Deciding to declare for bankruptcy may seem like a daunting decision for many. Admitting that you may not be able to overcome your financial challenges is not an easy decision, but it is important to remember that bankruptcy is designed to help you overcome the burden of debt, and although the recovery process may not be quick or easy, in the long run declaring for bankruptcy may be the way to go.
This blog recently answered the question regarding what a trust is and how it can help with an overall estate plan. An estate plan is a good idea for anyone at any age, regardless of the value of their personal property or number of assets they own. Wills and trusts provide different options to consider for transferring assets. There are a number of different estate planning tools to be aware of not just limited to wills and trusts.
California’s population is aging, and there will likely come a time that either you or one of your parents will benefit from a durable power of attorney. Essentially, this type of legal document allows either you or your parent to name someone who will act as an agent on your behalf in the event that you are no longer able to make your own decisions.
There are a variety of different estate planning tools that are available to estate planners to help them develop an effective estate plan. A trust can be used as part of an estate plan to supplement a will or manage property during life. Trusts manage property by transferring the benefits and obligations of property to different recipients. Because trusts can help with property distribution, they are an excellent estate planning tool.
No one, in the history of mankind, has ever used the words "fun" to describe the probate process. In fact, it can be so drawn out, complicated and expensive that most people look for a way around it at all costs. Luckily, there are ways to get around it.
Different bankruptcy options are available to help businesses and people struggling with debt during hard times. Payless ShoeSource, shoe retailer, recently filed for bankruptcy protection and will be closing 400 stores, including 50 in California, as a result. The shoe retailer announced it will begin immediate liquidation in the stores that are closing. The company plans to reduce its debt by 50 percent and has lenders to provide funding to keep the company operating during the Chapter 11 bankruptcy process.