Aug 26
There are some, and their numbers are growing, who feel the U.S. housing market is headed for collapse. Here are some of the reasons they cite: New home sales are at an all-time low. Because of this, construction of new homes has all but come to a standstill The Mortgage Bankers’ Association reports home loan […]
Aug 25
Chrysler’s bankruptcy, which started in April, 2009, has generated nearly $85 million in legal fees and costs, most of it going to its lead attorneys, who billed an average of $500/hour. Chrysler filed a Chapter 11 reorganization. This same chapter is available to small businesses and even individuals. However, because Chapter 11 has to be […]
Aug 16
It’s human nature not to be alone. That’s why the majority of people who lose a spouse, either through divorce or death, remarry. Second and subsequent marriages complicate estate planning in ways most people never consider before they say “I do.” Here are a few of the problems: Age difference. When one party is significantly […]
Aug 13
An attorney and his client came up with a novel, but ultimately unsuccessful, way to file immediately and pay attorneys’ fees — and nothing else. In In re Buck, 2010 WL 2746217 (Bky.D.Mass. July 9, 2010), the problem for the Bucks was they couldn’t pay the attorneys’ fee of $2,000 for a Chapter 7 bankruptcy. […]
Jul 15
George Steinbrenner, the bombastic boss of the New York Yankees, died this week. Many people only know George Steinbrenner from Seinfeld episodes, but to many baseball fans, he was the undisputed face of the Yankees from 1973 until his death. Steinbrenner was famous for hiring, firing and then re-hiring managers and meddling in their day-to-day […]
Jun 23
Many people have pets that become a part of the family. To some, a pet might be the only family they have. What can be done to provide for pets upon the owner’s death? Contrary to what TV might show, most states don’t allow a person to leave money or property directly to a pet. […]
Jun 17
A lot of people struggle with this question. Most people are fundamentally honest and the idea of not paying their just debts doesn’t sit right with their upbringing. There is a lot of guilt associated with filing bankruptcy. Bankruptcy goes back at least to the 14th century. The term “bankruptcy” probably comes from the Italian […]
Jun 15
2010 is nearly half over and Congress still hasn’t done anything about the estate tax. It expired on December 31, 2009, leaving the United States without an estate tax for the first time since 1916. It’s scheduled to be resurrected in 2011 at levels unseen since the Clinton administration. For now, someone like Dan Duncan, […]
Jun 10
More people are being caught between the rock of the means test under Chapter 7 and the hard place of the debt limitations under Chapter 13, finding that they can’t qualify for either. The means test under Chapter 7 says, basically, if you make above a certain income (the state median income for a family […]
Jun 8
One often overlooked tool of estate planning is to hold a family meeting. There are several good reasons for doing this, and a few reasons why many people don’t hold a family meeting. A family meeting first and foremost should be an opportunity to make wishes and desires known and acknowledged and documented so they […]
