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Orlando Bankruptcy And Estate Planning Blog

An estate plan helps in 3 major ways

Estate planning should be a goal of every person regardless of age or location. While it's often discussed as something the elderly do, the reality is that planning for your eventual death or impairment is important to your future.

Estate planning is important for a number of reasons including preventing assets from going to unintended beneficiaries, protecting your children and preventing family feuds. Here's a little more on each of these reasons.

Are you keeping your estate plan up to date?

Over the course of a person’s lifetime you may experience any number of life changes, large and small. As your circumstances change, so do any future plans. Whether you experience a minor incident or a major development, keep in mind your estate plans as time goes on.

How frequently should a person or couple in Central Florida update estate planning documents such as a will, trust or healthcare directive? No matter if you’ve experienced major milestones recently, it’s important to consistently check and update estate plans to ensure they remain relevant to your current situation.

Should you choose bankruptcy? Which kind is best?

Bankruptcy is sometimes seen as a kind of "dirty word," but the reality is that bankruptcy has the potential to be very helpful for people who are struggling with their finances. Since the recession, many people have struggled to get their finances back on track.

While many Americans are back on their feet, not everyone is. For those who still struggle through debt and financial issues, bankruptcy is an option.

How to improve your credit after bankruptcy

No matter your reason for choosing bankruptcy, once you have filed you should have the feeling of a fresh start to your financial future. Fresh starts however mean you are back at square one and you will need to do some work to get your finances in order.

Bankruptcy causes a significant impact on your credit report that can last up to ten years. The way your credit report looks affects loans you will try to take out for cars, mortgages and other types of loans. After bankruptcy you may notice your credit score go way down, but it does not have to stay there. Building your credit back up just takes a little time. While not a comprehensive list, here are a few tips you can start right away to get your credit built back up after bankruptcy.

Choosing bankruptcy for your business

If you run a business, one of the worst feelings is that you've lost control of the financial aspect of the job. Sometimes, you might just have a bad month. Other times, you find you're buried in debt from purchases or losses throughout the year.

If you are in a situation where you risk losing your business, then bankruptcy may actually be able to help. Since you run a small business, Chapter 11 bankruptcy, which is for restructuring, might be out of the picture, but you could opt to enter into Chapter 7 or 13.

Bankruptcy filings booming for older Americans

Retirement for many people over the age of 65 is being met with something in greater numbers than that age group has ever experienced before. A growing number of new and longtime retirees are filing for bankruptcy.

New research shows that people 65 and older who are now filing for bankruptcy is three times higher than in 1991. Bankruptcy has become a consideration due to pensions vanishing, increasing medical costs and inadequate financial planning for retirement.

Living with student loans? Discharge may be an option

As a student, one thing you've been looking into is the possibility of a personal bankruptcy. Why? Your loans are too high. With the repayment making up half or even more of your income, it's impossible to make payments as well as having a home and any kind of life.

Federal loans are a leading cause of debt in America. One in five homes has student loan debt that affects the people there. The good news is that there could be some ways to address your loans to reduce what you owe each month or to eliminate them completely.

Can you run up your credit cards before bankruptcy?

Here is the situation: you are ready to file for bankruptcy, but you see you still have room on a few credit cards before they reach their limit. You think to yourself, “If they are just going to wipe out all my debt, then what’s the big deal with charging them to the max now?” It may be an inevitable to think that way, however, the bankruptcy courts are well aware of this practice are already wise to these sorts of plans.

When the court views your spending habits prior to filing for bankruptcy, they can plainly see any shopping-spree you were on. It would be very easy for the court to determine you had no intention to pay back the debt on those items. Most likely, you will still be held responsible to pay off that debt even if the bankruptcy goes through. Worst case scenario, the court may see this as fraud and decide to deny your bankruptcy request altogether.

What kinds of living trusts are there?

As you're getting older, something you may want to consider is starting a living trust. A living trust is a trust that is created during your lifetime for the easy transfer of your assets. The trust allows your beneficiaries to bypass probate, which saves time and energy following your death.

Living trusts have a trustee who maintains possession of property and assets that are in the trust. That means that the trustee becomes in charge of distributing those assets to beneficiaries following your death. A living trust doesn't have to go through the courts to allow for assets to be divided among beneficiaries.

Personal loan use growing considerably

It appears that, these days, personal loans are growing quite a bit in popularity among U.S. consumers.

These loans are a type of unsecured debt, meaning they don’t involve collateral. They vary in size, typically falling somewhere between $1,000 and $100,000. The loans can have variable or fixed interest rates. There are a wide range of things people could use such loans for, from making big purchases to debt consolidation.

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