Bankruptcy to relieve debt is an option for many senior citizens on a fixed income. However, bankruptcy may not make sense in every situation. Bankruptcy lawyers can help senior citizens considering bankruptcy determine the best course of action.
Many people facing bankruptcy are hesitant to file because of the negative impact it may have on their future. Although getting a car loan, mortgage or credit card will be more difficult in the short term, it is not impossible and as long as you keep your debts down and maintain your job status afterwards, your credit will rebound faster than you think. A bankruptcy attorney can explain the negative impacts on a person’s specific situation.
ABLE (Achieving a Better Life Experience) accountsare available for any Illinois resident who developed a qualifying disability prior to their 26th birthday. Any person can contribute to that individual’s ABLE account as long as the total contributed funds are not more than $14,000 per year. ABLE accounts with less than $100,000 do not count toward the disabled individual’s personal liquid assets.
Living wills, advanced directives and health care powers of attorney are all estate-planning documents that allow people to control their end-of-life treatment and who will be able to make medical decisions for them. When people near death, they may be unable to tell their medical team what kinds of care that they would like to receive. End-of-life care is a highly personal decision, and if a person Read More
When filing for Chapter 7 or Chapter 13 bankruptcy, federal debt may not be automatically discharged. Most tax debts are difficult to eliminate, and complicated bankruptcy laws are often difficult to understand without a bankruptcy attorney who understands federal laws.
An individual works hard to accumulate assets and build their net worth. Over a lifetime, assets such as real estate, businesses, art work, investment accounts, and cash savings can grow into a sizable sum. An estate plan helps shield these assets from taxes and ne’er-do-wells eager to get their hands on them.
In recent years, advances in technology has enabled Americans to maintain digital files and copies of documents almost effortlessly. While the temptation to do away with paper copies of important documents in an effort to clear away clutter and become better organized is strong, when it comes to estate planning documents, copies may not be legally sufficient. Although backing up estate planning documents such as wills, trusts and powers of attorney with digital copies is always a good idea, a probate lawyer cannot stress enough how critical it is to keep original documents safely stored and accessible.
Bankruptcy is a legal way to get a clean financial slate, but there are some limitations. When people file for personal bankruptcy in Arlington Heights, they start a federal process that usually leads to a creditor meeting, court hearing or both. They also put a pause on all debt collection. After a debtor has filed for bankruptcy, their creditors must wait for the results of the case. However, some of their debts may never go away, no matter what happens with their bankruptcy filing.
When most people think of estate planning, they think of older people, or individuals who are extremely wealthy. They very rarely think about estate planning for younger, more ordinary individuals unless the person leads a very risky lifestyle or there is a serious illness involved. Unfortunately, the misconception that only the old, rich, or sick need an estate plan can leave Americans with no control over their medical care, their assets, or their children when the time comes.