Ask Standard Legal: Law Questions & Answers for FREE

The crash of the housing market has left a number of Land Contract holders facing balloon payments on amounts that are equal to or greater than the current market value of the property. Mortgage companies will not lend money to borrowers for such an over-valued purchase, even if the buyer has made several years of payments against the Land Contract.

So what options are available to the buyer and seller who find themselves in such a situation in a Land Contract? [ Read More… →]

A currently-married woman cannot transfer property to her maiden name (which is no longer being used) simply to avoid losing the property to a judgment in a current or potentially upcoming litigation. [ Read More… →]

Most often, the terms used in a written contract are binding on the parties.

And most times, the terms of that written contract will control the obligations of the parties, regardless of what one party or the other “meant.” [ Read More… →]

A spouse’s income must be reported in a married person’s individual Bankruptcy filing, on the Means Test. But listing income or asset information from the spouse does not give a Trustee free reign to sell off assets. [ Read More… →]

Generally, the phrase “deed in lieu of foreclosure” explains the process more so than any actual deed itself. [ Read More… →]

Typically, the creation of a new Last Will and Testament causes any prior existing Will(s) to be rendered null and void.

But if the new Will was not provided to the Probate Court to settle the estate immediately after the passing of the maker, there are options. [ Read More… →]

Each county in every USA state typically has its own Probate Court, and typically that court has an application to initiate a Probate Court proceeding.

But each court can call this application or form something slightly different.

Simply call the Probate Court in your local county and ask the Clerk for the form to initiate a probate proceeding. The clerk should be able to provide the form to you, or point you to a website where you can download it.

Ask Standard Legal cannot act as a court nor provide a legal interpretation of any document, especially without a thorough review.

However, if a Promissory Note was signed by the Maker and some consideration was provided for the note (e.g. there was a loan or other indebtedness), then the Note may be enforceable as written.

While forming a Limited Liability Company (LLC) is not a guarantee that the members will not be named in a lawsuit in their personal capacity, the LLC is a legal entity that provides liability protection to the members (assuming the LLC is properly formed and properly run). [ Read More… →]

Standard Legal’s Survivorship Deed (using either the Quitclaim or Warranty versions) must be modified slightly to reflect the change from Joint Tenants to Tenants by Entirety. [ Read More… →]

If a debtor has recently changed his or her state of residence, the debtor may file in the state in which he or she now lives, but may need to utilize the exemptions from the state in which he resided prior to the move.  [ Read More… →]

Standard Legal does not offer promissory notes backed by a secured asset, because such a structure requires additional governmental filings and can be circumvented by the borrower. [ Read More… →]

If a party is refusing to execute a Deed to transfer property pursuant to a court order to do so, then the party to whom the property is to be transferred has the right or option to seek the court’s assistance in compelling such transfer. [ Read More… →]

Depending on your state of residence, an income level of less than $50,000 may permit you to file a Chapter 7 Bankruptcy case. [ Read More… →]

Transfer of ownership of an entity does not change or alter the entity itself. But there are a few pieces of the Limited Liability Company structure that should be examined when an LLC is sold. [ Read More… →]

The first fact to understand in such a circumstance is that a person cannot create a Will that distributes property they have already sold. [ Read More… →]

Typically, only the requirements of military duty compels a landlord to return a security deposit to a person breaking a residential lease. [ Read More… →]

While this matter can vary by state, generally ownership in a mobile home is evidenced by a title (much like a vehicle). [ Read More… →]

Payments against a mortgage need to be made by someone, be it parents or child, if either party wants to keep the Deed to the house. [ Read More… →]

The Will language itself should provide the instruction on how and to whom the assets should be distributed. [ Read More… →]