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Orange County Bankruptcy Law Blog

Are you good with money or do you just think you are?

You may never have considered yourself the best with money, but you likely also did not consider yourself irresponsible. After all, you may splurge once in a while, but you do not typically overspend often. However, you may have realized that you do not know as much about your spending as you think you do, and after a while, you could have noticed that you have not contributed to your savings as you should have.

Fortunately, there are ways you can help yourself manage your money better. Some of these actions may seem easy to implement, and you may struggle with others, but becoming financially literate could help you avoid difficult situations in the future.

Creating an estate plan isn't as difficult as people think

Every adult living here in California could benefit from an estate plan. No one can tell the future, and few people expect a debilitating or deadly illness or injury to happen. Under these circumstances, it would be a good idea for you to consider creating an estate plan as well.

Many people procrastinate when it comes to completing this task for a variety of reasons. Two of the most common include not wanting to contemplate their own deaths, and because it's complicated and time consuming. Even as uncomfortable as it may be, creating an estate plan doesn't have to be complicated.

Is a Chapter 7 filing an option for me?

Are you in a really tough financial position? Do you lack funds coming in or have so much debt and no possible way to pay it back? If you do, you are not alone. Many California residents currently are or have been in your shoes. If you find yourself in such a position, you may be wondering: Is a Chapter 7 filing an option for me?

There are two types of personal bankruptcy available to California residents: Chapter 13 and Chapter 7. If you have a high enough income and some disposable income at the end of every month, you may be looking at a Chapter 13 filing if you choose to pursue bankruptcy. Chapter 7 is for those who truly lack any funds to pay down their debt.

Would filing bankruptcy be the right debt relief choice for you?

After months of struggling to get your finances back in order, you come to realize that they may be beyond your means. You already live paycheck to paycheck and cut out anything you considered a luxury just to keep a roof over your head.

Regardless of what financial calamity led you to this point, you now have a choice to make. Creditors call you incessantly for payment, your credit score is dropping daily, and you just need some relief. You think that bankruptcy might be your most viable option, but you still aren't sure. 

Estate planning mistakes can leave your family in confusion

If you have spent a great deal of time considering your estate planning options, you probably feel ready to take the plunge. You may have in mind exactly how you want to express your last wishes, what health care directives you will include and whom you will designate to receive your assets after your death.

Before you visit your attorney to execute your plans, you may want to consider some of the common missteps people make when planning their estates. Avoiding these issues at this early stage will minimize the chances of confusion and, perhaps, disputes when you are not around to clarify your intent.

When is Chapter 13 bankruptcy the right choice for you?

Making the choice to file for bankruptcy is not easy. California consumers who face this choice often do so because they feel that they have no other options. While filing for bankruptcy may feel like a last resort to you, it may actually offer you many benefits, including the opportunity to have a future that is free from overwhelming debt.

If you are drowning in debt, you may know that either Chapter 7 or Chapter 13 could be the right path. Depending on the nature of your individual financial situation, Chapter 13 could be the optimal choice for you to reach a better future. Whatever you decide, you would be wise to consider all of your options and seek appropriate guidance before you move forward.

Is your estate plan gathering dust?

For some people, a life event prompts them to create an estate plan. For example, getting married, having a baby or turning 40 may be monumental enough in a person's life to cause him or her to face mortality and write a will. If you are one of those people, congratulations! You are among the very few who take the time to express their wishes so that there are no questions about what to do with your estate when you are no longer living on this earth.

However, while one life event may have prompted you to execute your will, many life events may have transpired since then. An estate plan that was adequate all those years ago may not be as complete now that your life has taken so many twists and turns.

Planning for the end of your small business

As a business owner, you put countless hours and effort into starting and building your business. In the beginning, you took every necessary step and left nothing out, but as you move forward, you would be wise also not to forget to plan for the end. Whether it is due to illness, your unexpected death or retirement, you will eventually leave your business one day. You can decide what happens next.

Business succession planning is an important estate planning step for every California business owner, no matter how large or small the business. Failure to have these plans in place could mean that you will not have a say in the future of your business. You built it from the ground up, and you should have a say in how it will go when you are ready to step away.

Turning financial freedom from a concept into a reality

If you are facing an overwhelming amount of debt, chances are, you may be suffering a lesser quality of life in the process. Struggling to keep up with monetary obligations can be stressful enough on its own, and the constant phone calls may do little to ease your worries.

Perhaps you wish to pursue relief from debts, but with numerous available options, you could be uncertain where to begin. While each option may have its own potential advantages and disadvantages, if your debts are substantial, you might find it beneficial to explore bankruptcy.

What should you exclude from your will?

As you begin to think about getting your end-of-life affairs in order, you may focus a great deal on how you should distribute your assets. One of the most common ways individuals choose to carry out this task relates to creating a will. You can include a variety of information in this document, and it may help you cover many areas of your estate-planning needs.

While you may wish to lump all of your information in a will, it may work more in your favor and the favor of your surviving family to leave some information out of this document. The reason for this lack of inclusion may relate to assets already having distribution designations or to needing the information before the reading of the will.

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Law Office of Christopher P. Walker, P.C.
505 S. Villa Real Drive
Anaheim, CA 92807

Phone: 714-912-9802
Fax: 714-637-1636
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