A debtor filing bankruptcy can certainly list real estate taxes as part of the debt that will be discharged, assuming that the debtor is abandoning the home. However, if it is the debtor\’s intention to retain the home, the real estate taxes cannot be discharged in usual situations, and they must be paid by the … Read more
Most states do not permit a spouse to “disinherit” the other spouse, by law.
Most states permit a “disinherited” spouse to “Elect Against a Will” if the deceased spouse has attempted to disinherit him or her by naming other beneficiaries to the exclusion of the spouse.
When a person has no children, often times he or she wishes to provide a home or the content of their estate to a brother or sister.
But what is the best way to handle such a designation?
Typically, there are two ways you can handle a desire to add your brother or sister’s name to the deed to your home.
As long as deeds to real estate or property are listed in the name of a Trust, the property is owned by the Trust and will be administered per the terms of the Trust. To make this structure legal for each state will require filing each property’s deed in the appropriate county records office under … Read more
A reaffirmation agreement is a document used in conjunction with a personal Bankruptcy filing that “restates” or puts the terms of a contract with a creditor back into place, as if the bankruptcy had not been filed with respect to that creditor and that debt/loan.
An individual can be a shareholder in more than one corporation (think of an individual owning shares of both Ford and General Motors), and as long as the corporations retain a completely separate existence (i.e. keep separate books and records, maintain separate bank accounts, etc.), merely owning shares in separate companies should not cause financial … Read more
Debtors are eligible to receive their Chapter 7 discharge 60 days from the date set for the 341 meeting, unless a creditor objects in a timely manner or the court orders otherwise.
A discharge is an Order from the Bankruptcy Court which cancels (i.e. “discharges”) the debts listed by the debtor on the bankruptcy petition and schedules. Once the discharge is issued, these listed creditors are prohibited from taking any further action to collect on their debts.
The Trust must be executed (i.e. signed and notarized) by the Donor (the person making the Trust) while he or she was living.
Upon the death of the Donor, the Trustees are required to administer the Trust by following the written language contained in the Trust document itself.
In the petition and schedules, a debtor\’s income and expense are relevant. And when there is a married couple filing, the debtor\’s income and expenses and the spouse\’s income and expenses (even if the spouse is not filing) can be relevant.
However, a Bankruptcy petition does not generally inquire about income and expenses of non-spouses.