Jan 12
Nothing is certain but death and taxes, goes the old saying. But combine the two and nothing is certain but uncertainty. The new year came without Congress extending the estate tax (the House voted to extend the tax, but the Senate didn’t act), so for 2010 it is gone. It’s scheduled to revive at a […]
Jan 9
The meeting of creditors, also called a 341 meeting, because it is held pursuant to section 341 of the Bankruptcy Code, is often the only appearance that a debtor makes in his bankruptcy. The meeting is conducted by the bankruptcy trustee appointed to the case, not the bankruptcy judge. The purpose of the meeting is […]
Dec 4
The House of Representatives voted to extend the estate tax, which was set to expire in 2010 as part of the Bush-era tax cuts. The Senate still has to approve an extension, an unlikely event before December 31, given that the Senate is pre-occupied with the health care reform issue. A likely alternative is that […]
Dec 1
Bankruptcy is one area of the law that is booming right now. If you’re thinking of filing, you have dozens, if not hundreds, of options when it comes to choosing a bankruptcy attorney. Any lawyer licensed to practice law and admitted to practice before the local federal court can file a bankruptcy for you. The […]
Nov 18
Though often used synonomously, the terms “estate planning” and “succession planning” differ slightly. Estate planning often refers to planning for estate taxes, but can also mean planning for the distribution of your estate, that is, who gets what. Succession planning means planning specifically for the succession of a family business to future generations. Succession planning […]
Nov 13
This is a question that has puzzled those who study human behavior for years. Why do some people file bankruptcy while others don’t? Lots of theories have been advanced: lack of education in money matters; crushing debt from unexpected medical bills; divorce or death; or just plain irresponsible behavior in running up credit card bills. […]
Oct 30
Many entrepreneurs don’t realize that their personal assets (homes, cars, savings, etc.) may be at risk if their business files bankruptcy. This is because many entrepreneurs do business as sole proprietorships, which, in the eyes of the law, is simply the individual doing business under an assumed name. When that happens, there is no business […]
Oct 16
I just read a blog post from a woman touting an online legal service provider, telling the world how great and easy it is to do your own will online through this company. I’ve previously posted about the pitfalls of do it yourself bankruptcies, but a do it yourself will is even worse. At least […]
Sep 29
When a person remarries, either after a divorce or death of the former spouse, and children from the first marriage are involved, a whole host of estate planning problems crop up. Remarriage may not be the joyful event to the children that the marrying parent wants it to be. Questions naturally arise over who gets […]
Sep 25
I just read an online article that talks about filing a “credit card bankruptcy.” Over the years I’ve had people ask about “medical bankruptcies” as well. There seems to be some almost universal misunderstanding that leads people to believe they can file bankruptcy against certain types of debt, such as credit cards or medical bills, […]
