Facing financial difficulties can be overwhelming and stressful. It is not always clear when to seek help or make significant decisions about financial recovery, such as filing for personal bankruptcy. This action is a tool that helps individuals unable to meet their debt obligations to gain a fresh start. However, recognizing the right time to take this step is important. It involves understanding specific signs that indicate when other debt relief options might no longer be viable. Continuous debt accumulation A telling sign is the continuous accumulation of debt. If the balance on credit ca ..read more

Chapter 7 and Chapter 13 bankruptcies are two common types of bankruptcy filings that people may consider when facing financial difficulties. Both chapters offer debt relief options. However, they differ in several key ways. Understanding the distinctions between Chapter 7 and Chapter 13 bankruptcies is helpful for anyone looking to navigate the bankruptcy process. Eligibility requirements A key difference between Chapter 7 and Chapter 13 bankruptcies lies in their eligibility requirements. Chapter 7 bankruptcy is a liquidation bankruptcy. It is available to those who pass the means test, demo ..read more

Crafting a will is important for making sure your assets and heirlooms go where you want them to when you are dead. However, some circumstances may necessitate the revocation of a will. Understanding the various reasons why you might need to revoke a will can help you make informed decisions about your estate planning. Changed circumstances Life can be unpredictable, and situations might change after you first write your will. Getting married, having kids or experiencing a loved one dying could all change who you want to give your assets to. If any big life events happen, it is a good idea to ..read more

Estate planning can seem confusing with all the rumors floating around about what you should and should not do. Understanding the truth behind these myths is important for making smart decisions about your assets and loved ones’ futures. These are three common misconceptions about estate planning. Myth 1: Estate planning is only for rich people Some people think estate planning is just for the wealthy. However, that is not true. Estate planning is important for everyone, no matter how much money you have. It is about making sure your belongings go where you want and taking care of your family ..read more

If you face financial difficulties and have accumulated judgments against you, you might wonder if filing for Chapter 7 bankruptcy is still an option for you. You should understand what Chapter 7 bankruptcy entails and how judgments can affect your eligibility. Understanding Chapter 7 bankruptcy In 2023, 416,607 individuals filed for bankruptcy. Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” allows individuals to discharge most of their unsecured debts, such as credit card debt, medical bills and personal loans. However, you typically cannot discharge certain debts, like ..read more

Creating your last will and testament is an important part of estate planning. But writing it yourself, without professional guidance, can lead to problems for your loved ones after you are gone. There are 4 key reasons why you should not try to write your own will. You could miss legal requirements Each state has specific laws regarding the signing and witnessing of wills. If you do not follow your state’s requirements exactly, your will may not hold up in court after you pass away. This could tie up your estate for months in legal battles, preventing your assets from going to your chosen ben ..read more

Facing mounting medical debt can feel overwhelming, prompting many individuals to consider filing for bankruptcy. While bankruptcy is a legal process that seeks to provide relief from financial burdens, it is important to understand how it interacts with medical debt. Various factors determine whether medical debt is dischargeable through a consumer bankruptcy filing. Chapter 7 bankruptcy and medical debt Chapter 7 bankruptcy is a “liquidation” bankruptcy and a common route for individuals seeking a fresh start. When it comes to medical debt, Chapter 7 may be able to discharge the outstanding ..read more

According to the U.S. Courts, the filing fee for Chapter 7 bankruptcy is $338 as of 2023. However, there are additional administrative and other fees in most cases. For those who are struggling financially, these fees can present a significant hurdle. There is a potential option for these individuals. This is where a Chapter 7 bankruptcy fee waiver can come into play. Fee waiver A Chapter 7 bankruptcy fee waiver is a means for individuals with limited income and financial hardship to request relief from the obligation to pay the filing fee. The court grants the fee waiver depend ..read more

Car accidents are unfortunately quite common, and they can sometimes lead to severe injuries that require medical care. In addition to hospital bills, there are numerous unexpected costs to consider after an accident. Being aware of these hidden expenses can help you prepare and protect yourself as you recover from your injuries. Lost income An often underestimated cost of a car accident is its impact on your income. When you have to take time off work to recover from injuries, it can reduce your paycheck. Depending on your job and the severity of your injuries, you might be out of work for we ..read more

When it comes to the future of your business, having an estate plan is essential to ensure your company transitions to a new owner. When crafting your strategy, it is crucial to consider possible events that might trigger a succession, especially those that happen out of your control. Here are some potential scenarios that are worth addressing in a business succession plan. Your voluntary retirement If you anticipate stepping down as owner, there are various options open to you depending on the structure of your enterprise. You may pass the business to a child, a sibling or a more distant rela ..read more