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Orlando Bankruptcy And Estate Planning Blog

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.

Can technology help me recover from bankruptcy?

You are not alone. In 2017, over 40,000 Florida individuals filed for bankruptcy. Thankfully, filing for bankruptcy doesn’t mean that you can’t get your finances back on track.

According to study by LendingTree, an online loan broker, 65 percent of individuals have a credit score above 640 just two years after filing for bankruptcy. A great way to start on the path of recovery is to set a realistic budget and follow it. In 2018, you can do everything online, so why not manage and restore your finances?

Credit card fees: A potential source of financial difficulties

Interest is not the only thing that can have big financial impacts on credit card users. There are also fees. There are many fees that can be charged in connection to the use of credit cards. Some common ones include:

  • Late fees
  • Over-the-limit fees
  • Financial charges
  • Annual fees
  • Expedited payment fees
  • Cash advance fees
  • Balance transfer fees
  • Returned payment fees
  • Foreign transaction fees

Can I keep my house if I file for bankruptcy?

Facing overwhelming debt can be a frightening experience. It can seem like you have failed at life, and your financial future is hopeless. Clinging to property such as your home might be your last resort. Often, your largest form of wealth will be the home you are living in.

Can you keep your home and file for bankruptcy? The answer hinges on what type of bankruptcy you choose and its associated conditions.

Confident in your trustees? Irrevocable trusts may save you money

Gifting large assets to heirs and family members constitutes a generous decision. Perhaps you have saved thousands of dollars after selling a business or creating a product. You plan to allocate some money you have earned over time to loved ones, but you prefer to release the funds to your trustees after you pass. An irrevocable trust allows you to designate money in a permanent document.

Unlike a revocable trust, which allows you to make significant adjustments to your document at any time, an irrevocable trust finalizes all decisions immediately. 

Asset separation can prepare your business for financial straits

It’s a dream of many to one day be their own boss, run their own business and achieve success at something that they love to do. Entrepreneurship and owning a small business are exciting and worthy goals, but before you get started, there are many strategies for you to learn and realities to face.

According to the Small Business Association (SBA), around 33 percent of all small businesses fail within two years of opening; 50 percent close their doors after just five. This is not to say that small business ownership is impossible; you simply need to be prepared in the event that things go wrong with your new venture.

What Florida’s new foreclosure laws mean for you

Mounting personal debt is a stressful situation. Whether you’re dealing with credit card debt, medical bills, missed mortgage payments or something in between, feeling the burden of owed money can seem like a weight you’ll never get out of. Foreclosure and bankruptcy often go hand-in-hand, and a new law is limiting the tools at your disposal in the event of a foreclosure.


When to file for Chapter 7 bankruptcy

Nobody wants to have to file for bankruptcy. However, for those struggling with overwhelming debt, it could be the best way to resolve the situation. Waiting too long to file for bankruptcy can increase debt. If you are thinking it might be time to file for bankruptcy, you have probably realized there are several different types of bankruptcy proceedings.

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