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Orlando Bankruptcy And Estate Planning Blog

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.

When is bankruptcy the right choice?

Bankruptcy is a word that a lot of people try to avoid bringing up. Some believe that entering bankruptcy is like admitting defeat. Others believe that it's failing in their responsibility to pay back what they owe.

The truth of the matter is that bankruptcy was set up to help people who fall on hard times. Bankruptcy can be a good option to erase consumer debt and to help you get back into control of your finances.

Preparing your own trust could end in disaster

There is no getting around the fact that creating an estate plan that includes a trust will cost you money. You may be looking for a way to cut costs, and you may begin perusing the internet for solutions. Those cheap online forms may be enticing, but you may want to think twice before using them.

Your trust dictates what happens to your assets, your family members and you. Even if you purchased a set of documents supposedly compliant with Florida law, laws change. In addition, how would you know whether the documents are really in compliance? That isn't the only problem with do-it-yourself trust documents, however.

What should you consider when naming a guardian?

If you are working on your estate plan and have children, something you may be interested in setting up is a guardianship. If you are unable to make day-to-day decisions for your children or happen to pass away, a guardian can take over caring for them and make sure they grow up in a loving home.

In Florida, a guardianship refers to taking care of someone's affairs when they cannot. Naming a guardian for your children means that the guardian will take on the responsibility of caring for your children, including getting them medical care, sending them to school and so on.

Florida-based Acosta turns to Delaware for bankruptcy

In Florida, Acosta has entered into Chapter 11 bankruptcy. The packaged-goods marketing company filed for reorganization after it showed that changes in its industry and consumer behaviors had hurt its business.

The sales and marketing company based out of Jacksonville stated that it would file a reorganization plan to take around $3 billion of debt to equity. This plan would require the approval of its creditors. Interestingly, the company filed its petitions with the courts in Delaware, not in Florida where it is based.

Think twice before taking out a personal loan to consolidate debt

Many Florida residents dread thinking about their finances. You may be among the many people who hesitate before opening your mailbox because of the bills that are likely stacked inside, and you may avoid phone calls because it could be a creditor looking to collect. Though you are not alone in facing these difficulties, you certainly want to find a way out of the distress for yourself.

You may have recently begun looking into ways to better handle your debt, and you may feel overwhelmed by the options. Some methods may seem appealing, but you may also understand that some come with the chance of making matters worse. For instance, you may be considering taking out a personal loan to consolidate your credit card debt, but is it really the best option?

Bankruptcy has positives and negatives: Learn more about it

Bankruptcy can be a good thing, but it also has some negative consequences. If you plan to file for bankruptcy, it's smart to look into all of your options before you do. However, if you think that bankruptcy may be right for you, seeing the positives and negatives in a simple list could help you solidify your choice.

Bankruptcy has many positives to consider. Some of them include:

  • Being able to complete bankruptcy in only around three to six months with Chapter 7 bankruptcy or up to five years with Chapter 13 bankruptcy
  • Being able to eliminate unsecured debts as you emerge from bankruptcy
  • Potentially being able to access new lines of credit within one to three years of filing (the interest rate may be high)
  • Protecting you against aggressive collection action
  • Stopping harassing phone calls

Will your debt be holding you back in the New Year?

If you owe a significant amount of debt, you know how stressful it can be to have debt collectors calling you at all hours and bills appearing in your mailbox every day. There are many reasons why people may owe a significant amount of debt, and often, they are beyond your control. A medical emergency, the loss of a job or even the death of a loved one can cause a financial crisis in your life, eventually leading to a lot of debt.

As you look to the new year that is fast approaching, you may hope that 2020 will bring you a better and more stable financial outlook. Carrying a significant debt burden can hold you back from accomplishing certain things, but it doesn't always have to be like this. There are steps you can take to reclaim your financial future and security.

Even college students need basic estate plans

If you are a Florida college student, you'll probably soon be heading home for Thanksgiving break. While you're home with your parents and family, it's a good idea to handle some business you probably neglected to manage before you left home in the fall.

The matter involves estate planning. No, that's not a typo. While that topic probably is furthest from your mind, it's an important subject to cover for adults of all ages.

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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