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Orange County Bankruptcy Law Blog

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.

What court will hear your bankruptcy case?

Going through bankruptcy can be a complex legal process. You may have felt uncertain about whether or not to actually proceed with this type of debt relief as opinions on the process can vary. However, bankruptcy can offer you a multitude of benefits when it comes to addressing your outstanding debt. Therefore, you may wish to better understand certain aspects of this option.

Though you must go through the proper legal channels to complete bankruptcy, you may find it interesting to know that bankruptcy filings can only take place in federal court. This means that state courts have no ability to hear bankruptcy cases due to the specialized nature of this type of process.

Who can act as administrator of a loved one's estate?

Surviving family members have many responsibilities after a loved one dies. If your loved one created a thorough estate plan, you and other family may have an easier time addressing the settling of the estate. However, many people die intestate, or without a will, and in such a case, you may have to take more steps to effectively address estate needs.

Because an estate needs someone in charge, an executor, personal representative or administrator needs appointing. You may wish to note that these different terms essentially describe the same position. In the event that a person died without appointing his or her own executor, someone would need to step in to handle that role.

Business overwhelmed by debt? Chapter 11 is an option for you.

You know that bankruptcy is an option for individual consumers who are overwhelmed by debt and unable to manage payments owed to creditors, but you may not realize that bankruptcy is also an option for business entities that have overwhelming debt as well. Chapter 11 bankruptcy may offer relief and debt reorganization for businesses in difficult financial circumstances.

If you own and operate a business, you know how expensive it can be to run day-to-day operations and keep up with your financial obligations. Over time, these expenses can become overwhelming, eventually resulting in a significant amount of debt. By filing for Chapter 11, you may find relief and a solution to some of your California business' complex money concerns.

Don't make the mistake of assuming who your heirs might be

If you're the parent of one or more young adult children, you've probably wondered at how quickly time seems to pass. In fact, you might recall the moments you first brought your infants home from the hospital, their first days of school, when they learned to ride bikes, etc., as though these milestones occurred only yesterday. In reality, you know that two or more decades have passed, and you're concerned about your loved ones' futures, along with whether you have taken appropriate steps to provide for them when you're gone.

Many California residents execute thorough estate plans to protect their assets and retain as much control as possible over their own finances and health care. Others shy away from the topic, which often results in stressful situations for their family members when the time comes to administer their estates. One thing is sure: Your estate will be administered. It's merely a matter of who makes the decisions, you or a probate court.

Want your family to avoid probate? Explore these 3 planning tools

Because you love your family, you undoubtedly want to make your eventual passing as easy on them as possible. Estate planning can offer many options for doing just that as you can plan the handling of your estate rather than leaving it up to your family to decide while they go through the grieving process. Therefore, no matter your age, you may wish to get a jump-start on your planning.

Taking advantage of creating such a plan can even allow you to help your family avoid probate. This avenue appeals to many individuals as it can protect assets and funds from diminishing due to court costs and other expenses associated with the process. You may utilize a variety of planning tools to assist in this endeavor.

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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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