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Entries from November 2009

Must I Submit Bank Statements with My Chapter 7 Bankruptcy Filing?

The Trustee assigned to preside over the debtor’s 341 meeting of creditors may request that the debtor provide bank statements. So bringing copies of bank statements (from the date that the case was filed back) to the 341 meeting of creditor may be a good idea.

But the bankruptcy code does not require that bank statements be filed at the time the case is filed with the Clerk of the Bankruptcy Court.

Complete instructions for completing the forms and filing a Bankruptcy case are included in Standard Legal’s Bankruptcy legal forms software.

Tags: Bankruptcy Questions  ·  November 30th, 2009

How is Power of Attorney Assigned for an Incapacitated Parent with Several Children?

The laws of each state may effect who is appointed with Power of Attorney.

Generally, spouses make decisions for an incapacitated adult.

If one is not married, state law may permit the children of that person to make medical decisions, assuming that all of the children agree on the care to be provided. [ Read More… → ]

Tags: Living Will Questions · Power of Attorney Questions  ·  November 27th, 2009

How Do I Force My Dead Father’s New Wife to Honor His Last Will and Testament?

In some cases where a Last Will and Testament existed prior to a re-marriage, a “debate” can ensue as to what assets belong to the new spouse and what assets belong to the children of the maker of a Will. The only way to end that debate is to identify and force the execution of the final Will. [ Read More… → ]

Tags: Last Will and Testament Questions  ·  November 24th, 2009

Can I Add My Child to a Previously Filed Warranty Deed?

No, a previously filed deed cannot be amended. A new deed will need to be prepared and filed in order to add an additional party as an owner of real property. [ Read More… → ]

Tags: Quitclaim and Warranty Deed Questions  ·  November 23rd, 2009

Can I Name My Business ‘Inc.’ But File as an LLC?

The use of ‘Inc.’ or ‘Incorporated’ within the business name for a limited liability company would be inappropriate in almost all states, and in most cases would prevent the filing of the LLC documents from being accepted by the secretary of state. [ Read More… → ]

Tags: Incorporation Questions · Limited Liability Company LLC Questions  ·  November 20th, 2009

Can a Member with Tax Problems Cause Issues for Our New LLC?

Personal income tax issues will not be imputed to the LLC itself in most instances. But any collection activity against a member of an LLC for tax matters could affect that member’s ownership rights. [ Read More… → ]

Tags: Limited Liability Company LLC Questions  ·  November 19th, 2009

Is a Will That Lists My Ex-Spouse Still Valid?

Yes, an original Will document that is properly signed and notarized would still be legal and valid — but would probably not properly provide for the gifts that you would list to pass upon your death. [ Read More… → ]

Tags: Last Will and Testament Questions  ·  November 17th, 2009

If They Die, What Happens to My Land Contract Home Sold to Me By My Parents?

Many people purchase a home through a Land Contract from their parents. But the sale of a home to one child via land contract should also include some good estate planning via a Will or Trust — especially if there are other siblings involved. [ Read More… → ]

Tags: General Questions  ·  November 13th, 2009

Can Past Creditors Seize a Home I Purchase Via Land Contract?

Most land contracts allow the current owner to retain title to the property until such time as the purchase price in the contract has been fully paid. As such, creditors most likely will not have a right to pursue a home purchased under a Land Contract, as the “buyer” in a land contract is not the titled owner until all payments are made. [ Read More… → ]

Tags: Land Contract Questions  ·  November 12th, 2009

Which Chapter 7 Schedule Should Be Used to List Delinquent Property Taxes?

The schedule used for delinquent real estate property taxes due to a city or county depends upon the status of the property. [ Read More… → ]

Tags: Bankruptcy Questions  ·  November 11th, 2009

In the Creditor Matrix, Do I List the Debtor or its Collection Agent?

Standard Legal suggest that it is best to provide “more information” vs. “not enough information” on the Chapter 7 Bankruptcy schedules. [ Read More… → ]

Tags: Bankruptcy Questions  ·  November 10th, 2009

What Document Should My Parents Use to Transfer Property to Me from a Trust?

Any of Standard Legal’s Quitclaim Deeds will accomplish the transfer of real estate property from a Trust to an individual. [ Read More… → ]

Tags: Quitclaim and Warranty Deed Questions  ·  November 8th, 2009

How Do I Remove Myself as a Listed Beneficiary from a Person’s Will?

Under most state’s laws, a party is permitted to “disclaim” any interest or assets that are attempted to be passed through a Last Will & Testament. When one disclaims property that is being passed through a Will, he or she is renouncing his or her interest in that property in total. [ Read More… → ]

Tags: Last Will and Testament Questions  ·  November 6th, 2009

Is a Signed and Witnessed Last Will and Testament Still Valid if the Document is not Dated?

For the most part, a Last Will & Testament would not necessarily be rendered invalid if there was no date on the document. [ Read More… → ]

Tags: Last Will and Testament Questions  ·  November 4th, 2009

Can the Heirs of a Living Trust Force the Trustee to Make Changes?

If the heirs of a Trust believe that the Trustee is not fulfilling his or her duty as trustee, they can initiate a lawsuit in the appropriate court to compel or require that the trustee fulfill that fiduciary duty. [ Read More… → ]

Tags: Living Trust Questions  ·  November 3rd, 2009

How Do I List Two Mortgages on One Property within a Bankruptcy Filing?

Within Form B8 of the Bankruptcy filing, in the ‘describe property securing debt’ field, list one creditor under property #1 and the second creditor under property #2. [ Read More… → ]

Tags: Bankruptcy Questions  ·  November 2nd, 2009