March 2020 may well go down in the history books and in the hearts and minds of people across the country and the globe as one of the bleakest and most difficult times of their lives. The outbreak caused by the coronavirus seems to have left no sector of society...
Do you understand the emotional impact of debt?
It feels as though debt intrudes on your every thought every day, preventing you from enjoying your life. While you know bankruptcy is an option, it is one that you hesitate to entertain. To better understand the benefits of filing for bankruptcy, it may help to...
Covid-19: Personal Financial Crisis
Can Bankruptcy be a solution? Are you eligible? What are the Risks? What are your personal options? What is the best Chapter for you? What is the best timing? Everyone’s situation is unique. A“cookie-cutter” bankruptcy filing without proper strategic planning may not...
Medical debt — it is not your fault that you got sick
Regular calls from a New York hospital’s collection service might be a regular part of your life if you have medical expenses that you cannot afford to pay. However, a court officer showing up at your house with the notification that the hospital is suing you is...
Does your situation qualify for Chapter 7?
If you are one of the millions of Americans who is in over your head with debt, you may wonder if you qualify for Chapter 7 bankruptcy. In Chapter 7 bankruptcy, the bankruptcy courts discharge most of your unsecured consumer debts and some secured debts. Chapter 7 is...
Reason No. 7 to Investigate Small Business Chapter 11: A Chapter 11 Trustee can be a Plan facilitator
In a Traditional Chapter 11 case there is no Trustee: a debtor is on its own dealing with creditors and the Court. In a new Small Business case, a Chapter 11 Trustee is appointed. Unlike a Chapter 7 Trustee, however, who is only interested in liquidation and is an...
Reason No. 6 to Investigate Small Business Chapter 11: No Disclosure Statement
In Traditional Chapter 11 it is necessary to prepare a detailed “Disclosure Statement” similar to a prospectus for the purchase of securities. Preparation of such document is time-consuming and expensive. Then it must go through a hearing process and the judge must...
What happens in a bankruptcy interview?
Board Certified Bankruptcy Lawyer Paul Hollender delves into four issues in his first meeting with a client: Is the client eligible for some type of bankruptcy relief What are the risks of each bankruptcy chapter for which the client is eligible? What are the client's...
Reason No. 5 to Investigate Small Business Chapter 11: No New Capital Contribution
In Traditional Chapter 11 the owners of the company are not allowed to remain as owners of the reorganized company unless either (i) the creditors accept the plan, or (2) the owners invest new capital of a value at least equal to the net worth of the reorganized...
Can Chapter 13 strip your second mortgage lien?
If you have both a first and second mortgage on your home and face foreclosure because of your overwhelming debt situation, you may well wish to consider filing Chapter 13 bankruptcy instead of Chapter 7. Why? Because while you can forestall foreclosure via Chapter 7,...
What do monthly nursing home fees cover?
If you have an elderly parent who requires in-depth care or supervision, placing your mother or father in a nursing home may be advisable. After all, you may lack the skills, time and money to do the task without professional assistance. The average daily rate for a...
4 potential benefits of a revocable trust
A revocable trust is a legal instrument that can dictate how a person’s property is managed and distributed during their lifetime or after they have passed away. As with the majority of legal tools, there are both positive and negative aspects to a revocable living...
What do you know about discussing your end-of-life desires?
While you understand the importance of planning your estate and drafting all the documents, you may struggle to discuss your end-of-life desires openly. How do you bring up the matter with your family and friends? AARP offers tips for sharing your estate plans with...
Don’t overdo the “dead-hand controls” on your trust
Trusts have become an increasingly useful financial tool for people who want to safely pass their wealth onto the next generation. So-called “conditional” trusts, which impose certain obligations on would-be beneficiaries to receive their funds, are particularly...
A spendthrift trust may provide needed asset protection
A spendthrift trust includes specific provisions regarding how a trustee may use its funds on behalf of the named beneficiaries. As noted by SmartAsset, the trustee may exercise broad discretion to spend money on an heir's expenses so that he or she can maintain a...
Here’s why a DIY-estate plan is a bad idea
Creating an estate plan is one of the most important things you can do to safeguard your future, your assets and your loved ones. A well-written estate plan gives you peace of mind knowing that your wishes will be honored when you pass on, or if you become...
Is this a sign of nursing home neglect?
Hearing the many news stories focused on abuse or neglect at nursing facilities likely leaves you feeling concerned for your own loved one. Unfortunately, it is impossible to determine where or when neglect may occur. Noticing red flags can help you react quickly if...
What’s the difference between Medicare and Medicaid?
The “Baby Boomer” generation is getting older and starting to investigate their healthcare options. If you're among that group, you may be wondering exactly how Medicaid plays into your future plans -- and how its relationship with Medicare works. Since 1964, the...
Think of succession planning when starting your business
In the excitement of getting your new business up and running, it is difficult to think of everything you need to do. Succession planning may not be part of your checklist at this point. However, if you have partners, shareholders and employees, there is no time like...
Involve a professional during Medicaid planning
Most people overlook the need for planning for long-term care. Unfortunately, the problem with this kind of thinking is your health can change, especially as you advance in age. No one can project how their health will be in the future. That said, nearly two-thirds of...
