Financial Advisor

Are you in deep trouble with your creditors because of not paying the loans on time? If so you need to consult a bankruptcy lawyer to discuss all the available options to come out of the problem. Search for a lawyer in your locality as it will make things easier for both of you when you work with your case.

Most bankruptcy lawyers offer free consultation and you are under no obligation to hire the lawyer right away. Here are few reasons for one should hire a bankruptcy lawyer:

Protects from creditor harassment

When you told your creditors that you have preserved counsel, according to law they have all rights to still contact you. You need to inform your creditors that you have hired a bankruptcy lawyer and then inform them to call his/her office. Your attorney will handle those harassing collectors and try to stop those creditor calls. Continue reading ‘When To Hire A Bankruptcy Lawyer?’ »

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One of the most time-consuming and frustrating things a bankruptcy attorney has to deal with is a reaffirmation agreement. A reaffirmation agreement is a contract between the debtor filing bankruptcy and their creditor to keep a secured piece of property outside of the filing. Many individuals filing for bankruptcy have a once-in-a-lifetime opportunity to become debt-free and start all over. With this in mind, many attorneys feel the debtors should not hang on so tightly to their belongings and take advantage of the total power that a bankruptcy filing would give them.

It’s very common for debtors that are filing bankruptcy to call their bankruptcy attorney after the discharge and ask what they can do to get out of their car loan, mortgage or other secured debt. It might be something changed financially in their family like losing a job or a reduction in pay that makes them no longer able to be able to afford the payment. This is exactly why the bankruptcy attorney had this conversation with the debtor during the filing. Most attorneys encourage debtors to give back anything that might be questionable. The time to relinquish property is prior to the discharge in Chapter 7 bankruptcy. When an individual surrenders the property in the bankruptcy, they will be free and clear from all future liability in regards to that property. If the debtor after bankruptcy decides to surrender their home to foreclosure or get their car repossessed the creditor can go after the debtor for any deficiency plus all legal fees. There is nothing a debtor can do to get away from it. It’s like putting a final nail in the debtor’s coffin. Continue reading ‘A Bankruptcy Attorney Should Help With Debt Reaffirmation’ »

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If you have a good deal of money or assets it is probably a good idea that when you are planning your estate that you also consider setting up a financial power of attorney. What this is, is a document that will give another person the legal power or right to handle all of your financial affairs. To do this you don’t even have to go to court. You just need to be of sound mind when you set up this type of an arrangement.

You being the principal in this document will then choose someone called the agent who will handle your affairs should there come a time in which for whatever reason, you can’t. They can also be asked to handle your affairs if you are going to be gone and won’t be able to take care of your affairs while you are away. Continue reading ‘Personal Finance Tips – How to Set Up a Financial Power of Attorney To Help Handle Your Affairs’ »

Estate planning should not scare people from taking action. But many times it does. While it can be intimidating if you let it, it doesn’t have to be. All you need to do is take the time to sit down, review your present situation, discuss your alternatives and then check them off the list… one by one.

Today I will share with you the seven essential estate panning tools that I have helped clients to establish over the past 30 years. Each has a different purpose, but some or all of them can help you to quickly and effectively get your financial house in order in the event that something happens to you.

Seven Essential Tools:

1. Designated Beneficiary Plans: If you have a very structured mapping of how you want your estate to be distributed, one of the easiest methods to use is a designated beneficiary plan. You can have them attached to brokerage accounts, retirement accounts, savings accounts, life insurance and annuities. Upon death, this designation supersedes the Will or even a trust and can be administered by an executor outside the probate process, which can save substantial money to your beneficiaries. Continue reading ‘Seven Essential Estate Planning Tools Anyone Can Use – Some Easier Than Others’ »

While there are at least five kinds of bankruptcy, two of them are of the most importance to the regular person. They are chapters 7 and 13.

Chapter 7 is for those people who find themselves in a lot of debt. Perhaps the person has 100k of credit card debt, or, maybe very large medical bills. In either case, this person (and possibly the spouse) may want to avail themselves of the protection that is afforded by Chapter 7 of the bankruptcy code. Here, the person(s) file Chapter 7, and, assuming that all of the requisite parameters are met, the person can receive a full discharge of all of his or her debts. It is important to note that a qualified local attorney needs to go over the case- to see that the person does indeed qualify to do a chapter 7. Also, some debts are not dischargeable at all- such as student loans, most IRS debts, alimony (maintenance), child support, and criminal violations, to name a few. Fortunately, most debts are dischargeable- that is, they can be eliminated. Continue reading ‘Chapter 7 and 13 Bankruptcy’ »

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I read an interesting question recently, which brought back to me why we do estate planning at our firm. The question was:

“If something happens to you today, how would your family be affected tomorrow?”

Estate planning focuses on wills and trusts, powers of attorney and the potential for guardianship. The documents that are completed during estate planning are meant to protect your family in the event that something happens to you. This may be that you have died in an accident or you may be still alive, but unable to care for yourself. While we cannot predict the future, without you having these documents in place, the only certainty is that your family will be relying on the statute and what that statute says that your family will have to do.

For instance, if you are alive, but unable to care for yourself, your family will have to go to court to have you declared incompetent to manage your own affairs and have a guardian appointed. The guardian may be someone that you might desire or it may be another person that you would not have selected. The court might have preferred a spouse to be the guardian, who might be overwhelmed at your condition and dealing with the physical nature of it. Continue reading ‘Is Your House in Order?’ »

Choosing a bankruptcy attorney can be difficult, because there are so many of them out there. You want the best lawyer possible for your case, one who is experienced and understands the bankruptcy laws intimately. During the initial search for a bankruptcy attorney you will come up with a list of possibilities, and then you have to evaluate each of these and narrow it down to one. This may seem extremely difficult, but when you know what to ask and how to evaluate each bankruptcy attorney the job is much easier, and the end results are generally much more successful. The first thing to look at is did you receive a pre consultation packet, with forms, information, and pages of questions? This is normally done so that all of the needed information is available at the first meeting, and this allows the bankruptcy lawyer to evaluate your case and offer legal advice. Scratch off any law firm or lawyer who does not send out this packet.

The initial consultation with any bankruptcy lawyer can help you tell a lot about the lawyer and their firm. Are they courteous and helpful? Do they explain everything clearly and take the time to answer all of your questions and concerns? Eliminate any bankruptcy attorney who seems rushed or impatient, because you want your case to get the attention it deserves from the lawyer that you choose, not rushed through so the attorney can take on more cases. Another factor is the experience the bankruptcy attorney has in this area of the law. Does the lawyer or law firm only handle this type of case? How many cases are handled each year with successful results? How many years has the lawyer been practicing bankruptcy law? You want a bankruptcy attorney who is experienced in this area, and already seasoned in the bankruptcy court. Continue reading ‘How To Evaluate A Prospective Bankruptcy Attorney’ »

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