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Orlando Bankruptcy And Estate Planning Blog

Consider these 3 ways to stop conflicts after your death

Talking about estate planning with your family isn't necessarily going to be easy, but it's something that you should plan on doing if you want to prevent disputes after you pass away. You may have heard about families that have fought following the death of a loved one because a will was not what they expected or because they didn't receive the assets they thought that they would.

As the person who is creating an estate plan, this is your opportunity to clear the air and help your family understand your wishes. How do you start that conversation? Here are a few tips.

Newspaper giant files for Chapter 11 bankruptcy

Newspapers aren't as common as they used to be, and this can be seen as some businesses struggle to stay afloat. One recent Chapter 11 bankruptcy plan that was filed came from McClatchy, one of the largest newspaper publishers in the nation, after it claimed that debt and declining print revenue has harmed its business.

The Chapter 11 bankruptcy that the company filed will allow it to keep 30 newspapers in print while it reorganizes its debts. It has approximately $700 million in debt with around 60% of that debt potentially eliminated through the plan filed with the court.

Do you feel the time has come to start your estate plan?

Getting started on an estate plan is not always easy. Some Florida residents may have had some vague ideas about what they would include in their plan, but they may not have made specific decisions. You may feel that the time has come to really focus on a solid estate plan, but you may not know where to start.

Before you feel overwhelmed, remember that you can take estate planning one step at a time. You can begin with a relatively simple task and move on toward more difficult decisions. It may help to start with the assets and people closest to you.

A debt assessment may be a starting point for overcoming issues

When it comes to your overwhelming debt, you may simply want to bury your head and wish it away. Unfortunately, this tactic will probably only make matters worse instead of helping you manage your financial affairs. In some cases, you may feel even more anxious and stressed because you do not fully understand the extent of your debt issues.

If you want to get a handle on your financial problems, having information on the reality of your financial affairs and how you can work to address them may be immensely useful. In some cases, just having a better understanding of your assets and liabilities can make matters seem more manageable. Even if the information only reinforces the fact that you cannot handle your debt alone, you now know that finding help is the right step.

Your bankruptcy case is unique, so ask for help

A bankruptcy certainly isn't all bad, or people wouldn't opt to use it. Still, they can feel like a failure to some people. They may make you feel like you couldn't control your finances or that you're not as stable as others.

Of course, the truth is that anyone can end up in bankruptcy. The loss of a job, health issues and other concerns can lead to significant financial trouble.

Setting up a trust? Learn more to choose the right kind

Estate planning is something that you may have put off for a while, but if you're ready to get started, then it's time to start learning about the options you have. One interesting option that you may want to look into is setting up trusts for people in your family, charitable gifts and other situations.

Trusts are arrangements that allow a third party to hold assets until their distribution. In revocable trusts, the assets still belong to the owner of the trust. In irrevocable trusts, the assets are taken out of the original owner's possession and placed in a kind of escrow until the beneficiary meets the terms for distribution.

Should you file for bankruptcy or divorce first?

Facing financial troubles can cause a number of other prolems in life. In fact, your money issues may have contributed to problems in your marriage, and now, not only do you need to find debt relief, but you may also be facing a pending divorce. Understandably, you probably feel immensely overwhelmed.

You may also not know what process of moving forward entails. Because of the serious nature of your financial concerns, you may think that moving forward with bankruptcy first is the best choice, but in reality, it could depend on your specific circumstances, the type of debt involved and the type of bankruptcy you hope to utilize.

Why might you consider using Chapter 13 bankruptcy?

If you earn too much money to qualify for Chapter 7 bankruptcy, another option is Chapter 13. Chapter 13 bankruptcy is different than liquidation bankruptcy, because it does not require you to give up anything. You are asked to make regular payments to your creditors based on the arrangement that the court approves.

Chapter 13 bankruptcy can help you in a few ways. It can stop foreclosure. It stops harassing phone calls. It also gives you a chance to pay a more reasonable amount every month.

Borden files for bankruptcy relief as dairy continues decline

If you like to have dairy products in your home, you may be shocked to find out that a major U.S. dairy provider, Borden, has sought bankruptcy protection. A Jan. 6 report states that the number of milk sales in America has dropped, and that has resulted in a loss of profits for Borden.

What has caused this major loss of profits? It all comes down to the alternatives that are now being offered. With alternatives such as soy, almond, cashew and other kinds of milk, it's easier for people to forgo dairy and use plant-based alternatives.

Bankruptcy is not ruinous to financial affairs

Ending up in a difficult financial situation can happen to anyone. Of course, it did not happen to just anyone, it happened to you. Now, you are wondering how you will ever get your financial affairs back in order. Fortunately, you do have options for addressing your dilemma.

Though it may be difficult to think about, bankruptcy could be one of your best options. The idea of taking this debt relief route may bring about various emotions, but that is normal. Many people want to resist filing for bankruptcy because they think of it as a negative process, but in reality, it could be the saving grace that many people who are struggling financially need.

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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