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Orlando Bankruptcy And Estate Planning Blog

Sears may emerge from bankruptcy with locations still open

If you own a business and are struggling to make ends meet, you may be considering bankruptcy. Bankruptcy is not always an easy decision to come to, but with the right type, it may be possible to keep your business open and to become profitable in the future.

With business, there are two primary forms of bankruptcy, Chapter 11 and Chapter 7. One business that has been struggling with bankruptcy is Sears. Sears will be emerging from bankruptcy, because it won initial judicial approval to pay creditors just three cents for every dollar Sears had owed.

What property will you lose if you file for Chapter 7 bankruptcy?

There are many reasons why Florida readers may be hesitant to file for bankruptcy. They may feel embarrassed, unsure of what will happen or what this could mean for their personal property. People often assume that filing for bankruptcy, particularly Chapter 7, means that they will lose their assets. 

Chapter 7 is liquidation bankruptcy, which means a person may lose some stuff in order to pay off debts. Before you let this thought scare you off, you may find it beneficial to know that there are exemptions available. This means that you may not have to give up some of the property that is most important to you while still effectively dealing with certain types of debt that are weighing you down.

Making the right bankruptcy choice for your financial future

When a person is in over his or her head with debt, it can be stressful for the entire Florida family. If you are unable to manage your financial obligations, you may be unsure of how you can ever get ahead and secure a better future for yourself. This may be possible by filing for either Chapter 7 or Chapter 13 bankruptcy. While not an easy choice to make, this could be a smart way to deal with your debt once and for all.

The right bankruptcy choice for you depends on the type of debt you have and your goals. Before you move ahead, it may be helpful for you to look carefully at your financial situation and learn more about eligibility requirements. When it comes to making such an important financial decision, you may find it beneficial to seek legal guidance before you proceed.

Don't make these mistakes with your estate plan

It is easy to make mistakes when you are planning your estate. From choosing a healthcare proxy who lives in another state to forgetting to change your beneficiaries after a divorce, there are plenty of mistakes to be made.

That's why most people work with an attorney and review their estate plans at least at the time of major life events. Doing these two things can help prevent major mistakes that threaten the estate or end up becoming costly errors. Here are two errors that you should avoid at all costs.

What are the pros and cons of choosing bankruptcy?

As someone who has lost your job, the world may feel like it's falling down around you. It might be hard to make ends meet, and you could be considering bankruptcy.

Before you go forward with a bankruptcy, you should consider the pros and cons of doing so. A bankruptcy, in the right circumstances, can change your life for the better, but it does have some downsides to consider before you decide it's right for you.

Different generations with different amounts of credit card debt

If you owe a lot of credit card debt, you know how difficult it can be to get ahead. These types of debts can quickly spiral out of control, and interest can quickly accumulate beyond your ability to keep up. Many people struggle with credit card debt, including consumers of all generations and age groups.

Credit card debt is not something that is unique to one generation; it can impact a consumer regardless of age and income level. Despite this fact, many people associate credit card debt and poor money management with younger generations, specifically millennials. However, statistics do not really prove that this assumption is accurate. 

Forever 21 may use Chapter 11 to restructure company debts

As the world of retail goes from brick-and-mortar stores to the internet, more and more retail businesses face financial difficulty. One option these businesses have is to restructure debts through a Chapter 11 bankruptcy.

Clothing chain Forever 21 may use Chapter 11 to help its business. This would put the company in a line of many retail stores that have filed for Chapter 11 recently.

When should you make major changes to 529 plans?

529 plans are popular investment strategies for grandparents who want their grandchildren to go to college with less financial hardships. Not only can it help reduce or eliminate potential student debt, but it can also minimize taxes on your estate. It’s often recommended to begin these early in the grandchild’s life so you can accumulate enough to help them out with less taxes getting in the way.

However, life can get unpredictable. While Florida’s 529 plans are very flexible when compared to other states, you may have to make major changes and potentially have to switch from your original plan. If you’re not careful and do not update properly, you may end up getting additional taxes in the process. Here are some instances where you may have to make some significant updates:

Chapter 7 business bankruptcy: Closing your doors

Businesses can have a difficult time in the current economy. Although people may be doing better and can afford to spend, many are cautious. For businesses, this can mean trying to lower prices and fighting to make their products and services stand out. Unfortunately, some don't make enough changes or can no longer be profitable.

For businesses that are in significant debt, bankruptcy may be the only option. There are a few kinds to consider, all of which your bankruptcy attorney can discuss with you.

Do you lose your assets in bankruptcy?

If you've lost your job, it can be hard to imagine how you're going to make ends meet. You know that there are ways to eliminate debt. However, without an income, you can't figure out how you'll make it work. Your mortgage, car payment and immediate needs come first. So what will you do about the other expenses you have?

There are many people who have gone through situations just like yours, so don't think you're alone. One option may be bankruptcy, which could allow you to discharge your debts. In some cases, you may be able to maintain certain loans or continue paying some debts so that you don't have to risk your home or primary vehicles. Thanks to the exemptions that are offered, you could be surprised at how much you can keep despite having to liquidate some of your assets in a Chapter 7 bankruptcy.

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