Laws regarding Bankruptcy
The Bankruptcy Law is set to eradicate the common liabilities and paying off unnecessary debts. These set of laws are standard for any states or countries. It is divided into chapters that have different provisions. As per the laws the person filing the case of bankruptcy needs to have his properties viewed by the court's trustee and investigators.
He/she must produce sufficient documents to prove that he/she is bankrupt and must not mislead the court. The debtor can seek the assistance of attorneys for lodging bankruptcy cases. In addition to that bankruptcy cases make arrangement for the repayments of money and debts to the creditors.
Texas Bankruptcy Law
The Texas Bankruptcy Law has some common provisos on the standard laws for bankruptcy. In addition to that it aims at helping the debtors to resolve their economic status and pay the necessary debts by finding alternate measures. The Texas Bankruptcy Law does not put any economic pressure on the clients for immediate payment if their bankruptcy condition is justified by the court's investigation.
There are various lawyers who can handle bankruptcy cases here much effectively. They study their clients conditions and bank account status and then only advice them to file the bankruptcy case under the parameters of the Texas Bankruptcy Law. Also the legal representatives arrange necessary documents, income tax returns, evidences of their client's bankruptcy to furnish them before the court.
The lawyers also look after their client credit score so that it doesn't gets hampered. All these arrangements are done to enable their clients to re-request for loans from the financial institutions the next time, after recovering from their bankrupt status.
The Las Vegas Bankruptcy Law is a bit strict regarding filing of bankruptcy cases. Also lodging of a case engulfs huge time and money. There are some expert legal representatives at Las Vegas who assist their clients. There are lawyers for business organizations as also for the individuals. The Bankruptcy Law allows debtors to search for alternate ways of easy repayment to the creditors.
The Florida Bankruptcy Law enables the debtors to retain some specific properties. But however if the debt is much high then he/she is generally not exempted to retain the property. The debtor must produce bank account and income details to the court. There are lawyers to help you out if are a resident of Florida filing a case of bankruptcy.
Debtips is the most comprehensive resource on Debt Consolidation Loan, Bankruptcy, Mortgage and Credit . It is just the right channel to make you finance literate and also helps in managing your personal finances. Visit Debtips and find all the information on
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Bankruptcy is an unfortunate situation and can happen even to seasoned businessman or to a new entrepreneur. Go ahead for valuable reads about Texas Bankruptcy Law, its types and how to use it when required.
Sunday, April 20, 2008
Bankruptcy (Financial) - The Three Types of Bankruptcy
There will be times in life when some people find they have bitten off more than they can chew financially. It is during these times that bankruptcy may be the only choice. Bankruptcy is offered by the federal government as a way to eliminate the debt a person or couple has entered in to. But, the effect on the financial status and credit score of the filers can be devastating, at best.
There are three different methods of filing for bankruptcy, each with a different set of rules and potential outcomes. The three bankruptcy types are Chapter 7, Chapter 11 and Chapter 13. Each type is based upon a different chapter in the book or guide to bankruptcy laws and regulations, thus the naming of these chapters in filing terms.
Chapter 7 is the most commonly filed bankruptcy chapter for individual and non business entities. During Chapter 7, the filer will report all bills, debts and financial obligations that they wish to have discharged from the legally binding contract entered upon. These debts may include, but are not limited to: medical bills, home loans, car loans, student loans, and credit card debt. Some debts may need further and more aggressive legal processes than others. Student loans, for instance, are much harder to discharge than credit card debt.
After filing for Chapter 7, the court will rule either in favor of the discharge or against the discharge. Once the discharge of debts has been approved, the debtor will no longer be held responsible for the charges and debts filed in the court documents. Chapter 7 can only be filed once every 7 years and will remain on the credit report of all involved for a maximum of 10 years.
Chapter 11 is aimed more at the business than the individual. During Chapter 11, the court system freezes the debts of the business and applied a court appointed payment pay to repay the debtors in a timely fashion. When a business files for Chapter 11, they are allowed to continue business as usual and retain profits, as long as the payment plan set up by the court system is maintain in good standing.
Chapter 13 is similar to Chapter 11, but aimed toward individuals and not businesses. Chapter 11 bankruptcy appoints a trustee to the filer's debt basis. The trustee will manage and "watch" the debt while the filer repays the debtors what is owed. During a Chapter 13, the filer will be allowed to exempt certain belongings and debts from the filing, thus giving a bit more freedom to repay the debts under supervision they so choose, while leaving other debts out of the court system.
All forms of bankruptcy carry high financial risks for the filers. In addition to these financial risks, filers will have to pay court costs, attorney fees, and other associated fees that may come up during the filing process. All forms of bankruptcy will be reported to the credit agencies in a negative manner.
To learn about fixing your credit and purchasing a home even after Bankruptcy, go to http://www.1WealthCreation.com (Yes, you are able to come back financially after this setback.)
There are three different methods of filing for bankruptcy, each with a different set of rules and potential outcomes. The three bankruptcy types are Chapter 7, Chapter 11 and Chapter 13. Each type is based upon a different chapter in the book or guide to bankruptcy laws and regulations, thus the naming of these chapters in filing terms.
Chapter 7 is the most commonly filed bankruptcy chapter for individual and non business entities. During Chapter 7, the filer will report all bills, debts and financial obligations that they wish to have discharged from the legally binding contract entered upon. These debts may include, but are not limited to: medical bills, home loans, car loans, student loans, and credit card debt. Some debts may need further and more aggressive legal processes than others. Student loans, for instance, are much harder to discharge than credit card debt.
After filing for Chapter 7, the court will rule either in favor of the discharge or against the discharge. Once the discharge of debts has been approved, the debtor will no longer be held responsible for the charges and debts filed in the court documents. Chapter 7 can only be filed once every 7 years and will remain on the credit report of all involved for a maximum of 10 years.
Chapter 11 is aimed more at the business than the individual. During Chapter 11, the court system freezes the debts of the business and applied a court appointed payment pay to repay the debtors in a timely fashion. When a business files for Chapter 11, they are allowed to continue business as usual and retain profits, as long as the payment plan set up by the court system is maintain in good standing.
Chapter 13 is similar to Chapter 11, but aimed toward individuals and not businesses. Chapter 11 bankruptcy appoints a trustee to the filer's debt basis. The trustee will manage and "watch" the debt while the filer repays the debtors what is owed. During a Chapter 13, the filer will be allowed to exempt certain belongings and debts from the filing, thus giving a bit more freedom to repay the debts under supervision they so choose, while leaving other debts out of the court system.
All forms of bankruptcy carry high financial risks for the filers. In addition to these financial risks, filers will have to pay court costs, attorney fees, and other associated fees that may come up during the filing process. All forms of bankruptcy will be reported to the credit agencies in a negative manner.
To learn about fixing your credit and purchasing a home even after Bankruptcy, go to http://www.1WealthCreation.com (Yes, you are able to come back financially after this setback.)
Bankruptcy - When is Filing For Bankruptcy a Good Choice?
Financial stresses and strains can be hard on a person or a family. When bills get tight, the stress levels in a home reach epic proportions. It is during these times when a person or family begins to think about filing for bankruptcy. But, deciding to file for bankruptcy comes with a lot of additional financial strain that can last up to 10 years. Before filing for bankruptcy a person must take many factors into consideration.
• Can you get out of debt on your own? This is the first question that needs to be asked. If the debt is so overwhelming that the person will be unable to pay their way out of the creditor obligations they have created, bankruptcy may be a choice. Before filing, a careful look should be taken at the total financial picture. Are there cars that can be traded in for a lower payment? Can the home be refinanced for a lower mortgage? Are there higher paying jobs that will add to the financial income of the household?
• Do you have the means to work out the debt yourself? Many debt consolidation firms will simply call the creditors and work out a lower payment plan to lower payments to a manageable size. This is not something only the debt consolidation firm can accomplish. Many credit agencies will work with the debtors in order to keep the person out of bankruptcy. Bankruptcy means they will receive zero money for the debt owed. They want to claim that money and will often lower interest rates and payments in order to secure some form of payment for the debt.
• Are you willing to give up 10 years of buying power? A bankruptcy will be reported on the credit report of all involved for 10 years maximum. This means for 10 years past the date of discharge, the bankruptcy will be the deciding factor in many lenders choices to extend credit or not to extend credit. If there is a way to work out the debt without filing bankruptcy the effect on the credit report will be much less severe.
• Are you overestimating your debt? Some persons and families think they have more debt than they really do. Cutting back on household expenses and trading in high priced vacations for a lower priced alternative can often help to ease the debt burden of the household. Try cutting back on extra conveniences like cable, cell phone and those trips out to dinner before signing up for a bankruptcy filing.
Filing for bankruptcy means all debts owed to credits will be discharged if the filing is turned in the favor of the persons involved. The best choice before filing for bankruptcy is to take a careful look at what the alternative options are and trying to work out the debt owed with the creditors. If filing for bankruptcy is the best choice for you and / or your family, finding a great bankruptcy lawyer can make the process a bit easier to handle and stress free.
To learn about fixing your credit and purchasing a home even after Bankruptcy, go to http://www.VirtualRealEstateSeminarTour.com (Yes, you are able to come back financially after this setback.)
• Can you get out of debt on your own? This is the first question that needs to be asked. If the debt is so overwhelming that the person will be unable to pay their way out of the creditor obligations they have created, bankruptcy may be a choice. Before filing, a careful look should be taken at the total financial picture. Are there cars that can be traded in for a lower payment? Can the home be refinanced for a lower mortgage? Are there higher paying jobs that will add to the financial income of the household?
• Do you have the means to work out the debt yourself? Many debt consolidation firms will simply call the creditors and work out a lower payment plan to lower payments to a manageable size. This is not something only the debt consolidation firm can accomplish. Many credit agencies will work with the debtors in order to keep the person out of bankruptcy. Bankruptcy means they will receive zero money for the debt owed. They want to claim that money and will often lower interest rates and payments in order to secure some form of payment for the debt.
• Are you willing to give up 10 years of buying power? A bankruptcy will be reported on the credit report of all involved for 10 years maximum. This means for 10 years past the date of discharge, the bankruptcy will be the deciding factor in many lenders choices to extend credit or not to extend credit. If there is a way to work out the debt without filing bankruptcy the effect on the credit report will be much less severe.
• Are you overestimating your debt? Some persons and families think they have more debt than they really do. Cutting back on household expenses and trading in high priced vacations for a lower priced alternative can often help to ease the debt burden of the household. Try cutting back on extra conveniences like cable, cell phone and those trips out to dinner before signing up for a bankruptcy filing.
Filing for bankruptcy means all debts owed to credits will be discharged if the filing is turned in the favor of the persons involved. The best choice before filing for bankruptcy is to take a careful look at what the alternative options are and trying to work out the debt owed with the creditors. If filing for bankruptcy is the best choice for you and / or your family, finding a great bankruptcy lawyer can make the process a bit easier to handle and stress free.
To learn about fixing your credit and purchasing a home even after Bankruptcy, go to http://www.VirtualRealEstateSeminarTour.com (Yes, you are able to come back financially after this setback.)
Avoiding Bankruptcy With Debt Consolidation
For some reason many Americans choose to ignore a pending personal debt problem. Possible many people believe that there is no escaping their debt situation, so they sit by while their debts deepen.
For most people the situation is not quite as bad as they may imagine. If you are feeling like debts are weighing you down, and you think that you cannot possibly escape the financial problems that are burdening you. Perhaps the solution would be t take out a debt consolidation loan.
A debt consolidation loan is suitable for all kinds of people, in all kinds of financial difficulties. It is most helpful for people who cannot make all the multiple monthly debt payments that they have accumulated.
It is a very easy situation to slowly add loans over several years. Without really paying too much attention as to how much the total is, that you will have to pay each month for all of those loans. At some point most people through no fault of their own find that they are unable to meet one, or all of their debt payments each month. The answer to the many people is to just hope that somehow the situation will improve. Or at least will not deteriorate any further, this is not a good way to plan how to get out of financial difficulties.
The road that some other people take is to start to miss one of their debt payments. In the hope that at some point in the future, they will be able to make up for missing two or three monthly due dates. The problem with the strategy there is that, not only are you not paying off your debt. You are also adding additional fees and interest, not to mention that this kind of non payment is extremely bad for your credit history. You will also find that in all probability you will never actually start to catch up with these missed payments. This kind of action and only end with a more serious financial situation.
The most likely outcome in the end will be either that you are forced, or you choose, to enter into bankruptcy. This is rarely a good solution, and should only be used in the most extreme circumstances. Bankruptcy will follow you around for many years to come, and will always cause serious problems when searching for finance especially on important loans, like a mortgage.
Finance providers tend to have a very long memory when it comes to people who have previously declared bankruptcy. You should never consider going into bankruptcy without first having a serious conversation with a qualified professional. Choosing bankruptcy when it is not suitable for your situation can be financially disastrous. A far more suitable proposition for most people with debt problems is to consolidate all the outstanding payments, debts and bills. And pay them all off at one time, with a low interest, debt consolidation loan.
Debt consolidation is simple and works by paying off all your existing debts. All your multiple debts will then be replaced by one single loan and one single monthly payment The first step you need to take is to locate a qualified online debt consolidation loan broker. This broker will be able to give you advice you about the steps you need to take to acquire a good quality loan, at a reasonable rate of interest. He will ask you to gather together all of the paperwork you have regarding your outstanding debts, as well as any current bills such as utilities, that you are struggling with a at the moment.
The broker will carefully go through all the paperwork to discover exactly how much you owe, and compare that to how much income you have. He may then be in a position to not only acquire a suitable loan for you. He will possibly negotiate with the companies you owe money to, and may be able to reduce the debts even before they are paid off. He will be very familiar with quality finance companies and banks that will be in a position to help you with a new low interest debt consolidation loan.
This is not an additional debt that will weigh you down; this new loan will be used to pay off all of your existing debts. Leaving you with just one new loan that will have a lower rate of interest. It will also be payable over a much longer period. These factors will greatly reduce the amount that you have to pay each month. The difference will be extremely noticeable on a month to month basis.
You should find that you will have sufficient funds to meet all your outgoings, without struggling to find the money to meet all those debt payments you had previously.
Joe Kenny writes for TFGI.com, visit them today for debt help or Rebuild.org for free debt relief and to debt consolidation loans.
For most people the situation is not quite as bad as they may imagine. If you are feeling like debts are weighing you down, and you think that you cannot possibly escape the financial problems that are burdening you. Perhaps the solution would be t take out a debt consolidation loan.
A debt consolidation loan is suitable for all kinds of people, in all kinds of financial difficulties. It is most helpful for people who cannot make all the multiple monthly debt payments that they have accumulated.
It is a very easy situation to slowly add loans over several years. Without really paying too much attention as to how much the total is, that you will have to pay each month for all of those loans. At some point most people through no fault of their own find that they are unable to meet one, or all of their debt payments each month. The answer to the many people is to just hope that somehow the situation will improve. Or at least will not deteriorate any further, this is not a good way to plan how to get out of financial difficulties.
The road that some other people take is to start to miss one of their debt payments. In the hope that at some point in the future, they will be able to make up for missing two or three monthly due dates. The problem with the strategy there is that, not only are you not paying off your debt. You are also adding additional fees and interest, not to mention that this kind of non payment is extremely bad for your credit history. You will also find that in all probability you will never actually start to catch up with these missed payments. This kind of action and only end with a more serious financial situation.
The most likely outcome in the end will be either that you are forced, or you choose, to enter into bankruptcy. This is rarely a good solution, and should only be used in the most extreme circumstances. Bankruptcy will follow you around for many years to come, and will always cause serious problems when searching for finance especially on important loans, like a mortgage.
Finance providers tend to have a very long memory when it comes to people who have previously declared bankruptcy. You should never consider going into bankruptcy without first having a serious conversation with a qualified professional. Choosing bankruptcy when it is not suitable for your situation can be financially disastrous. A far more suitable proposition for most people with debt problems is to consolidate all the outstanding payments, debts and bills. And pay them all off at one time, with a low interest, debt consolidation loan.
Debt consolidation is simple and works by paying off all your existing debts. All your multiple debts will then be replaced by one single loan and one single monthly payment The first step you need to take is to locate a qualified online debt consolidation loan broker. This broker will be able to give you advice you about the steps you need to take to acquire a good quality loan, at a reasonable rate of interest. He will ask you to gather together all of the paperwork you have regarding your outstanding debts, as well as any current bills such as utilities, that you are struggling with a at the moment.
The broker will carefully go through all the paperwork to discover exactly how much you owe, and compare that to how much income you have. He may then be in a position to not only acquire a suitable loan for you. He will possibly negotiate with the companies you owe money to, and may be able to reduce the debts even before they are paid off. He will be very familiar with quality finance companies and banks that will be in a position to help you with a new low interest debt consolidation loan.
This is not an additional debt that will weigh you down; this new loan will be used to pay off all of your existing debts. Leaving you with just one new loan that will have a lower rate of interest. It will also be payable over a much longer period. These factors will greatly reduce the amount that you have to pay each month. The difference will be extremely noticeable on a month to month basis.
You should find that you will have sufficient funds to meet all your outgoings, without struggling to find the money to meet all those debt payments you had previously.
Joe Kenny writes for TFGI.com, visit them today for debt help or Rebuild.org for free debt relief and to debt consolidation loans.
Bankruptcy - Common Questions And Myths
When it comes to bankruptcy, the general perception of it is that it's a bad thing, which is not an unexpected reaction. Bankruptcy has severe consequences when it comes to your credit, no doubt, but it is also the lifeline that can rescue you from the depths of that, which we can not always prevent, debt. The intention of this article is not to promote bankruptcy or raise the common perception to a more positive level, but it has its benefits and they're often misunderstood. So aside from the common assumptions of mostly negative points about bankruptcy, there are other points that need to be cleared up and understood.
Who can file for bankruptcy? - Any one or any company, corporation, or business unit who can no longer afford to pay their creditors. There are different chapters in the US bankruptcy code that will cover just about everyone. The most filed is chapter 7, which is what most individuals will file. This chapter allows you to discharge most of your debts without any further obligation to repay them. Chapter 13 allows individuals to reach new terms of repayment with their creditors rather than discharge the debt. Chapter 11 will give partnerships, companies and corporations, similar benefits, where the debt is not discharged either but re-arranged under new terms of repayment, that allow the debtor to make more manageable payments for a period of up to 5 years.
Will I be able to get credit after bankruptcy? - Another common perception about bankruptcy is that if you file you won't qualify for credit again, but you can in fact get a credit card or loan after bankruptcy. It is often recommended in order to start building a history of positive credit again. There are options in which you could use a prepaid credit card, that only allows you to spend what you deposit in your account so there's no way to over charge. You also can get a regular credit card, but more than likely it'll be from a sub-prime lender who will almost always impose a much higher interest rate on your card. So it's an option but just remember that it will cost you more.
Bankruptcy is a private matter - Actually no, bankruptcy is very much public record, and anyone wanting to find out if you have filed for bankruptcy, can find out. The courts really make this easy through a program called Pacer (http://pacer.psc.uscourts.gov/), which allows pretty much anyone to access court records for a fee. This is how you'll often end up getting offers from local car dealers. They know that in bankruptcy cases people often liquidate assets to repay creditors, so they're betting you had to surrender your vehicle and are in need of transportation. Often you may hear them say that they don't care about your bad credit, but be careful with those sub-prime rates you are likely to get if you have to finance the purchase. You'll also get lots of offers from law firms and agencies that "specialize" in credit repair after bankruptcy. This one you must consider carefully because credit repair does not apply to everyone.
My credit can be fixed after bankruptcy - This really depends on each situation. There are legitimate agencies that can really help if you have real credit inaccuracies on your credit report. But that won't be true for everyone. Keep in mind that your bankruptcy case will be an accurate entry, so removing it from your credit report is not likely to happen by anyone's efforts. However, real inaccuracies like debts that should be labeled "Included in bankruptcy" and are not; can be targeted for repair. It's important that you pay close attention and research a company that "guarantees" results. You have to ask yourself, what exactly can these agencies tell the credit bureaus that will make them reverse my negative entries or that of my bankruptcy case? It sounds like a good idea, and perhaps that's the reason why there is so much fraud in credit repair. The same goes for those agencies that tell you that instead of bankruptcy you should go with their programs that promise to pay off your debts in only a few years for pennies on the dollar. They charge high commissions and may only help you sink yourself into more debt. Research any offers carefully in these two areas before you begin using their services. The Better Business Bureau is a great place to start your search.
Filing bankruptcy gets rid of all my debts - Not all of them. Bankruptcy courts are only concerned with your secured and unsecured debt. Under chapter 7 all of your unsecured debt will be discharged for good. Secured debt on the other hand, you'll need to continue paying for or surrender the collateral upon discharge. However, things like debts from lawsuits against you, child support, alimony, student loans, state taxes and federal taxes will not be discharged. The federal government offers a benefit that only certain people will qualify for. If you have a federal tax bill that's older than 3 years from the time you file your bankruptcy petition, then that tax bill may be discharged. Check with the IRS yourself to find out if you qualify.
Bankruptcy will take away all my belongings - Not really, when you do file for bankruptcy, you will have a trustee assigned to your case. One of the functions the trustee has is to find assets he can liquidate to pay your creditors; this is especially true in chapter 7 files. However, most people who file chapter 7 are usually already flat broke and have very few assets worth liquidating. For example if your car is still new and it's paid off, it could be seen as an asset that can be liquidated. But if it's a few years old and has moderate to high mileage, the trustee may consider it exempt. Stocks, bonds and other paper assets can also be liquidated, but your individual retirement account is exempt. You should check with your account administrator to make sure there aren't any clauses in your savings or retirement plan that may make it non-exempt. All your other possessions, such as your kitchen goods and appliances, your wardrobe, and your trinket collection will more than likely be exempt as well. What the trustee will be looking for is assets such as high end jewelry, rare collectibles or specialized items and top-shelf electronics that are worth his or her time. If you don't own any of these don't sweat this one too much.
I can max out my credit cards before filing - NO! And I mean no, do not make this mistake. The other function the trustee has in your case is to make sure that you are in fact in real financial hardship. Your credit card's spending record for the last two years will be analyzed and you will be questioned during your court hearing about expenses, donations or any transfer of assets. If your credit charge history shows things like iPods, computers, vacations, bar tabs or any other type of leisure items, it will be very hard to convince the court that your case is legit. Worse yet, you could be found guilty of fraud and find yourself in a lot of trouble. So don't do it. The general rule is to stop using your credit cards at least 90 days before you file. You should however give yourself a bigger gap and use your credit card only for necessities if you must use it.
How often can I file bankruptcy? - You can only file once every ten years. But don't go making a habit of this, a lot of people do this and it's not a good way to live. You should be learning from this experience not repeating it. You should be doing all you can to get your credit back to a healthier state which will not be easy. It will take years and lots of effort on your part so the sooner you start the sooner the healing begins.
I sincerely hope this has been helpful to you. If bankruptcy is something you are considering you should always consider alternatives and spend some time reading up on the subject. Bankruptcy can be complex and straight answers are not always easy to find. To make your finding answers a little easier, use the " " (double quotes)in your searches, for example: "how to file bankruptcy." This will tell the search engine that you're only interested in viewing documents that contain this exact phrase and in that exact order.
If you have serious concerns about bankruptcy, credit repair or identity theft, please visit these links Chapter 7, and Identity theft, for more information on these subjects. When you run into financial hardship and begin to consider filing for bankruptcy, you will need straight forward answers on how the process works and how to prepare. Learn the facts before filing chapter 7, chapter 13, or chapter 11. This is always free bankruptcy information. Please visit me at http://www.bankruptcyahead.com
Who can file for bankruptcy? - Any one or any company, corporation, or business unit who can no longer afford to pay their creditors. There are different chapters in the US bankruptcy code that will cover just about everyone. The most filed is chapter 7, which is what most individuals will file. This chapter allows you to discharge most of your debts without any further obligation to repay them. Chapter 13 allows individuals to reach new terms of repayment with their creditors rather than discharge the debt. Chapter 11 will give partnerships, companies and corporations, similar benefits, where the debt is not discharged either but re-arranged under new terms of repayment, that allow the debtor to make more manageable payments for a period of up to 5 years.
Will I be able to get credit after bankruptcy? - Another common perception about bankruptcy is that if you file you won't qualify for credit again, but you can in fact get a credit card or loan after bankruptcy. It is often recommended in order to start building a history of positive credit again. There are options in which you could use a prepaid credit card, that only allows you to spend what you deposit in your account so there's no way to over charge. You also can get a regular credit card, but more than likely it'll be from a sub-prime lender who will almost always impose a much higher interest rate on your card. So it's an option but just remember that it will cost you more.
Bankruptcy is a private matter - Actually no, bankruptcy is very much public record, and anyone wanting to find out if you have filed for bankruptcy, can find out. The courts really make this easy through a program called Pacer (http://pacer.psc.uscourts.gov/), which allows pretty much anyone to access court records for a fee. This is how you'll often end up getting offers from local car dealers. They know that in bankruptcy cases people often liquidate assets to repay creditors, so they're betting you had to surrender your vehicle and are in need of transportation. Often you may hear them say that they don't care about your bad credit, but be careful with those sub-prime rates you are likely to get if you have to finance the purchase. You'll also get lots of offers from law firms and agencies that "specialize" in credit repair after bankruptcy. This one you must consider carefully because credit repair does not apply to everyone.
My credit can be fixed after bankruptcy - This really depends on each situation. There are legitimate agencies that can really help if you have real credit inaccuracies on your credit report. But that won't be true for everyone. Keep in mind that your bankruptcy case will be an accurate entry, so removing it from your credit report is not likely to happen by anyone's efforts. However, real inaccuracies like debts that should be labeled "Included in bankruptcy" and are not; can be targeted for repair. It's important that you pay close attention and research a company that "guarantees" results. You have to ask yourself, what exactly can these agencies tell the credit bureaus that will make them reverse my negative entries or that of my bankruptcy case? It sounds like a good idea, and perhaps that's the reason why there is so much fraud in credit repair. The same goes for those agencies that tell you that instead of bankruptcy you should go with their programs that promise to pay off your debts in only a few years for pennies on the dollar. They charge high commissions and may only help you sink yourself into more debt. Research any offers carefully in these two areas before you begin using their services. The Better Business Bureau is a great place to start your search.
Filing bankruptcy gets rid of all my debts - Not all of them. Bankruptcy courts are only concerned with your secured and unsecured debt. Under chapter 7 all of your unsecured debt will be discharged for good. Secured debt on the other hand, you'll need to continue paying for or surrender the collateral upon discharge. However, things like debts from lawsuits against you, child support, alimony, student loans, state taxes and federal taxes will not be discharged. The federal government offers a benefit that only certain people will qualify for. If you have a federal tax bill that's older than 3 years from the time you file your bankruptcy petition, then that tax bill may be discharged. Check with the IRS yourself to find out if you qualify.
Bankruptcy will take away all my belongings - Not really, when you do file for bankruptcy, you will have a trustee assigned to your case. One of the functions the trustee has is to find assets he can liquidate to pay your creditors; this is especially true in chapter 7 files. However, most people who file chapter 7 are usually already flat broke and have very few assets worth liquidating. For example if your car is still new and it's paid off, it could be seen as an asset that can be liquidated. But if it's a few years old and has moderate to high mileage, the trustee may consider it exempt. Stocks, bonds and other paper assets can also be liquidated, but your individual retirement account is exempt. You should check with your account administrator to make sure there aren't any clauses in your savings or retirement plan that may make it non-exempt. All your other possessions, such as your kitchen goods and appliances, your wardrobe, and your trinket collection will more than likely be exempt as well. What the trustee will be looking for is assets such as high end jewelry, rare collectibles or specialized items and top-shelf electronics that are worth his or her time. If you don't own any of these don't sweat this one too much.
I can max out my credit cards before filing - NO! And I mean no, do not make this mistake. The other function the trustee has in your case is to make sure that you are in fact in real financial hardship. Your credit card's spending record for the last two years will be analyzed and you will be questioned during your court hearing about expenses, donations or any transfer of assets. If your credit charge history shows things like iPods, computers, vacations, bar tabs or any other type of leisure items, it will be very hard to convince the court that your case is legit. Worse yet, you could be found guilty of fraud and find yourself in a lot of trouble. So don't do it. The general rule is to stop using your credit cards at least 90 days before you file. You should however give yourself a bigger gap and use your credit card only for necessities if you must use it.
How often can I file bankruptcy? - You can only file once every ten years. But don't go making a habit of this, a lot of people do this and it's not a good way to live. You should be learning from this experience not repeating it. You should be doing all you can to get your credit back to a healthier state which will not be easy. It will take years and lots of effort on your part so the sooner you start the sooner the healing begins.
I sincerely hope this has been helpful to you. If bankruptcy is something you are considering you should always consider alternatives and spend some time reading up on the subject. Bankruptcy can be complex and straight answers are not always easy to find. To make your finding answers a little easier, use the " " (double quotes)in your searches, for example: "how to file bankruptcy." This will tell the search engine that you're only interested in viewing documents that contain this exact phrase and in that exact order.
If you have serious concerns about bankruptcy, credit repair or identity theft, please visit these links Chapter 7, and Identity theft, for more information on these subjects. When you run into financial hardship and begin to consider filing for bankruptcy, you will need straight forward answers on how the process works and how to prepare. Learn the facts before filing chapter 7, chapter 13, or chapter 11. This is always free bankruptcy information. Please visit me at http://www.bankruptcyahead.com
What is a Promissory Note and Why Do You Need One?
A promissory note is a legal contract used to record details of a loan transaction between two or more parties. Promissory notes are used in a variety of financial and real estate transactions, as well as business and personal loans. Before signing any promissory note agreement, it's important to understand the different types of notes, how they are used, repayment schedules and legal terms.
Types of Promissory Notes:
Personal: One of the most common types of promissory notes are ones used to document personal loans between family members or friends. Although many people shy away from legal documents when lending money to personal acquaintances, a personal promissory note can prevent misunderstandings. Drafting a personal note payable demonstrates a good faith effort on behalf of the Borrower and offers a sense of security to the Lender. Personal promissory notes should clearly state the repayment terms, amount to be repaid, how much interest will be charged and what will occur if the Borrower defaults on the loan.
Commercial: When borrowing money from a commercial lender, a promissory note will almost always be required. Similar to personal promissory notes, commercial notes outline the repayment terms, payment amount and interest rate. Should the Borrower default on a commercial promissory note, the lender has the right to demand full payment. For example, if you take out a $5000 loan and default on it with a balance of $2500 due, the Lender can demand you pay the balance immediately. If the lender is unable to collect, they can place a lien on the property you are financing. If the lender sues you, they can legally take possession of your property. Not only will you lose the property, but it will also leave a negative impact on your credit report.
Investments: Many organizations use promissory notes as a way to raise capital for business. A promissory note is issued to investors in exchange for a loan. This type of note payable guarantees investors will receive a return on their investment within a specific time period.
Real Estate: Negotiable promissory notes are used in real estate transactions. Governed by Article 3 of the Uniform Commercial Code, real estate promissory notes must meet certain conditions set forth by the National Conference of Commissioners on Uniform State Laws.
Repayment Schedules:
There are several types of repayment schedules associated with promissory notes. Personal notes are usually more lenient than commercial, investment or real estate notes. Commercial lenders typically devise a repayment schedule based on financial forecasting. Basically, there are three types of promissory note repayment schedules. They include:
Installment Payments with Interest: This type of repayment schedule is referred to as amortized payments and allows Borrowers to pay a set amount each month for a specific time period. A portion of the payment is applied toward the principal and the remainder is applied toward the interest. This type of repayment schedule is common when borrowing money for an automobile, home or business loan.
Balloon Payments: This type of repayment schedule allows borrowers to pay installment payments or interest-only payments; followed by one large (balloon) payment at the end of the loan. Although interest-only payments can be appealing, the downside is the principal amount of the note never decreases. The balloon payment consists of the entire amount of principal, along with any interest remaining on the loan.
Lump Sum Payment with (or without) Interest: This type of repayment schedule is frequently used for short term personal loans which can be paid back within twelve months or less. As the name implies, the Borrower repays the amount of the loan in one lump sum payment on a specific date. If interest in charged the amount of interest should clearly be stated in the promissory note along with the principal amount and repayment date.
Legal Terms:
Although promissory notes are relatively simple documents, it's always a good idea to have an attorney draft them. At the very least, an attorney should review the documents to ensure they are legally binding and will hold up in a court of law. Should you decide to draft a promissory note without legal counsel, it's wise to be familiar with the terminology used within the document. Basically, there are five legal terms used in a basic promissory note.
Promisor - The person who is obtaining the loan and who will be obligated to repay it.
Promisee - The person who is providing the loan and who will receive payment for it.
Obligor - The person who is bound by the legal agreement; usually the Promisor.
Obligee - The person to whom the Obligee is bound; usually the Promisee.
Mutual Consideration - When there is a contract between two parties there must be some value received by both parties. This is referred to as "mutual consideration". In the case of a promissory note the Promisor receives value from the loan and the Promisee receives value from the repayment of the loan.
Simon Volkov is a private real estate note investor who specializes in helping individuals liquidate their assets. From forthcoming Inheritance windfalls to outstanding Promissory Notes, Simon Volkov offers a host of solutions for those in need of cash. Learn more about by visiting:
http://www.SimonVolkov.com
Types of Promissory Notes:
Personal: One of the most common types of promissory notes are ones used to document personal loans between family members or friends. Although many people shy away from legal documents when lending money to personal acquaintances, a personal promissory note can prevent misunderstandings. Drafting a personal note payable demonstrates a good faith effort on behalf of the Borrower and offers a sense of security to the Lender. Personal promissory notes should clearly state the repayment terms, amount to be repaid, how much interest will be charged and what will occur if the Borrower defaults on the loan.
Commercial: When borrowing money from a commercial lender, a promissory note will almost always be required. Similar to personal promissory notes, commercial notes outline the repayment terms, payment amount and interest rate. Should the Borrower default on a commercial promissory note, the lender has the right to demand full payment. For example, if you take out a $5000 loan and default on it with a balance of $2500 due, the Lender can demand you pay the balance immediately. If the lender is unable to collect, they can place a lien on the property you are financing. If the lender sues you, they can legally take possession of your property. Not only will you lose the property, but it will also leave a negative impact on your credit report.
Investments: Many organizations use promissory notes as a way to raise capital for business. A promissory note is issued to investors in exchange for a loan. This type of note payable guarantees investors will receive a return on their investment within a specific time period.
Real Estate: Negotiable promissory notes are used in real estate transactions. Governed by Article 3 of the Uniform Commercial Code, real estate promissory notes must meet certain conditions set forth by the National Conference of Commissioners on Uniform State Laws.
Repayment Schedules:
There are several types of repayment schedules associated with promissory notes. Personal notes are usually more lenient than commercial, investment or real estate notes. Commercial lenders typically devise a repayment schedule based on financial forecasting. Basically, there are three types of promissory note repayment schedules. They include:
Installment Payments with Interest: This type of repayment schedule is referred to as amortized payments and allows Borrowers to pay a set amount each month for a specific time period. A portion of the payment is applied toward the principal and the remainder is applied toward the interest. This type of repayment schedule is common when borrowing money for an automobile, home or business loan.
Balloon Payments: This type of repayment schedule allows borrowers to pay installment payments or interest-only payments; followed by one large (balloon) payment at the end of the loan. Although interest-only payments can be appealing, the downside is the principal amount of the note never decreases. The balloon payment consists of the entire amount of principal, along with any interest remaining on the loan.
Lump Sum Payment with (or without) Interest: This type of repayment schedule is frequently used for short term personal loans which can be paid back within twelve months or less. As the name implies, the Borrower repays the amount of the loan in one lump sum payment on a specific date. If interest in charged the amount of interest should clearly be stated in the promissory note along with the principal amount and repayment date.
Legal Terms:
Although promissory notes are relatively simple documents, it's always a good idea to have an attorney draft them. At the very least, an attorney should review the documents to ensure they are legally binding and will hold up in a court of law. Should you decide to draft a promissory note without legal counsel, it's wise to be familiar with the terminology used within the document. Basically, there are five legal terms used in a basic promissory note.
Promisor - The person who is obtaining the loan and who will be obligated to repay it.
Promisee - The person who is providing the loan and who will receive payment for it.
Obligor - The person who is bound by the legal agreement; usually the Promisor.
Obligee - The person to whom the Obligee is bound; usually the Promisee.
Mutual Consideration - When there is a contract between two parties there must be some value received by both parties. This is referred to as "mutual consideration". In the case of a promissory note the Promisor receives value from the loan and the Promisee receives value from the repayment of the loan.
Simon Volkov is a private real estate note investor who specializes in helping individuals liquidate their assets. From forthcoming Inheritance windfalls to outstanding Promissory Notes, Simon Volkov offers a host of solutions for those in need of cash. Learn more about by visiting:
http://www.SimonVolkov.com
The Prenuptial Agreement
It is easy to deal with a failed marriage. You have to think about all the emotions that you will go through and all the financial decisions that you will have to think about. It all can be a hard combination to deal with. All of your decisions and actions of your marriage will make a difference in divorce.
The biggest mistake that many people make is that they don't get a prenuptial agreement. It is just in the best interest of both parties. You will find that it protects your future and also protects all of the things that you have earned. You will also find that a prenup will make divorce so much faster. With a prenuptial agreement you will be able to reach a settlement that both parties can live with for the rest of their life.
There are many men who think that if they get the prenuptial agreement that they won't lose any assets, however, you can't protect the things that you don't have. You may end up losing the couch or a car. Anything that is mutual will be split down the middle. If it isn't in the contract, then it is considered community property no matter who paid for it. You will want to make sure that you take the contract serious. You could end up signing away more than you think.
You may think that if you have nothing it is unnecessary, but you will want to protect your future. If you both agree to keep your own bank accounts, then you will both be able to walk away with what is earned and deserved, however, if your marriage is not built on love you will find out when you go to get the prenup. When you get the prenup you will find if the marriage is a loving marriage or a marriage built on comfort.
Also, you can't allow your lawyer to take care of it all. You will want to make sure that you sit down with your lawyer and figure out together what needs to be stated. You can have a 200 page prenup, but keep in mind that the more you have written in contract, the more you will be able to settle out of court.
When it comes to dealing with the lawyers, make sure that you both are ready to end the marriage. When you have emotions running wild, you will not want to settle. Your lawyers will not care if you settle quickly, because they get more money from you in the end for their services. You will want to make sure that before you bring in the lawyers that everyone is at the understanding.
There are many couples today that cannot make their marriage work and they jump to the conclusion that they must get a divorce. So there are some advice for them, if you want more about it, please visit my website: http://www.divorce-thefamily.cn
The biggest mistake that many people make is that they don't get a prenuptial agreement. It is just in the best interest of both parties. You will find that it protects your future and also protects all of the things that you have earned. You will also find that a prenup will make divorce so much faster. With a prenuptial agreement you will be able to reach a settlement that both parties can live with for the rest of their life.
There are many men who think that if they get the prenuptial agreement that they won't lose any assets, however, you can't protect the things that you don't have. You may end up losing the couch or a car. Anything that is mutual will be split down the middle. If it isn't in the contract, then it is considered community property no matter who paid for it. You will want to make sure that you take the contract serious. You could end up signing away more than you think.
You may think that if you have nothing it is unnecessary, but you will want to protect your future. If you both agree to keep your own bank accounts, then you will both be able to walk away with what is earned and deserved, however, if your marriage is not built on love you will find out when you go to get the prenup. When you get the prenup you will find if the marriage is a loving marriage or a marriage built on comfort.
Also, you can't allow your lawyer to take care of it all. You will want to make sure that you sit down with your lawyer and figure out together what needs to be stated. You can have a 200 page prenup, but keep in mind that the more you have written in contract, the more you will be able to settle out of court.
When it comes to dealing with the lawyers, make sure that you both are ready to end the marriage. When you have emotions running wild, you will not want to settle. Your lawyers will not care if you settle quickly, because they get more money from you in the end for their services. You will want to make sure that before you bring in the lawyers that everyone is at the understanding.
There are many couples today that cannot make their marriage work and they jump to the conclusion that they must get a divorce. So there are some advice for them, if you want more about it, please visit my website: http://www.divorce-thefamily.cn
When Filing Bankrupcy You Should Know The Rules - Help Getting Fast Debt Relief
If you are in a situation were you need to file for a Bankruptcy then you need to know the rules so you can better equip yourself for your situation. We all get into trouble from time to time and sometimes it is necessary to file for Bankruptcy do that we can get a fresh start. It is important to know that the courts now want you to go through credit counseling and debt management before you file for bankruptcy. It is important to know that you can avoid from having to file again if you get into trouble.
One of the really important thing to do is to find a great Bankruptcy attorney that can explain all the rules to you and can help you each step of the way. You want to make sure you find an attorney that is familiar with the new Bankruptcy Laws and can help you pay off your creditors and get your credit back on good standing. It is bad enough to have to file for Bankruptcy but you want to make sure you have the right attorney on your side.
It is important to know which Chapter you should file under and a good attorney will help you with this. Make sure you get references from your new attorney because you want to make sure he is experienced with Bankruptcy and that this is not his sideline expertise.
Remember you want to get an attorney that will help you through the issues and get you on the road to better credit.
Learn How to Get Relief Now: Debt Relief
Learn how to get: Financial Help
Bryan Burbank is an expert in the field of Bankruptcy. http://bigloanguide.com
One of the really important thing to do is to find a great Bankruptcy attorney that can explain all the rules to you and can help you each step of the way. You want to make sure you find an attorney that is familiar with the new Bankruptcy Laws and can help you pay off your creditors and get your credit back on good standing. It is bad enough to have to file for Bankruptcy but you want to make sure you have the right attorney on your side.
It is important to know which Chapter you should file under and a good attorney will help you with this. Make sure you get references from your new attorney because you want to make sure he is experienced with Bankruptcy and that this is not his sideline expertise.
Remember you want to get an attorney that will help you through the issues and get you on the road to better credit.
Learn How to Get Relief Now: Debt Relief
Learn how to get: Financial Help
Bryan Burbank is an expert in the field of Bankruptcy. http://bigloanguide.com
How to Create a Solid Partnership Agreement
If you have decided on partnership as the most favorable form of business for your enterprise, then among the first things you have to do is the creation of a partnership agreement that is solid and reliable enough.
Here are important things to remember as you conceptualize and make your agreement.
• Put your agreement into written form immediately - it is essential that you put the in written form all agreements you and your partner have reached regarding responsibilities and rights in the business, as quickly as possible.
Not having a written document of your agreement may result to you being ill equipped in settling conflicts once they arise. Minor differences of opinion may turn into full-blown legal disputes.
Further, without a written agreement that says otherwise, the state laws that govern your business will have to control a lot of aspects about your business.
In this sense, you will be able to realize that having a written and ratified partnership agreement is a great help for your business.
- It enables you to build up and organize the relationship you and your partners would be sharing in such a way that would be favorable for the business.
- It gives you a chance to establish the shares in profits (even losses) that each or every partner may would take and the responsibilities of each partner.
- It clarifies issues on what direction the business would take when a partner absconds from his/her part in the business.
- It enables for other essential guidelines in the business to be imposed.
Here are the most important areas to include in the partnership agreement. Before putting the agreements in official writing, though make sure that you and your potential partner have considered these matters and discussed them carefully:
• Business partnership's name - depending on your agreement, you could use your combined names as official business partnership name or register the company with a fictitious business name.
• Contributions of each partner - it is significant that you and your partner establish and record each of your contributions for the business before opening it. Set the ownership percentage that each partner is obliged with.
• Profits, draws and losses allocated to each partner - establish the proportions allocated in a partner's percentage interest, other options like regular draws, frequency of distribution of profits, and other important matters.
• Authority of each partner - clearing up the issue of binding the partnership
• Decision - making in the partnership - the system you would implement so that each partner has equal share in the decision-making process of important matters in the business.
• Management duties - division of tasks between all the partners concerned
• Allowing new partners in the business - regarding business expansion and the procedure of allowing in new partners
• Withdrawal/retraction or death of a partner - make regulations in the proper handling of a withdrawing partner. Setting up a practical buyout scheme that can be offered for the other partners left behind.
• Resolving conflicts or disputes - setting up a way towards resolving disputes especially if there was a deadlock regarding certain issues
Consulting with a business lawyer can be a great help in creating and finally ratifying an effective partnership agreement.
Find more qualified information in spearheading partnership establishment and solid Partnership Agreements in Los Angeles at the Los Angeles lawyers website.
Here are important things to remember as you conceptualize and make your agreement.
• Put your agreement into written form immediately - it is essential that you put the in written form all agreements you and your partner have reached regarding responsibilities and rights in the business, as quickly as possible.
Not having a written document of your agreement may result to you being ill equipped in settling conflicts once they arise. Minor differences of opinion may turn into full-blown legal disputes.
Further, without a written agreement that says otherwise, the state laws that govern your business will have to control a lot of aspects about your business.
In this sense, you will be able to realize that having a written and ratified partnership agreement is a great help for your business.
- It enables you to build up and organize the relationship you and your partners would be sharing in such a way that would be favorable for the business.
- It gives you a chance to establish the shares in profits (even losses) that each or every partner may would take and the responsibilities of each partner.
- It clarifies issues on what direction the business would take when a partner absconds from his/her part in the business.
- It enables for other essential guidelines in the business to be imposed.
Here are the most important areas to include in the partnership agreement. Before putting the agreements in official writing, though make sure that you and your potential partner have considered these matters and discussed them carefully:
• Business partnership's name - depending on your agreement, you could use your combined names as official business partnership name or register the company with a fictitious business name.
• Contributions of each partner - it is significant that you and your partner establish and record each of your contributions for the business before opening it. Set the ownership percentage that each partner is obliged with.
• Profits, draws and losses allocated to each partner - establish the proportions allocated in a partner's percentage interest, other options like regular draws, frequency of distribution of profits, and other important matters.
• Authority of each partner - clearing up the issue of binding the partnership
• Decision - making in the partnership - the system you would implement so that each partner has equal share in the decision-making process of important matters in the business.
• Management duties - division of tasks between all the partners concerned
• Allowing new partners in the business - regarding business expansion and the procedure of allowing in new partners
• Withdrawal/retraction or death of a partner - make regulations in the proper handling of a withdrawing partner. Setting up a practical buyout scheme that can be offered for the other partners left behind.
• Resolving conflicts or disputes - setting up a way towards resolving disputes especially if there was a deadlock regarding certain issues
Consulting with a business lawyer can be a great help in creating and finally ratifying an effective partnership agreement.
Find more qualified information in spearheading partnership establishment and solid Partnership Agreements in Los Angeles at the Los Angeles lawyers website.
The Right Florida Residential Lease Document
Getting the correct Florida residential lease paperwork can be a nightmare for you as a landlord. Renting properties, though, can be a seriously profitable business for you. You can make quite a bit of money simply renting homes in the Florida area. However, there are a number of different problems that can crop up if you don't truly understand your duties as a landlord. Tenants may fail to pay rent. Moreover, they could damage your property, leaving you with serious costs on your hands. As a result, it is essential to get the right Florida residential lease document so that your rights will be protected by a court of law if anything happens to your investment. There are many ways you can find the correct Florida residential lease document.
One of the easiest ways to find the right document to fit your needs is to search the internet. A number of copies of a general Florida residential lease agreement are floating around at various websites. However, these free documents should be used with a measure of caution. While they are quite helpful, and for the most part, will stand up in court, if you don't understand the document or don't complete your sections of the document properly, it could be rendered void in a court, leaving you without recourse for your property damage or monetary loss. As a result, unless you have handled Florida residential lease agreements in the past, you should probably avoid the free documents.
Paying a lawyer to help you with your lease agreements, though, may still be a bit out of your monetary range. There are still a number of places on the internet that can help you create the solid legal documents you need to protect your rights as a landlord. Sites like landlord.com are one great resource. They can help give you the information you may need, and they can help connect you with other landlords in your area, which can be an invaluable resource.
Another option you might consider taking advantage of is subscription sites with lease documents. Many of these will answer all of your questions and help to tailor your Florida residential lease agreement to your needs. This can help to protect your rights should they ever be questioned.
Getting the right Florida residential lease agreement paperwork is essential to your role as a landlord. Consult the help you need, and your first rental should go rather smoothly.
Matt Morrison is a regular author for Florida South Homes, Las Vegas Homes and California Real Estate Pierce
One of the easiest ways to find the right document to fit your needs is to search the internet. A number of copies of a general Florida residential lease agreement are floating around at various websites. However, these free documents should be used with a measure of caution. While they are quite helpful, and for the most part, will stand up in court, if you don't understand the document or don't complete your sections of the document properly, it could be rendered void in a court, leaving you without recourse for your property damage or monetary loss. As a result, unless you have handled Florida residential lease agreements in the past, you should probably avoid the free documents.
Paying a lawyer to help you with your lease agreements, though, may still be a bit out of your monetary range. There are still a number of places on the internet that can help you create the solid legal documents you need to protect your rights as a landlord. Sites like landlord.com are one great resource. They can help give you the information you may need, and they can help connect you with other landlords in your area, which can be an invaluable resource.
Another option you might consider taking advantage of is subscription sites with lease documents. Many of these will answer all of your questions and help to tailor your Florida residential lease agreement to your needs. This can help to protect your rights should they ever be questioned.
Getting the right Florida residential lease agreement paperwork is essential to your role as a landlord. Consult the help you need, and your first rental should go rather smoothly.
Matt Morrison is a regular author for Florida South Homes, Las Vegas Homes and California Real Estate Pierce
The 9 Things that You Must Tell Your Divorce Attorney
Divorce is hard. Whether you have been married for a very short time or many years, divorce is the end of hopes and dreams. Divorce is expensive, emotionally and financially.
Some people choose to represent themselves, and this advice is not for those brave souls. It must be repeated here that it is often said that an attorney who represents himself or herself has a fool for a client, and the same is surely true of the non-attorney who acts as his or her own attorney.
If you have an attorney for your divorce (or modification or other family law matter), here is a list of the 9 things that you must be certain your attorney knows.
1. The single most important thing to me:
2. The second most important thing to me:
3. The following things are important to me, but they are not essential. I am willing to negotiate about these items:
4. The following items are not all that important to me, but I would like to keep them in mind as part of my overall outcome:
5. The following things are of no consequence to me whatsoever:
6. Are my goals realistic and if not, why not:
7. This is what I think are the most important things for you to know about the other person or people on the other side of the case:
8. What I think is the most important thing to the other person or people involved in this case:
9. What I think is the greatest tissue between me and the other person or people involved in this case:
If you are worried that your attorney will think an honest answer to any of these questions will be silly or petty, you have the wrong attorney.
Always remember that the court system and the laws are not always going to be what you perceive to be fair, and sometimes the answer to whether something can or will happen will be "no", and the explanation will be "because it just won't happen." That does not mean that you have a bad attorney, just an honest one.
Giving your attorney your answers to these questions will allow your attorney to better prepare tot handle your case and also to better serve you and your needs.
Leigh Joy Carson, St. Louis Family Law Attorney
http://www.thecarsonlawfirm.com
Some people choose to represent themselves, and this advice is not for those brave souls. It must be repeated here that it is often said that an attorney who represents himself or herself has a fool for a client, and the same is surely true of the non-attorney who acts as his or her own attorney.
If you have an attorney for your divorce (or modification or other family law matter), here is a list of the 9 things that you must be certain your attorney knows.
1. The single most important thing to me:
2. The second most important thing to me:
3. The following things are important to me, but they are not essential. I am willing to negotiate about these items:
4. The following items are not all that important to me, but I would like to keep them in mind as part of my overall outcome:
5. The following things are of no consequence to me whatsoever:
6. Are my goals realistic and if not, why not:
7. This is what I think are the most important things for you to know about the other person or people on the other side of the case:
8. What I think is the most important thing to the other person or people involved in this case:
9. What I think is the greatest tissue between me and the other person or people involved in this case:
If you are worried that your attorney will think an honest answer to any of these questions will be silly or petty, you have the wrong attorney.
Always remember that the court system and the laws are not always going to be what you perceive to be fair, and sometimes the answer to whether something can or will happen will be "no", and the explanation will be "because it just won't happen." That does not mean that you have a bad attorney, just an honest one.
Giving your attorney your answers to these questions will allow your attorney to better prepare tot handle your case and also to better serve you and your needs.
Leigh Joy Carson, St. Louis Family Law Attorney
http://www.thecarsonlawfirm.com
Boat Bill Of Sale - 3 Reasons Why You Should Use A Boat Bill of Sale Form
It is important to utilize a boat bill of sale form when buying or selling a used boat. A bill of sale form provides the seller with proof that the new owner is now legally responsible for the boat. For the buyer, a bill of sale form is proof of purchase that the boat is theirs.
When utilizing a boat bill of sale form, it is suggested that it contains the following;
1. the name and residential address of the purchaser.
2. the name and residential address of the seller.
3. a thorough description of the vessel, including make, model and hull identification number.
4. the sale price.
5. the time and date of sale.
6. the signatures of both the buyer and the seller.
Many states in the US will need you to provide a boat bill of sale form before you can register the boat in your name. It is probable that each state may have a slightly different process by which the registration occurs, but the basic information listed above is common to all states and required everywhere.
A boat bill of sale form when correctly filled out provides protection and security for both the buyer and the seller. The seller is protected as they now have proof as to when the boat was legally transferred. All monies owed or fines accrued on the vessel after this time are now the responsibility of the new owner. Similarly the purchaser is protected as they have a record of the date at which they bought the boat and anything that happened before that date can be shown to be the result of the previous owners actions.
All buyers and sellers of second-hand boats are advised to make use of a boat bill of sale form for their own protection and peace of mind.
Darren D King is an avid boatsman and businessman. He runs a website providing professional boat bill of sale forms that provide boat buyers with security and peace of mind. For more information on boat bill of sale forms, please see http://www.BoatBillOfSale.org
When utilizing a boat bill of sale form, it is suggested that it contains the following;
1. the name and residential address of the purchaser.
2. the name and residential address of the seller.
3. a thorough description of the vessel, including make, model and hull identification number.
4. the sale price.
5. the time and date of sale.
6. the signatures of both the buyer and the seller.
Many states in the US will need you to provide a boat bill of sale form before you can register the boat in your name. It is probable that each state may have a slightly different process by which the registration occurs, but the basic information listed above is common to all states and required everywhere.
A boat bill of sale form when correctly filled out provides protection and security for both the buyer and the seller. The seller is protected as they now have proof as to when the boat was legally transferred. All monies owed or fines accrued on the vessel after this time are now the responsibility of the new owner. Similarly the purchaser is protected as they have a record of the date at which they bought the boat and anything that happened before that date can be shown to be the result of the previous owners actions.
All buyers and sellers of second-hand boats are advised to make use of a boat bill of sale form for their own protection and peace of mind.
Darren D King is an avid boatsman and businessman. He runs a website providing professional boat bill of sale forms that provide boat buyers with security and peace of mind. For more information on boat bill of sale forms, please see http://www.BoatBillOfSale.org
Power of Attorney
The Oxford dictionary defines a Power of Attorney as “the authority to act for another person in specified legal or financial matters”. In other words, granting someone a power of attorney empowers that person to manage your financial or legal affairs within defined boundaries. The person authorizing the other to act is the “Principal” and the one authorized to act is the “Agent” or “Attorney In Fact” (AIF).
The Power of Attorney may be verbal—such as requesting someone to sign your name on a document—or it may be done in writing. However, institutions such as banks require a power of attorney to be in writing before they will honor it, and they usually request the original copy. When appointing an AIF, the principal should authorize someone he trusts implicitly. The Power of Attorney must be drafted keeping state law requirements in mind; most people use an attorney for this chore, while others prefer doing it themselves with the aid of a fill-in-the-blank form.
It is crucial to define the extent of the Power of Attorney. The powers might be very restricted, such as granting someone the authority to sell your car or a piece of land while you are overseas. Or, the powers might be very broad, such as the power to buy and sell your property, lend and borrow money in your name, and so forth. The principal must determine if the Power of Attorney will take effect immediately or when something prevents him from acting himself.
Some official procedures should be observed in keeping with the principal’s interests; the Power of Attorney must be signed in front of reliable witnesses, notarized, and recorded in court. In some cases, the Equal Dignity Rule comes into play; according to this rule of law, if you give someone your Power of Attorney to sign the papers to sell your property, and the law requires that signature on the legal document to be notarized, then your Power of Attorney authorizing that agent to sign the deed must be notarized, too.
Power Of Attorney provides detailed information about power of attorney, power of attorney forms, medical power of attorney, limited power of attorney and more. Power Of Attorney is the sister site of Divorce Legal Forms.
The Power of Attorney may be verbal—such as requesting someone to sign your name on a document—or it may be done in writing. However, institutions such as banks require a power of attorney to be in writing before they will honor it, and they usually request the original copy. When appointing an AIF, the principal should authorize someone he trusts implicitly. The Power of Attorney must be drafted keeping state law requirements in mind; most people use an attorney for this chore, while others prefer doing it themselves with the aid of a fill-in-the-blank form.
It is crucial to define the extent of the Power of Attorney. The powers might be very restricted, such as granting someone the authority to sell your car or a piece of land while you are overseas. Or, the powers might be very broad, such as the power to buy and sell your property, lend and borrow money in your name, and so forth. The principal must determine if the Power of Attorney will take effect immediately or when something prevents him from acting himself.
Some official procedures should be observed in keeping with the principal’s interests; the Power of Attorney must be signed in front of reliable witnesses, notarized, and recorded in court. In some cases, the Equal Dignity Rule comes into play; according to this rule of law, if you give someone your Power of Attorney to sign the papers to sell your property, and the law requires that signature on the legal document to be notarized, then your Power of Attorney authorizing that agent to sign the deed must be notarized, too.
Power Of Attorney provides detailed information about power of attorney, power of attorney forms, medical power of attorney, limited power of attorney and more. Power Of Attorney is the sister site of Divorce Legal Forms.
A Last Will And Testament Is A Voice That Remains
A last will and testament acts like the voice of a deceased person. Legal experts usually strongly suggest that each person should prepare a last will and testament to prevent any disputes among family and friends. The last will and testament should include information on the wishes of each person after they die. This information should include wishes about the disposition of their personal effects, their bank accounts and real estate. There are certain rules and laws that will apply if there is no last will and testament, but the absence of this legal document could be costly and time consuming for the survivors of any deceased person.
A last will and testament can be drawn up by a qualified attorney for best results. These experts have the academic background for this job, and they usually have valuable experience in dealing with these matters. A last will and testament drawn up by qualified lawyers will usually stand up in front of a judge and court. Although the fees for their services might be expensive, their services could result in savings in the long run. A last will and testament that is not prepared by legal experts might produce problems after a person dies. The spouse and children might end up spending more on the fees of lawyers if they do not have the proper documents.
A Last Will And Testament Varies For Each Person
The general purpose of a last will and testament is the same for all people, but the details can differ greatly. Some people have more personal possessions and assets than others, and these things could make the process more difficult and confusing. One person may not have many possessions while another could have extensive real estate holdings and a great fortune. Those people with limited assets and possessions will have a very simple document to show their wishes after they die. Very wealthy people will probably have an extensive last will and testament.
There are forms available on the internet and at the local bookstore that can be used as a last will and testament for some people. These can be filled out, notarized and kept in a safe place. People with many possessions and assets should probably have their documents prepared by qualified lawyers. A document prepared by lawyers will probably save the family from extra trouble. Each person should update their legal documents periodically to make sure that all their wishes are covered.
Dana Steven is a contributing Editor for http://www.aseni.com. Find out which wills products, treatments & solutions will continue to be beautiful at any time. Our site is dedicated to providing information about wills well options so you can continue to do it perfect, if want to more information, please visit living-will
A last will and testament can be drawn up by a qualified attorney for best results. These experts have the academic background for this job, and they usually have valuable experience in dealing with these matters. A last will and testament drawn up by qualified lawyers will usually stand up in front of a judge and court. Although the fees for their services might be expensive, their services could result in savings in the long run. A last will and testament that is not prepared by legal experts might produce problems after a person dies. The spouse and children might end up spending more on the fees of lawyers if they do not have the proper documents.
A Last Will And Testament Varies For Each Person
The general purpose of a last will and testament is the same for all people, but the details can differ greatly. Some people have more personal possessions and assets than others, and these things could make the process more difficult and confusing. One person may not have many possessions while another could have extensive real estate holdings and a great fortune. Those people with limited assets and possessions will have a very simple document to show their wishes after they die. Very wealthy people will probably have an extensive last will and testament.
There are forms available on the internet and at the local bookstore that can be used as a last will and testament for some people. These can be filled out, notarized and kept in a safe place. People with many possessions and assets should probably have their documents prepared by qualified lawyers. A document prepared by lawyers will probably save the family from extra trouble. Each person should update their legal documents periodically to make sure that all their wishes are covered.
Dana Steven is a contributing Editor for http://www.aseni.com. Find out which wills products, treatments & solutions will continue to be beautiful at any time. Our site is dedicated to providing information about wills well options so you can continue to do it perfect, if want to more information, please visit living-will
Why You Need To Use An Illinois Last Will And Testament Form
In case a person dies in the State of Illinois and does not leave behind a will, the individual's estate is passed on to the beneficiaries according to Illinois State laws as laid down in the probate code of that state. The only trouble with not drawing out a will is that the way that the estate is distributed amongst beneficiaries may not always be in accordance with what the deceased person would have wanted.
Simplified Procedure
Thus, it would be simple for anyone to realize the importance of making out a will and the fact is that by also using an Illinois last will and testament form, the whole process of drafting the last will and testament gets very simplified and you can then be sure that your estate will be distributed according to your wishes and not according to the dictates of the state. In fact, by using Illinois last will and testament form, you may even dispense with having to hire a lawyer to draft out the will for you because most often, Illinois last will and testament form will conform to the basic requirements of an effective last will and testament.
However, there is also nothing stopping you from using professional help in completing the Illinois last will and testament form which would then help an individual to have his wishes expressed even more clearly and unambiguously, and in addition, once you have completed the Illinois last will and testament form with the help of an attorney, you can rest assured that your wishes will be respected and the estate will be distributed exactly according to your last wishes.
There are certain features of the Illinois last will and testament form that you should look for including declaring your marital status as well as number of children that you have. In addition, you also need to ensure that there is included an article in the Illinois last will and testament form that mentions clearly how you wish for your estate to be divided and to also specify who will get what.
In addition, you must also ensure that the Illinois last will and testament form includes an article that defines what needs to be done in case the children of the testator are minors and also declare as to who will act as the executor or administrator of your will.
If these simple points are kept in mind and the required articles are included in the Illinois last will and testament form, you can rest assured that the process of inheritance will pass off smoothly and without a hitch and thus your last wishes will also be followed without inconveniencing your surviving family members and other beneficiaries.
Dana Steven is a contributing Editor for http://www.aseni.com. Find out which wills products, treatments & solutions will continue to be beautiful at any time. Our site is dedicated to providing information about wills well options so you can continue to do it perfect, if want to more information, please visit living-will.
Simplified Procedure
Thus, it would be simple for anyone to realize the importance of making out a will and the fact is that by also using an Illinois last will and testament form, the whole process of drafting the last will and testament gets very simplified and you can then be sure that your estate will be distributed according to your wishes and not according to the dictates of the state. In fact, by using Illinois last will and testament form, you may even dispense with having to hire a lawyer to draft out the will for you because most often, Illinois last will and testament form will conform to the basic requirements of an effective last will and testament.
However, there is also nothing stopping you from using professional help in completing the Illinois last will and testament form which would then help an individual to have his wishes expressed even more clearly and unambiguously, and in addition, once you have completed the Illinois last will and testament form with the help of an attorney, you can rest assured that your wishes will be respected and the estate will be distributed exactly according to your last wishes.
There are certain features of the Illinois last will and testament form that you should look for including declaring your marital status as well as number of children that you have. In addition, you also need to ensure that there is included an article in the Illinois last will and testament form that mentions clearly how you wish for your estate to be divided and to also specify who will get what.
In addition, you must also ensure that the Illinois last will and testament form includes an article that defines what needs to be done in case the children of the testator are minors and also declare as to who will act as the executor or administrator of your will.
If these simple points are kept in mind and the required articles are included in the Illinois last will and testament form, you can rest assured that the process of inheritance will pass off smoothly and without a hitch and thus your last wishes will also be followed without inconveniencing your surviving family members and other beneficiaries.
Dana Steven is a contributing Editor for http://www.aseni.com. Find out which wills products, treatments & solutions will continue to be beautiful at any time. Our site is dedicated to providing information about wills well options so you can continue to do it perfect, if want to more information, please visit living-will.
Wedding Name Change Options
A Woman has several options available to her once she marries. Will she take on her husbands name? Keep her maiden name? Perhaps she’ll add his last name to her own name with a hyphen separating the two. Although it seems quite confusing and complex, it really isn’t. Read up on your name change options and decide for yourself.
• If the Wife Decides to Take Her Husband’s Surname (Nancy Jones becomes Nancy Hill after she marries John Hill). This is a traditional routine embraced by couples globally. Nevertheless, many women prefer to break the tradition of adopting a mans last name, as they find it sexist. Others enjoy having their families share the same surname. If the wife decides to change her name, she must change her name on all legal documents including: drivers license, passport, utilities, and credit cards.
• Wife Decides to Hyphenate The Two Surnames (Nancy Jones becomes Nancy Jones-Hill). This option preserves the woman’s surname, while adding the husband’s last name. It’s very important that the wife always use the hyphenated name. If there are children involved, they too can adopt hyphenated names or keep their own.
• Wife Decides to Use Given Birth Name as Her Middle Name (Nancy Jones becomes Nancy Jones Hill, without any hyphenation. What’s the difference, you ask? Some people find the hyphenation awkward. This way, the maiden name is preserved, but the husbands last name can be added.
• Wife Decides to Keep Her Maiden Name (Nancy Jones remains Nancy Jones). Although this can lead people to believe you are not married, many women prefer to utilize this option. If a woman has been called “Nancy Jones,“ her whole life–she may fear change and loss of her own identity. People who call Nancy Hill, unless corrected. Remind these people you are “Nancy Jones” wife of John Hill. Others think of “Mrs. Hill,“ as a title and are not offended by the easily made mistake. Others still associate their name with their identity and become annoyed by the commonly made mistake.
• Wife Decides to Take Her Husband’s Name Socially, Yet Keeps Own Surname Professionally (Nancy Jones is Nancy Jones on a professional level, but when she comes home from the office, she’s Nancy Hill) This is a very popular option for a professional woman with a reputation. She can utilize the single surnames for whatever occasion. For instance, if Nancy Smith is a doctor, she will be known as Dr. Smith forever. Meanwhile, she may be known as Mrs. Hill by her children’s teachers.
Jen Carter is owner of My Wedding Blog, a free wedding planner guide about weddings. This article can be found in our wedding tips category. You may publish our articles on your website only if you do not edit the article in any way, and include all html as direct links to our site.
• If the Wife Decides to Take Her Husband’s Surname (Nancy Jones becomes Nancy Hill after she marries John Hill). This is a traditional routine embraced by couples globally. Nevertheless, many women prefer to break the tradition of adopting a mans last name, as they find it sexist. Others enjoy having their families share the same surname. If the wife decides to change her name, she must change her name on all legal documents including: drivers license, passport, utilities, and credit cards.
• Wife Decides to Hyphenate The Two Surnames (Nancy Jones becomes Nancy Jones-Hill). This option preserves the woman’s surname, while adding the husband’s last name. It’s very important that the wife always use the hyphenated name. If there are children involved, they too can adopt hyphenated names or keep their own.
• Wife Decides to Use Given Birth Name as Her Middle Name (Nancy Jones becomes Nancy Jones Hill, without any hyphenation. What’s the difference, you ask? Some people find the hyphenation awkward. This way, the maiden name is preserved, but the husbands last name can be added.
• Wife Decides to Keep Her Maiden Name (Nancy Jones remains Nancy Jones). Although this can lead people to believe you are not married, many women prefer to utilize this option. If a woman has been called “Nancy Jones,“ her whole life–she may fear change and loss of her own identity. People who call Nancy Hill, unless corrected. Remind these people you are “Nancy Jones” wife of John Hill. Others think of “Mrs. Hill,“ as a title and are not offended by the easily made mistake. Others still associate their name with their identity and become annoyed by the commonly made mistake.
• Wife Decides to Take Her Husband’s Name Socially, Yet Keeps Own Surname Professionally (Nancy Jones is Nancy Jones on a professional level, but when she comes home from the office, she’s Nancy Hill) This is a very popular option for a professional woman with a reputation. She can utilize the single surnames for whatever occasion. For instance, if Nancy Smith is a doctor, she will be known as Dr. Smith forever. Meanwhile, she may be known as Mrs. Hill by her children’s teachers.
Jen Carter is owner of My Wedding Blog, a free wedding planner guide about weddings. This article can be found in our wedding tips category. You may publish our articles on your website only if you do not edit the article in any way, and include all html as direct links to our site.
How To Legally Change Your Name
Legally changing your name is assumed to be facile. There are so many people getting married, so a legal name change should be quite frequent. Even though that's partly true, changing your name might not always be such an easy thing to do. What is easy is to change your name in case of marriage or divorce. The process has been speeded up and you get legal name change forms when getting married or divorce. The reason for that is that they want to make it easy for those willing to married. More children come with more marriages and this is a good thing.
However, if you decide to legally change your name for any other reasons of your own, then this process will be neither easy, nor fast. I don't know the reason for that but you should be very determined and stubborn. I believe every American should have the right to legally change his name in no time. I really don't understand why it has to be so hard if you are not a woman getting married. But you have to go through the hoops before you can have a different name.
If you want to legally change your name and you are not in the process of getting married or divorced, then you need to fill out multiple forms. Sometimes you even should see a judge before the legal name change is done, what's more, the judge has to approve your new name. Another thing you should do is to put an ad in a newspaper declaring you are going to change your name and notify all the proper authorities.
This process often takes weeks or even months and frequently you have to pay some fees. Of course, I am ready to accept that, because informing the authorities is necessary, as it prevents abuses of the system. For instance, if you are a criminal and you might want to legally change your name, so that the authorities won't find you.
However, once you start this time-consuming process of legal name change in case you are wanted you will soon be taken into custody. Despite that, there should be an easy way for ordinary citizens to legally change their names. After all, fighting with criminals is good but it should not affect innocent people and make their life harder just because they want to have a different name.
Morgan Hamilton offers expert advice and great tips regarding all aspects concerning self help. Get the information you are seeking now by visiting Legally Change Your Name
However, if you decide to legally change your name for any other reasons of your own, then this process will be neither easy, nor fast. I don't know the reason for that but you should be very determined and stubborn. I believe every American should have the right to legally change his name in no time. I really don't understand why it has to be so hard if you are not a woman getting married. But you have to go through the hoops before you can have a different name.
If you want to legally change your name and you are not in the process of getting married or divorced, then you need to fill out multiple forms. Sometimes you even should see a judge before the legal name change is done, what's more, the judge has to approve your new name. Another thing you should do is to put an ad in a newspaper declaring you are going to change your name and notify all the proper authorities.
This process often takes weeks or even months and frequently you have to pay some fees. Of course, I am ready to accept that, because informing the authorities is necessary, as it prevents abuses of the system. For instance, if you are a criminal and you might want to legally change your name, so that the authorities won't find you.
However, once you start this time-consuming process of legal name change in case you are wanted you will soon be taken into custody. Despite that, there should be an easy way for ordinary citizens to legally change their names. After all, fighting with criminals is good but it should not affect innocent people and make their life harder just because they want to have a different name.
Morgan Hamilton offers expert advice and great tips regarding all aspects concerning self help. Get the information you are seeking now by visiting Legally Change Your Name
Probate Court - Sorting Out the Intricacies of Inheritance
Probate court is a special court that addresses matters governed by equity law. The primary function of this court is to oversee equitable disbursement of the estates of individuals who are deceased. However, it also oversees hundreds of legal matters including adoption, guardianship, marriage and name changes.
In 1784, probate courts came into existence in the United States, with the first established in Massachusetts. Its judiciary role is to provide distribution of estate assets and enforce equity law. Depending on the jurisdiction of the probate court, it may also be referred to as Court of Ordinary, Court of Equity, Orphans Court or Surrogate Court.
Equity law refers to an order which directs an individual to act or to refrain from acting. It differs from laws regulated by courts in that court regulated laws pertain to doctrines or statutes, while equity law is enforced by general guides known as "maxims of equity."
Within the United States, each state is governed by probate laws adopted by their state government. Therefore, the probate process varies from state to state. Nearly all states require an estate to be administered by an appointed Executor. This person can be appointed through a Will or if a person dies intestate (leaving no valid Will), the court will appoint one. Usually this is a family member, but if the decedent has no living relatives the court will appoint an outsider to handle the case.
Although probate laws vary from state to state, nearly all require an estate to be overseen by an appointed Executor or Administrator. The estate executor is responsible for filing necessary documents including inventory, accounting and tax forms, and distribution of assets to beneficiaries and heirs.
The Executor reports to a probate judge and provides evidence that everything in the estate has been accounted for and settled. The judge reviews the case to ensure provisions in the decedent's Last Will and Testament have been adhered to and creditors and taxes have been fully reimbursed. Once the judge signs off on the case, inheritance assets can be distributed to heirs.
Due to the intense amount of man-hours required to investigate an estate, assets are frequently tied up in the probate process for a minimum of six months. One way to avoid probate is to file a revocable living trust.
Probate court isn't limited to only estate administration. It is responsible for overseeing all cases which require the enforcement of equity law. Additional functions of probate court include guardianship arrangements, adoptions, birth recordings, birth certificates, name changes and marriage licenses. In essence, probate court addresses daily living (and dying) issues.
Additionally, probate courts oversee civil actions relating to probate. Common civil actions include contest of the Will, determination of heirs, and presumption of death. Civil actions are the only cases presented in probate court that require a jury trial.
Simon Volkov is a private note investor who specializes in helping individuals quickly liquidate their assets. From forthcoming Inheritance windfalls to Probate, Simon Volkov offers a host of solutions for those in need of cash. Learn more about probate, real estate and investment opportunites by visiting www.SimonVolkov.com.
Who Gets The Kids When I Die?
The most important reason to prepare a Last Will & Testament, particularly for young couples, is the peace of mind of knowing that your children will be brought up by people you designate. In the normal situation the guardianship of your children will not be determined until the death of the second parent. If your spouse is alive at the time of your death, then obviously, your spouse will raise your children. Should you and your spouse die together, or should your spouse predecease you, and then you die, a guardian must be appointed for your children. There are two types of guardianship, one for the person who will raise your children, and the second for a Trustee of the money you leave your children. Although they might be the same person, it is not required. In estates with large amounts of money, a bank might be a Trustee or Co-Trustee to insure that the money is spent only for the care of your children.
In the situation where both parents are deceased, the ultimate decision of guardianship is made by the Circuit Court of the County in which the children reside at the time of your death. Children aren't property. You can't pass on their custody to anyone. You can only recommend that the Court appoint the guardian you prefer. You have input into the Court's decision through your Last Will and Testament. The court will normally give first consideration to those people you name in your Last Will and Testament as guardian of your children.
In cases of divorced parents, should the custodial parent die, then the surviving natural parent, with or without your consent, will normally be granted guardianship of the children of the parties. It is a rare situation where the Court will appoint a guardian other than a natural parent who is still alive. The same is true in cases of divorced parents where the custodial parent has remarried and then subsequently dies. Unless the step-parent has adopted the child, the Court will normally give first consideration to the natural parent. In this situation, appointing a separate guardian of the money of the child is advisable. It is essential that a Lawyer be consulted when preparing a Last will and Testament, particularly if you desire someone other than your ex-spouse to be guardian.
In considering a guardian for your children there are may factors to consider: age and health of the potential guardian, resources, character and values, personalities, geography. You should always check with the potential guardian to insure that they want this tremendous responsibility. It is imperative that parents living together agree on the choice of guardian. If one parent names someone from his family and the other someone from hers, a nasty fight is almost inevitable. Although the children's grandparents may be willing to accept responsibility of raising the children, they might lack the health or energy for the job later on. Most parents look toward their brothers and sisters as potential guardians. In naming a guardian you should consider naming only one guardian, that is, your sister rather than your sister and her husband. The reason is that joint guardianship can create problems if the couple should separate. If things work out they can always adopt the child.
Take time to give thought to a guardian for your children. List the pros and cons of each candidate. After making a decision, consult your attorney, hopefully me, for the preparation of the appropriate documents. Enjoy the satisfaction of knowing your children will always have a home.
Steven J. Scheinin
Attorney at Law
305 W. Chesapeake Avenue
Suite 107
Towson, Maryland 21204
410-828-9363
http://www.scheinin.com
mailto: ezinearticles@scheinin.com
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The Importance Of Making A Will
Making a will isn't on anyone's top ten lists of enjoyable things to do at the weekend. But it's a necessary task if we want to make sure the right things go to the right people when we die.
Not everyone will have a complicated will - some people find theirs is an easy task to undertake, if they simply want to leave everything to their husband, wife or civil partner, for example.
It's always advisable to enlist the help of a professional to help you with your will, as they will be able to ensure it is done in the correct manner as recognised by law. This is recommended however simple you think your will is to write. The last thing you want is to cause your family any undue distress by not following the correct procedures. Paying a small fee now to have your will written for you could just save you (or rather your family) thousands of pounds later on.
Inheritance tax is well known for being difficult to understand. A professional will be able to advise you of the possible consequences of what you would like to do with your assets, to ensure you distribute your money and property in the best way possible.
However before you decide to make your will it's a good idea to find out more about inheritance planning. This is essentially learning about the best ways to distribute your wealth after your death, to ensure your beneficiaries pay as little inheritance tax as possible - and ideally none at all.
Unfortunately many people think that making a will is a five minute job - they simply need to make a statement to the effect that they are leaving everything to one person. But that person may be in for a nasty surprise if you haven't taken proper advice - especially if they are not your legal next of kin. Even if the will is not challenged the inheritance tax could kick in and leave them with a large bill to pay.
Before you visit a professional to get some advice, it's a good idea to make a comprehensive list of everything you own. Trying to remember it all off the top of your head is virtually impossible, and by making a list you will have a far better idea of the total value of your assets: it's usually a lot more than most people think it will be. Don't forget to add valuable possessions such as jewellery, paintings and any heirlooms that have been passed down to you.
Making a will isn't a joyful experience, but it is a necessary one if you want to make sure your assets go to the right people after you are gone. Taking some time to make one now will give you peace of mind in the future.
Disclaimer:
This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.
Andrew Regan is an online, freelance author from Scotland. He is a keen rugby player and enjoys travelling.
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