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Orlando Bankruptcy And Estate Planning Blog

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.

Identity theft and bankruptcy: Important things to know

With our smartphones always on hand, we can access anything at any time. However, as technology advances, so do methods of identity theft. Scammers invent new ways to steal someone's identity and spend their money constantly. They use viruses, credit card scanners and even widespread data breaches.

If you find yourself to be the victim of identity theft, it can be frightening to realize the financial damage that someone did to your life. Although you are not responsible for the debt incurred by identity theft, it can be difficult to remove from your record.

A Chapter 11 bankruptcy can keep your business viable

You worked hard to create your business but due to an unfortunate turn of events, you've been unable to keep up with the demands of the business. Now, you're hoping that a bankruptcy will help you get out of trouble and keep your business running in the future.

One kind of bankruptcy you may want to consider is Chapter 11 bankruptcy. Chapter 11 bankruptcy is also known as reorganization bankruptcy. The goal of this form of bankruptcy is to give the business a chance to reorganize and to continue business in the future. During the bankruptcy, a court-appointed trustee is appointed to monitor the business. In some cases, you could be appointed as the trustee.

Is it too early to start estate planning in your 20s?

When you're in your 20s, it might not seem like the right time to start planning your estate. After all, you probably think of your life extending into your 80s, 90s or even longer.

The reality is, though, that planning should start as early as possible. Early financial planning helps you get ready for a long life and can prepare your estate for the unexpected. You may have a 401(k), retirement accounts or other benefits already, which need to be accounted for in the case of your death.

Everything you need to know about Chapter 13 bankruptcy

Debt is a burden. One that many Americans manage daily. From credit card debt to mortgages to student loans and failing businesses, debt can pile up. What can also be scary, is not knowing how to free yourself from debt and start fresh.

One choice is to file for Chapter 13 bankruptcy, which restructures your debt into a more manageable three to five-year repayment plan, but there are certain benchmarks you must hit to qualify. If you have steady income and don’t want to give up your assets or property, Chapter 13 would be the route to consider.

What can you do if you're in over your head with debt?

If you are struggling with your finances, one of the things that you may want to consider is bankruptcy. Bankruptcy isn't always the best answer, but for many people who have struggled with debt and tried to get out of debt with negotiating tactics and by taking on more work, it is the final solution to their problems.

The issue with debt is that it's easy to build up and can be hard to pay back. If you lose your job, have to pay medical bills or have unexpected expenses, you could end up with more debt than you can afford, even making monthly payments. If you can barely make ends meet, you're more likely to default on those payments, leading to damaged credit and other significant problems.

Factors to consider when choosing a health care proxy

You shouldn’t only focus on what happens after your death when making an estate plan. The latter years of your life can be very unpredictable. You don’t know what sort of health issues may happen to you and if you’ll end up in a physically or mentally incapacitated state. It can feel frightening thinking about being in a state where you can’t control what you do or what happens to you.

However, you can prepare for these circumstances years before they happen. Older residents are encouraged to have a living will and health care proxy to outline what sort of medical care they desire from the doctors. You can state your treatment preferences on your living will and select someone to make your health care decisions in case the doctors have additional questions.

Alfred Angelo purchased by Chinese retailer for $50,000

When a business goes under, it can be difficult for consumers. This is especially true in the case of brides, who may have dream dresses in mind.

Alfred Angelo, a popular bridal company, had around $78 million in debts with very few assets to its name. After selling off 6,000 wedding gowns and property on Deerfield Beach, the company had raised only $245,000, failing to come anywhere near what it would have needed to dig itself out of debt.

Advanced health care directive can help terminally ill, disabled

In your estate plan, one thing that you may want to address is what you'd like to see happen if you're terminally ill. Florida is the state with one of the largest elderly populations, so it makes sense that you may have questions about "mercy killings" and if they're legal.

Nothing in Florida law allows for the euthanasia of people, but you can ask to have life-sustaining procedures or machines removed in the case that you are seriously or terminally ill.

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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