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Many people who look into Chapter 7 bankruptcy as a way to eliminate their debts are immediately concerned that they will lose all of their assets if they file. This concern is understandable, due to the fact that filing for Chapter 7 involves the liquidation of all of a person’s nonexempt assets in order to pay off creditors.
Chapter 13 bankruptcies can be complicated processes. A Chapter 13 bankruptcy allows you time to reorganize your debts while at the same time retaining your assets. The payment process consists of a schedule of monthly payments that are made to the court over the course of a three-to-five-year period. This allows your creditors to receive the money you owe them in monthly installments.
The saying goes that nothing is as certain as death and taxes. However, did you know that taxes can persist even after your death? After you pass away, the executor of your estate will be responsible for paying all of the required taxes from your assets before your estate can be distributed to your beneficiaries. Such taxes include income taxes, property taxes, and potentially estate taxes.
Earlier this year, a mentally disabled man from Fulton, Missouri, was found dead in a storage unit. He had been reported missing from his group home a week before being found, but police estimated that he had died months beforehand. This means that the group home failed to report him missing during that time.
During the second half of 2017, numerous devastating disasters have wracked many parts of the United States. From the hurricane-related destruction in Texas, Florida, Puerto Rico, and the U.S. Virgins Islands to the wildfires in Oregon and northern California, countless people have had their lives and homes ruined.
When deciding what to include in an estate plan, consider the nature of your assets and property, who your beneficiaries will be, and any relevant tax implications. One thing many people neglect to consider is the opportunity to set up charitable gifts as part of their estate plans. Charitable giving can have many benefits for your estate.
Chapter 7 is the most commonly filed form of consumer bankruptcy in the United States, and can greatly benefit people who have gotten into more debt than they can handle. The basic premise of a Chapter 7 is this: The court will liquidate (sell) your non-exempt assets and use the proceeds to pay off your debts.
If you are contemplating filing for bankruptcy, the Missouri Chapter 7 means test may come into play in order to determine your eligibility. Bankruptcy incorporates federal law and state law—both of which can be very complex. If you are contemplating filing a Chapter 7 bankruptcy, you need an attorney on your side who knows and understands the law. The attorneys at the Law Offices of Kenneth P.
If you lose your job, you may automatically expect to begin receiving unemployment checks in the mail. However, this is not the case and there are criteria you must meet and actions you must take to be eligible to receive benefits. The following is some information regarding eligibility for unemployment in the state of Missouri.
The prospect of wage garnishment is undoubtedly a scary one for most people. If you are in debt and your wages are subject to garnishment, you need an experienced attorney in your corner every step of the way. The skilled bankruptcy lawyers at the Law Offices of Kenneth P. Carp can help you determine whether or not you should declare bankruptcy in a wage garnishment case and c ...
An individual creates a will to describe how his or her finances and assets are to be distributed upon his or her death. Most of the time, the Decedent’s estate is distributed according to the will. Occasionally, the Decedent’s surviving members will contest the contents of the will. Surviving family members will contest the validity of a will for various reasons.
Talking about and planning for one’s death is not regularly discussed in Saint Louis or across the United States. People would much rather delay thinking about their demise instead of plan for this inevitable event. Some individuals will delay thinking about their death at all costs. However, proper estate planning is essential.
Bankruptcy is a legal procedure by which individuals and businesses can discard debt or agree to repayment plans with creditors. For many, bankruptcy provides an opportunity to start again while repaying debts. Still, filing bankruptcy comes with a stigma despite the fact that nearly 800,000 individuals and businesses filed for bankruptcy in 2016.
Student debt is crippling borrowers as well as the United States economy as a whole. Recently published statistics show that Americans owe more than $1 trillion dollars in student debt. As a result, many Americans with student debt are delaying or foregoing purchasing homes, moving, and even marriage.
If you have been appointed as the guardian of a minor child, the court has imposed both rights and responsibilities upon you. Child support during guardianships is a financial issue that some guardians may not even be aware of. If you have been appointed as guardian of a minor child, you have obligations to manage that child’s financial interests, including the right to enforce ...
It is not at all uncommon for parents to reach out for help in raising their children. When military deployments, medical diagnoses, or other personal circumstances prevent a parent from being able to fully engage with their children, a grandparent is often the first person to step in to help the family.
There are many pros and cons to filing for bankruptcy. One of the most common concerns debtors have is the impact bankruptcy will have on their future credit score. Many consumers assume that filing bankruptcy will simply ruin their credit entirely and make it impossible to ever borrow again. This is not necessarily the case.
There are many things to consider when you are deciding whether to file bankruptcy. One of the most important is what will become of your house and car when you file. In a Chapter 7 bankruptcy, the debtor asks the court to discharge debts because he or she does not have the income to pay these debts.