Most individuals who file for bankruptcy do so under Chapter 7 or Chapter 13. While both types offer you comprehensive relief from your debt, they each have advantages and disadvantages. Thus, it is important to confer with a knowledgeable bankruptcy attorney to determine which type of filing is right for you. In fact, a lawyer can review your unique financial situation and help you understand what type of bankruptcy you qualify for and how it will impact your life. Chapter 7 In order to file for Chapter 7 protection, you must pass the means test. The “test” is actually a mathematical formula that the bankruptcy court uses to determine whether an individual is abusing the system in an attempt to discharge debt that he or she can afford to pay. We will discuss the means test in future blogs, so please check back or contact our office to schedule an appointment. The greatest advantage of filing a Chapter 7 is your ability to discharge or…Read More
If you are parents of minor children, one of the most important decisions you can make is who to appoint as the guardian of your children if you both should die or become incapacitated. It is natural for parents to struggle (and therefore postpone) with this very difficult decision. No parent wants to think about somebody else raising their children. To make matters worse, the individual that may be best for raising your children may not be the wisest choice for managing their finances for them. Most parents include the appointment of a guardian for their children as part of their estate plan. A guardian is the individual who will have physical custody of your kids and raise them until they are adults. If your estate plan includes a trust, you will also need to name a guardian (also called a trustee) of the assets you leave to your children. The person you name to be the guardian of your children and the person you…Read More