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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.
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.
Independent contractors are rarely eligible for unemployment benefits after their job terminates because employers do not pay unemployment taxes for contractors the way they do for employees. Thus, unless the contractor pays unemployment taxes, the contractor receives no benefits. Unfortunately, some unscrupulous employers attempt to misclassify employees as independent contrac ...
Getting Divorced? It’s Time to Update Your Estate Plan There are many painful disputes to be resolved in a divorce case. Dividing assets, allocating debt, negotiating child custody arrangements, settling on alimony and child support, and other painful considerations can make former couples weary of dealing with the legal system.
Bankruptcy During Tax Time—Can You Keep Your Refund? For many taxpayers, an annual refund is an important part of financial planning for the entire year. This can make it difficult to plan for bankruptcy. Tax refunds can be an asset subject to the liquidation powers of the bankruptcy court. However: with careful planning, a tax refund can be protected from the bankruptcy court, ...
Creating a Living Will in Missouri There are a lot of difficult discussions that come with holidays, such as which spouse’s family you are having dinner with, whether you’re eating turkey or ham, and which matching sweater the family will be wearing for your yearly holiday card. In all these difficult discussions we often overlook the decisions that will affect our loved ones in the future.
What a Missouri Will Can’t Do A last will and testament is an expression of a person’s intent for the resolution of financial affairs upon death. Because this is an expression of personal choice, many testators—those with wills—are surprised to learn that the law limits wills, and probate courts will not enforce certain provisions.
Bankruptcy can meet your financial goals in many different ways. To access the debt relief tools that are right for them, however, debtors must identify the specific problems they wish to address. An experienced Missouri bankruptcy attorney can help debtors find the most effective measures for meeting their financial goals.
St. Charles & St. Louis Residents: Should You File Chapter 7 or Chapter 13? Once you have made the decision to file for bankruptcy sometimes the hardest decision is whether you should file Chapter 7 or Chapter 13. The goal of this article is to make this decision easier for you. We will outline the pros and cons of both Chapter 7 and Chapter 13 to help you make a well-inform ...
What Won’t Be Protected in Your Missouri Will When you’ve spent your entire life working, there comes a point where you start to contemplate who you will leave the products of your hard earned work to. Naturally, you start looking into drafting a will that will detail who you want to leave your most prized possessions to. But, what about those things that you cannot leave in your will.
Allowing your assets to go into probate is both arduous and expensive. For this reason, probate should be avoided at all costs. Missouri law allows for a myriad of ways to avoid probate, which include the living trust, Payable-on-death designation for bank accounts, beneficiary deeds and joint ownership.
An unemployment hearing can intimidate and overwhelm you. By preparing carefully and knowing what to expect, you can increase your chances of presenting an effective claim. An experienced Missouri unemployment attorney will help you prepare your case to increase your chances of success in obtaining a favorable result from the tribunal.
The strategic use of financial planning tools can address tax obligations, legal liability, and management of assets. Contact attorney Kenneth P. Carp today to learn more about how an experienced Missouri estate planning attorney can help you meet your financial goals. What Is an Inter Vivos Trust? An inter vivos trust—also known as a living trust—is created during the lifetime ...
Many things can happen to your estate after your death. To ensure that your survivors honor your wishes, hire an attorney to draft a will that is both clear in its terms and legally binding upon your heirs. Without a will, default legal rules of intestacy (dying without a will) take effect, and people whom you have never met can end up with your property.
When you can no longer make your own decisions, many different legal tools can help carry out your wishes. A power of attorney is a legal document that authorizes another person to make decisions on your behalf. It can ensure that other people make financial decisions, health care decisions, and living arrangements in accordance with your wishes.
Body Many people think bankruptcy is an overwhelming process with painful consequences. Many debtors are reluctant to even consider it as an option. While bankruptcy comes with some downsides, and it is certainly not appropriate for every financial situation, it does provide a fresh financial start.
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.