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Middlesex County Estate Planning and Bankruptcy Legal Blog

Can Chapter 13 bankruptcy help you keep your home?

It's bad enough that some financial calamity prevented you from keeping up on your mortgage payments. Then you began receiving calls, letters and other correspondence from your lender, telling you to pay up, even though you made it clear that you aren't able to make the payments under the current terms of your mortgage loan. You probably tried everything to work something out, but your lender refuses to work with you. Now, your lender threatens to file for foreclosure and take your home away from you.

Even so, you still hold out hope that you can keep your home. You finally come to the realization that you need a more aggressive approach. So, you found your way here, and search for answers to your questions. You may begin to see that bankruptcy could not only help you save your home, but could also help provide you with a clean slate upon which to rebuild your financial life.

Can bankruptcy discharge your outstanding debts?

As someone facing a variety of different types of debt, you may think that each type needs its own method of repayment or discharge. However, rather than taking several small steps in hopes of eventually getting out from under substantial debt, you may want to consider taking one significant step in order to have at least some of your liabilities forgiven. In many cases, filing for bankruptcy can help achieve such a goal.

As you explore your bankruptcy options, you may want to assess the types of debts you have. It may prove important to understand that bankruptcy does not discharge all types of debt, and your decision to move forward with this debt relief method may hinge on how much of your debt could get forgiven.

Adults of all ages should have an estate plan in place

The estate planning process is something that many young adults tend to associate with older people. This isn't a good thing at all. Any adult, no matter how old they are, should have an estate plan in place since nobody can definitively say when they will pass away.

We know that thinking of your death isn't something that many people consider pleasant. The thought of your loved ones having to guess what you want to happen in your final days and after your death is even more unpleasant.

Planning for the need for assistive care later in life

One part of estate planning is finding out how the decisions you make now might impact your financial future and the estate. This is something that is often the focus when you are developing an estate plan.

There is one area that some people often can't figure out what option is the best option -- getting ready for the days when you might need assisted living or skilled nursing care. In this case, assets, such as vacation homes, might limit the options that you have for covering the costs of the care.

Know what to consider when choosing an executor

Getting your estate plan together is a relief for most people. Just knowing that it is all done can bring you a sense of peace. One factor that you have to think about when you are making the estate plan is who is going to be the executor of the estate.

Choosing an appropriate executor is important because this person can have a serious impact on your estate when you are gone. This means that your loved ones might not be able to get everything they should from the estate.

You can stop the pain and embarrassment of wage garnishment

Wage garnishment is an unfortunate consequence that many people face when dealing with overwhelming debt. If you find that the garnishment of your wages is causing further financial strain on your life and you cannot manage your outstanding balances without help, you may find it beneficial to learn how you may be able to make it stop.

If you owe a substantial amount of debt, wage garnishment is only one of the many consequences that creditors may levy against you. From taking money out of your paycheck to moving to repossess your vehicle, debt can quickly affect almost every area of your life. Fortunately, there is a way out through bankruptcy.

When is it possible to contest a will?

When someone you love passes away, there is sometimes a will that has to be read that lets you know what the person wants to happen with their belongings. In many cases, the reading of the will goes off without a hitch.

There are some instances in which a person might contest the will. In the simplest of terms, this means that the person is calling the validity of the will into question. This isn't something that can be done by anyone or for no reason at all. Instead, only specific people can contest a will and for specific reasons.

Planning an estate when you have adult children

As you are developing an estate plan, there are many questions that will come up. If you have adult children, the questions that you might struggle with the most are those that revolve around what each child should get. This is often something that can lead to serious disputes down the road.

It is easy to get caught up in the issue of whether the division should be equal or equitable. Ultimately, the choice is yours to make. You might want to provide a little extra financial security to a child who isn't as stable as another child. This is something that is understandable from a parenting standpoint, but the adult children might not see it the same way.

Beware misguided information regarding powers of attorney

Quite a few people in New Jersey right now are probably thinking about the future and wondering if the time has come for them to execute their estate plans. The estate planning process may be simple or complex and you don't even have to complete it all at once. It's a customizable process that you can change and update as needed. If you're thinking about your estate, particularly regarding designating a power of attorney to someone, you may want to fully research the topic first.

That's because you may be surprised at how much false information circulates where powers of attorney are concerned. How can you tell fact from fiction? One way is to discuss the topic with someone who has experience with it. Knowing where to seek guidance and support is also beneficial.

Let your family know if you want to donate your body to science

There are many things that you can cover in your estate plan. Some of the things that might be covered can be awfully shocking to your family members, especially if you don't let them know ahead of time what your intentions are.

One of the things that it is best to let your family know about is if you plan on donating your body to science. You should make these plans ahead of time so that you know that everything is taken care of. This can also take a lot of pressure off of your loved ones when they are dealing with your death.

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