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Orlando Bankruptcy And Estate Planning Blog

Why choose Chapter 13 bankruptcy?

Chapter 13 bankruptcy, unlike Chapter 7, is not a liquidation bankruptcy. With this form of bankruptcy, you repay what you owe over a three-to-five-year timeframe.

With Chapter 7 bankruptcies, your assets may be sold to pay down debts, but your remaining debts are discharged soon after. Your debts may also be discharged in Chapter 13 bankruptcy, but only after you complete the repayment plan.

Can trust assets be protected during a bankruptcy?

Are you considering filing for bankruptcy but are concerned about how your assets could be affected? If you have set up a trust as part of an estate plan, you may have worries of what may happen to that property due to your bankruptcy.

As an individual, when you file for bankruptcy, you will be assigned a trustee by the court. This trustee will oversee your assets and can take unprotected assets to sell off and pay your creditors. Assets that are not eligible to be used to pay off bankruptcy debts include your home, retirement savings accounts and any vehicles you own.

Keeping credit cards can actually help heal your credit score

Credit card debt has reached a high point in America, according to an annual study by Experian, and many people are having to face the hard task of paying off their balances. If you have already reached your goal of paying off credit card debt, your instinct might be to get rid of the cards and avoid temptation. But, rebuilding your credit may actually be easier if you keep the same credit card. 

Chapter 11 bankruptcy could save your business

As a small-business owner, you want to make sure you protect your interests. You work hard to keep your business up and running, but with declining sales and higher expenses, you're finding it difficult to make ends meet. You think the end is near but what options do you have?

If you do not want to close your business, there is an option of going through Chapter 11 bankruptcy. This form of bankruptcy is designed for reorganization. The court-appointed trustee assists during the reorganization; the business owner can take this position if they wish.

Donating: Meeting your philanthropic goals

One thing that may be very important to you is philanthropic giving. If it is, then you will want to make sure you include it in your estate plan. No matter how much you want to give, having it in your estate plan will help you give what you want to those who you feel need it most.

Many people want to leave behind a legacy. For some, this means reaching philanthropic goals during their lifetimes and even following death.

Do you need an estate plan if you are single?

Are you single and believe that you do not need to prepare an estate plan? The truth is, single people need to have an estate plan as much as anyone else. Even as a single person you likely have a strong interest on where your assets will go once you die. Also, you should have considerations in place if you happen to become incapacitated at some point in your life. Without an estate plan in place, your wishes will not have any impact on either of these things.  

Should you opt for bankruptcy when you're in debt?

As someone who has worked long and hard, it is difficult to keep going when you realize that nothing you have done has brought down the amount of debt you have. You work to pay your minimums, but living paycheck to paycheck isn't easy.

Every time you believe you've started to get ahead, you realize that interest hits and you're back where you started. It's a cycle of payments and interest that never fully resolves. What can you do to help yourself in this situation?

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.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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