do when a young person becomes incapacitated. Young people do not like to think about dying young, but the truth is that some people die before their time. No matter your age, if you die without an estate plan, your assets will pass through the intestacy process. For many     Read More

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The Advantage of Revocable Living Trusts

There are a number of misconceptions that people have about trusts. Some people believe that trusts only exist for the wealthy or that a simple will is capable of meeting their estate planning needs. In reality, trusts offer more advantages than many people realize. Creating a revocable living trust can be complicated. As a result, many people find that it is helpful to obtain the assistance of an experienced estate planning attorney who can make certain that a trust is properly written.   Reasons People Seek Living Revocable Trusts People who create a revocable living trust realize several advantages, which include:   Avoiding probate. When a person dies without a trust, a judge oversees a probate proceeding to determine how the person’s assets and debts should be divided. The probate process is often lengthy and can create a number of complications. Fortunately, a properly funded trust is capable of avoiding probate and the emotional and financial hardships that the process often involves. Successor can be appointed. If the person who manages a trust becomes incapacitated, that person or the trust’s creator can select a successor to manage the trust. This person will have the ability to manage the affairs of     Read More

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How Unemployment Affects Bankruptcy

Statistics compiled by the Bureau of Labor Statistics reveal that 4.1% of Americans are currently unemployed. Without a regular income, many people face difficulties in keeping up with their bill payments. Many people in this situation discover that bankruptcy offers the opportunity to reduce financial hardships. If you are currently navigating financial complications after unemployment, filing for bankruptcy can help to reduce and sometimes even eliminate many debts. While being unemployed might increase your chances of obtaining certain types of bankruptcy, not having a job can prevent you from qualifying for other types of bankruptcy. It is important for unemployed individuals to understand how their employment status can affect filing for bankruptcy. In most situations, it is also important to contact an experienced bankruptcy lawyer. How Unemployment Affects Chapter 7 Bankruptcy A person is not required to be employed to file for Chapter 7 bankruptcy. Instead, unemployment can often help a person qualify for Chapter 7 bankruptcy. The means test to qualify for Chapter 7 bankruptcy measures a person’s financial ability to repay creditors. If your income falls below the median income for a household of equivalent size, you will be considered to have passed the means test and be     Read More

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Bankruptcy and Credit Card Debt

There are countless tales of people who racked up a substantial amount of debt due to credit cards. These individuals often do not make enough money monthly to pay off this amount. Some people in this situation decide to pursue the option of bankruptcy. If you are debating filing for bankruptcy due to your mounting credit card debt, obtain the assistance of an experienced bankruptcy lawyer. When You can Not Pay Back Your Credit Card Debt In considering whether the bankruptcy process is right for you, one of the things that you should consider is whether you are able to pay off credit card debt. Many people who make enough money to pay off their credit cards find that they are not able to qualify for Chapter 7 bankruptcy. Instead, individuals in this situation who still want to declare bankruptcy are required to navigate Chapter 13 bankruptcy. If you are not able to pay back your credit card, rather than file for bankruptcy, you might be able to settle with the credit card company for a lower amount than what you owe. Other individuals decide to combine their debt onto one card to receive a lower interest rate and then     Read More

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Tips for Discussing Estate Planning with Your Family

Having conversations about your estate plan can be difficult. For one thing, nobody likes to talk about what life will be like after their death. These conversations can also be challenging if your children are emotionally uncomfortable thinking about what life will be like after your death. It can be helpful to understand what tools you can use to make sure that family conversations about life after your death proceed as smoothly as possible. Start the Conversation Properly It can be difficult to begin conversations about estate planning. While there are many ways in which to initiate this sensitive subject matter, there are some important considerations. First, you should introduce the conversation during a calm time. These conversations should never be held during a period of crisis or uneasiness among your family. Be sincere about your intentions from the beginning of the conversation. This helps your family understand the point of the meeting. Emphasize the various benefits that can come from having a conversation about your end of life and estate planning goals. Create a Comfortable Space to Have a Conversation One of the best ways to have a successful discussion about estate planning is to make sure that your     Read More

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