A debtor in a bankruptcy cannot take advantage of state exemptions to shield any asset from bankruptcy, nor can a debtor sell or transfer assets simply to ‘protect’ them.
How Much Will I Have to Pay Monthly in a Chapter 13 Bankruptcy Plan?
The amount of a Chapter 13 bankruptcy plan payment is generally a person’s monthly ‘disposable income.’ This figure can be arrived at by looking at the amounts set forth at the bottom of Schedule I and Schedule J: monthly income, less monthly allowable expenses, equals ‘disposable income.’ These calculations can be determined by properly using … Read more
Should I Create a Living Trust for an Estate Valued at Less Than $2 Million?
The value of creating a Living Trust is in its functionality, and not simply a decision that should be made based solely on the dollar value of the assets it is to contain.
What is the Difference Between an A/B Trust and a Joint Trust?
The difference between an A/B Revocable Living Trust and a Joint Revocable Living Trust is that the A/B trust permits the maximization of the “joint marital credit” for estate tax purposes.
If I Gather Information and Prepare a Legal Form for Another, Am I Practicing Law Without a License?
The definition of unauthorized practice of law varies from state to state, so providing a specific answer is difficult. But generally (and note that we indicate generally, as in not a firm rule), merely gathering information and forms and typing a document at the direction of another, without substantive input, would not be considered the … Read more
If I Own a Home in Foreclosure and Wish to File Bankruptcy, Must I Stay in that Home to File?
There is no obligation under federal bankruptcy law to remain in a home you own in order to file bankruptcy, whether that home is in foreclosure or not. You are permitted to move to a different jurisdiction and file your bankruptcy case there. You may also move to a different residence within the same Bankruptcy Court jurisdiction.
How is a Mortgage Handled when a Quitclaim Deed is Used to Transfer Property Ownership?
Property can be transferred by way of Quitclaim Deed to another person, regardless of whether one or more mortgages exist on the property. However, there are several issues of which the both the Grantor (the person selling or transferring the property) and the Grantee (the buyer or person taking title to the property) must be aware.
What are the Signature and Witness Requirements for a Promissory Note?
On its own, a signed Promissory Note has the legal force of a contract. But to strengthen the validity and ensure the enforceability of the Promissory Note, there are steps the lending maker can take with Witnesses, signatures and even a notary.
If I Have Power of Attorney, How Do I Sign Legal Documents on Behalf of My Grantor?
If you have been named as “Attorney in Fact” by a Grantor through a Power of Attorney document, there is only one method that any document should ever be signed under this authority.
Can a Potential Future Legal Settlement be Covered by a Prenup?
Yes! As long as the couple is not yet married and the future spouse makes full disclosure of the information to the other party in advance, a Pre-nuptial Agreement could cover a financial settlement that may (or may not) come in the future.