Things to Know About BankruptcyNavigation
By definition, estate planning is the process of pre-appointing and dictating the procedures for the management and distribution of an individual’s estate. In this context, your estate essentially refers to the sum total of everything that you own and could include things like cars, houses, savings and even retirement benefits.
Without a legally valid estate plan, you will lose the control of your estate, especially when it comes to its re-distribution in the event that you die or are rendered incapable of administering the estate. In cases of death or mental/ physical incapacitation, if the person in question does not happen to have a valid estate plan, such as a valid will or living trust, the responsibility of administering the estate falls to the state and the state, through its courts, will appoint another individual to carry out the administration on its behalf.
The purpose of estate planning includes catering for the unexpected and that could include death or incapacitation. Since no one really knows when either of these could occur, it is therefore clear that the best time to begin planning your estate is right now while you still have the ability to do so. You do not have to wait until you are very old and death seems imminent or until you feel you have acquired enough wealth to justify planning.
It is not really possible to peg the cost of estate planning to any fixed price since the cost will be determined by a number of factors. The first of these is the kind of plan that you are looking. Some things that fall under the domain of estate planning, like creating a will, are fairly simple and should be quite affordable to most people. Secondly, the costs will also depend on the actual size of the estate; the bigger the estate, the more money it is likely to cost you.
When it comes to choosing the right , there are many qualities that must be taken into consideration. The first in this list, and probably the most important too, is the experience of the attorney. You should also consider the reputation of the estate planning lawyer as well as their fees.
Bankruptcy laws are meant to provide protection for those facing financial death. When filing bankruptcy case, the debtors must provide a whole collection of documents to the court, such as a petitions, financial statements and schedules. These are all sworn documents, signed under oath and penalty of perjury. Violating these procedures in any way results in severe consequences and criminal or civil law penalties.
The most common form of bankruptcy fraud refers to non-disclosure of assets, usually by transferring debtor’s property to members of family in order to avoid accurate representation of total property. The debtors often intentionally file false or incomplete forms and statements, abuse system by filing bankruptcy case in several states at the same time. And there’s always the most primitive form of fraud – bribing a judge or bankruptcy trustee. Often debtors commit some of these crimes along with another one, such as money laundering or identity theft.
If committing any of these or similar actions, an individual subjects to criminal prosecution which can result in fines or even imprisonment for several years.
Not to mention that after discovering the fraud, the court automatically dismisses debtor’s bankruptcy case without a chance of clearing oneself in future.
The chances of committing bankruptcy fraud without getting caught are extremely small. There are mandatory trustee meeting and the meeting with the creditors, when all the statements and schedules are reviewed and the debtor is thoroughly interviewed about every aspect of his situation.
Some of these debts are nondischargable by bankruptcy laws, but debtor’s improper conduct can also make some debts nondischargable. Most of mortgages and liens are also not discarded by bankruptcy. In rare situations, the court can reject discharge altogether and the debtor stays in deficit owing the same amounts of money to the same creditors. Some of the reasons leading to petition being denied refer to hiding assets, false statements, disobeying the bankruptcy laws and court or any kind of illegal transfer of assets.
The first one is when particular type of a debt is established by bankruptcy law as nondischargable. These debts are never discharged and this refers to alimony or child support money, some tax debts, penalties for breaking the law and employer withholding taxes.
Some federal income taxes and most student loans make up second group of cases when debts are usually not discharged, unless the debtor or his attorney can persuade the court that they should be.
Though hiring a good lawyer sounds like a luxury for someone facing bankruptcy, it is usually wise and recommended to do so, especially if most of debts fall into these groups where the final outcome highly depends on arguing the debtor’s side in court. A good lawyer can also advice you to choose wisely bankruptcy chapters, because some debts cannot be discharged under one, but can be discharged under another bankruptcy case. If you need bankruptcy attorney we truly recommend.
So, how does one file a bankruptcy case without getting lost within procedure or making some of mistakes that could result in discharge being denied?
Probably the thing is to calm down and try to learn as much as possible about the bankruptcy procedures and all the rights and requirements up there.
The purpose of this procedure is to analyze the debtor’s financial situation and to look for possible alternatives to bankruptcy. Once completed, the agency provides the debtor with certificate which has to be filed with the court along with statement of compliance. The costs of counseling vary, but it is possible to reduce them sometimes according to the debtor’s situation. Failing to obtain credit counseling puts the debtor at risk to be completely rejected by the court and his case dismissed.
The next phase consists of filing a petition with the Bankruptcy court. This is a request for relief under one of the chapter cases of the bankruptcy code. This phase includes filing a statement about the debtor’s financial problems and the special forms called schedules. The schedules contain information about the debtor’s total property, so as the list of all creditors involved with the debtor’s financial affairs. There is also the “Means test form” – a form where the debtor claims whether he chooses chapter 13 or chapter 7 or not, which depends mostly on his monthly income.
Depending on a type of bankruptcy case, there is usually a filing fee every debtor has to pay. You can visit Injury lawyer pasadena site for more advice and information. If required documents are provided in a timely manner, meeting of creditors is the next step in the procedure. This meeting is also mandatory and failing to attend put debtor in risk of case dismissal.