Facing bankruptcy can make a lot of people very scared about their future. They often hear horror stories about how hard it is to rebuild credit, and many wonder if they’ll ever be able to buy a home. While bankruptcy is unquestionably a financial setback, it isn’t...
Year: 2024
Common misconceptions surrounding bankruptcy
Bankruptcy is a legal process that people can go through when they face overwhelming debt. It can help people get back on track with their finances and look forward to the future again. However, bankruptcy is somewhat stigmatized and this is largely due to...
What will happen to my car if I file for bankruptcy in NJ?
Filing for bankruptcy is a consequential process. While it can provide filers with potentially life-changing benefits, there are also some complexities of the process that can be downright stressful. For example, concerns about how bankruptcy might affect certain...
A large inheritance can potentially do more harm than good
People enjoying their retirement years frequently make choices based on not just their own comfort but also on a desire to leave a legacy for their loved ones. Providing children, spouses and even grandchildren with practical support is a common goal for aging adults....
An overview of New Jersey special needs trusts
People who have loved ones with a serious disability who rely on them financially and in just about every other way are often incentivized to put an estate plan in place earlier than they would otherwise. They want to ensure that their loved one continues to be cared...
Understanding how the bankruptcy means test works
The means test calculates whether you qualify for Chapter 7 bankruptcy based on your income. Passing the test means qualifying for bankruptcy. As such, familiarizing yourself with how it works is crucial if you intend to file for Chapter 7. The means test assesses...
What happens if I do not have an estate plan?
Dying without a will is called dying “intestate.” When a person dies intestate, they do not have control over how their assets are managed or distributed. Intestate can create many problems for your family and friends – yet, it is estimated that over half of U.S....
How medical debt can push New Jersey residents into bankruptcy
People are sometimes rather judgmental of others who experience financial hardship. Many people want to tell themselves that those who file for bankruptcy must be irresponsible individuals because they want to believe that they could never be in a situation where...
How do you tell your loved ones you are declaring bankruptcy?
Filing for bankruptcy is a personal decision. However, its consequences may be felt by your loved ones. Accordingly, it may be wise to discuss your decision with them. It can be challenging to initiate such a discussion, as you may still be wrapping your head around...
Should you choose a professional or personal executor?
Is it better to hire a professional executor than to appoint a loved one? This is a question you may have when looking for an executor. Professional executors, such as an attorney, a bank, an accountant, or a trust company, are experienced. They have worked with...