BANKRUPTCY & REAL ESTATE
Important Things You Should Know
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5 things NOT to do
before filing Bankruptcy
What info do
you need to File bankruptcy?
Will bankruptcy
ruin my credit?
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What is bankruptcy?
Bankruptcy is a process by which you get financial relief from a situation that led you to not be able to pay your bills such as loss of job/income, illness, separation/divorce, or even simply the increase of expenses. You can qualify for bankruptcy even if you have a job, more than one home, a business, or assets such a boat, savings, etc.
We take three things into consideration in determining whether you qualify for bankruptcy and do an analysis to determine whether bankruptcy is right for you: your income, your assets, and your financial and ownership history in the last 2-6 years.
What Can I Expect In The Process?
Chapter 7 Bankruptcy qualifications are first determined by income. Each state has guidelines as to what income is allowed for Chapter 7 Bankruptcy. We must consider household income in determining whether you qualify for a Chapter 7. This does not affect your spouse/partner in any way as this is a worry of many people. If based on household income we determine that you qualify for Chapter 7, then we must review the assets you have (including your home, vehicle, money in bank account, taxes, etc.) as well as your financial and ownership history to determine whether a Chapter 7 or Chapter 13 is best for you. A Chapter 7 process is usually 4-6 months.
What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is for those that do not qualify for a Chapter 7 either because of income, assets, or because they are seeking to do something in a Chapter 13 that cannot be done in a Chapter 7. Such as stripping off a second or third mortgage, doing a reinstatement, or cramming down and paying the actual value of a house or vehicle. A Chapter 13 lasts between 3-5 years to which you are making interest free payments to your creditors in a plan payment that is based on the disposable income you have at the end of each month or the value of your assets over those which the government allows you to protect.
What is a Lady Bird Deed?
The term “Lady Bird Deed” is derived from the fact that President Lyndon B. Johnson apparently used this type of deed to convey property to his wife, Lady Bird Johnson.
The Lady Bird Deed provides flexibility and control for the grantor while avoiding probate upon the grantor’s death. When the grantor passes away, the property automatically transfers to the named remainder beneficiaries without the need for probate proceedings. This can be advantageous for individuals who want to ensure a smooth transfer of property to their heirs while maintaining control and flexibility during their lifetime.
What is a Power Of Attorney (POA)
A power of attorney is like deputizing someone to act on your behalf. It’s a legal document that gives someone else the authority to make decisions or take actions on your behalf, often in situations where you may be unable to do so yourself. This could include financial matters, healthcare decisions, or other legal transactions. It’s a way to ensure that your affairs are handled according to your wishes, especially if circumstances prevent you from managing them directly. So, it’s kind of like having a trusted representative to stand in your stead when needed.
What is a living will & testament?
A living will and testament, often referred to as a “living will” or simply a “will,” is a legal document that outlines your wishes regarding medical treatment and the distribution of your assets after your death. The “living will” part typically addresses medical decisions in case you become unable to communicate or make decisions for yourself. It may specify your preferences regarding life-sustaining treatments, organ donation, and other medical interventions.
On the other hand, the “testament” aspect of the document deals with the distribution of your property, assets, and the appointment of a guardian for minor children upon your death. It allows you to name beneficiaries and express your preferences on how your estate should be managed and distributed.
Together, a living will and testament serve as a comprehensive legal tool to ensure that your wishes are honored both during your lifetime, especially in medical situations, and after your passing. It provides clarity for your loved ones and helps avoid potential conflicts over your medical care and estate.