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Is There a Good and a Bad Time to File Bankruptcy?

Wednesday, December 23rd, 2020

If you have determined that bankruptcy is your best option, you may want to file as soon as you can. In some cases, that is definitely the right move. However, at other times, you may actually want to wait a little bit. Understanding what the best and worst times to file are can help you...  read more

What Happens if You and One of Your Heirs Dies at the Same Time?

Tuesday, December 15th, 2020

In your will and on your various accounts, you have named who your heirs are and what they will receive. However, what would happen if you and at least one of your heirs were to die at the same time? It can happen in a car crash or other accident. There are some things you...  read more

Do I Still Pay All of My Bills During Bankruptcy?

Monday, November 16th, 2020

Declaring bankruptcy doesn’t immediately discharge your debts. In fact, bankruptcy court can take months or, in some cases, even a year or more to fully go through your finances and discharge debt. In the meantime, you still have bills piling up. However, the good news is that some of these bills fall under an automatic...  read more

Should I Pass on Heirlooms Before I Die?

Friday, October 23rd, 2020

Many people have family heirlooms that they have inherited from their parents or grandparents. Some of these items may have been in your family for generations and hold significant sentimental value, if not actual monetary value. Even those that aren’t as old, such as a piece of jewelry your grandmother owned, may be considered valuable...  read more

Things to Avoid Doing Before You File Bankruptcy

Thursday, October 15th, 2020

If you’re thinking about filing for bankruptcy, there are a number of things you should not do in the coming months. Making these mistakes can make your bankruptcy case more complicated, even if you do them without any malicious intent. Don’t Give Away Property or Large Amounts of Money The bankruptcy court doesn’t just look...  read more

How Does Bankruptcy Affect Taxes?

Wednesday, September 30th, 2020

If you declare bankruptcy, will that affect your tax return in any way? The answer is yes, it will have an impact on your taxes. The type of bankruptcy you file for will determine what happens with your taxes, especially if you receive a refund. You Must File Taxes While in the Bankruptcy Process First,...  read more

What Debts Are Not Discharged in Chapter 7 Bankruptcy?

Tuesday, August 25th, 2020

If you’ve decided to file bankruptcy, you’ve likely already looked over your options. For individuals, the most common options are Chapter 7 and Chapter 13. There are differences between these two options, including how debt is handled. Bankruptcy doesn’t simply wipe away all of your debts. If you’re filing for Chapter 7, there are some...  read more

Using a Trust vs Leaving Assets to Heirs in a Will

Saturday, August 15th, 2020

You can leave assets to your heirs in two different ways: through a will and through a trust. Both have their pros and cons, and neither is inheritably better than the other. If you’re beginning the estate planning process, it’s important to understand how these two options differ so you can determine which one works...  read more

What Are the Disadvantages of Chapter 13 Bankruptcy?

Tuesday, July 28th, 2020

Filing for Chapter 13 can save you financially. However, like with any bankruptcy tool, you do need to make certain you’re using it correctly. There are some disadvantages to Chapter 13, and sometimes, those disadvantages do outweigh the advantages. If you’re considering bankruptcy, here are some of the disadvantages of Chapter 13 bankruptcy you need...  read more

What Is a Spendthrift Trust?

Wednesday, July 15th, 2020

There are a number of different types of trust funds you can create to leave assets to your heirs. One of the more limited types of trusts is called a spendthrift trust. This type of trust does not give the beneficiary direct access to any of the money in the trust. Instead, the trust pays...  read more