Bankruptcy Attorney in Rancho Cucamonga, California

  What Effect Does Bankruptcy Have on Inheritances? If a Debtor receives money or property during the course of their bankruptcy, it can and frequently does damage the inheritance. A bankruptcy estate is formed when someone files for bankruptcy. The estate is made up of the Debtor’s property and assets. A bankruptcy estate is managed by a bankruptcy trustee, who acts as a legal owner of the Debtor’s property and assets for the duration of the case. As a result, any extra assets received by the Debtor while they are in bankruptcy, such as inheritances, are transferred to the estate. You might advise that the property be put under a revocable living trust rather than a will to avoid any inheritance being considered inside a bankruptcy estate. Several courts have ruled that property left in an abandoned building is considered abandoned. Property placed under a revocable living trust is not considered part of the bankruptcy estate, according to certain courts. Cash, heirlooms, real est...

  Chapter 13 Bankruptcy In Rancho   allows you to keep most of your assets while repaying a part of your obligations over three to five years. (This is why it’s sometimes referred to as reorganization bankruptcy.) This differs from Chapter 7, which allows you to avoid paying your obligations but may require you to relinquish property to your trustee for distribution to your creditors. Eligibility If you want to apply for  Chapter 13 Bankruptcy In Rancho  instead of Chapter 7, you’ll have to show the court that you can keep your payments on track. The court may refuse to enable you to file if you don’t earn enough money or if your income is inconsistent. If you owe too much money, you’re also disqualified. Your secured debts (those that allow a creditor to take property if you default, such as a vehicle or a house) can’t amount to more than $1,149,525 and your total unsecured obligations (medical bills or credit cards) can’t total more than $383,175. The Methodology Y...

  When our daily lives are disrupted to the extent that the COVID-19 epidemic has been, some events and facets of our existence become more clear than before. As a result of the present health crisis, more people are putting up estate plans. Those who already have a plan in place have been encouraged to revisit it and verify that their financial objectives are accomplished. Our business has produced a list of four standard (and useful) estate-planning papers to assist you. Last Will and Testament is a legal document that outlines a person’s The core of any foundation plan is generally your Last Will and Testament, sometimes known as simply a “Will.” A will can be used for a variety of purposes, including naming guardians for your children. A Will may accomplish a lot of things: it can identify guardians for your young children, spell out how you want your estate’s assets and property dispersed when you die, and, most significantly, it can select a trusted agent (executor) to carry ...

  Keeping a Car While Filing for   Chapter 7 Bankruptcy Rancho The majority of debts are dismissed in a  Chapter 7 Bankruptcy Rancho  petition. Most customers, however, are concerned that they may lose everything, even personal belongings, but this is not the case. Although a Trustee may require a debtor to surrender non-exempt property in order to utilize the revenues to pay unsecured creditors, there are a number of exemption rules that allow a debtor to protect some assets in bankruptcy, one of which is motor vehicles. Now, whether you may keep your car depends on a number of factors, including whether the equity is tax-deductible and/or if you are now behind on your payments. Typically, the debtor will attempt to reaffirm the vehicle’s loan. A reaffirmation agreement is used to do this. The reaffirmation agreement, the contract between the debtor and the car loan/lease creditor, allows the debtor to maintain the vehicle under the same terms as...

  When our daily lives are disrupted to the extent that the COVID-19 epidemic has been, some events and facets of our existence become more clear than before. As a result of the present health crisis, more people are putting up estate plans. Those who already have a plan in place have been encouraged to revisit it and verify that their financial objectives are accomplished. Our business has produced a list of four standard (and useful) estate-planning papers to assist you. Last Will and Testament is a legal document that outlines a person’s The core of any foundation plan is generally your Last Will and Testament, sometimes known as simply a “Will.” A will can be used for a variety of purposes, including naming guardians for your children. A Will may accomplish a lot of things: it can identify guardians for your young children, spell out how you want your estate’s assets and property dispersed when you die, and, most significantly, it can select a trusted agent (executor) to carry ...