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Lawrenceburg Indiana Bankruptcy and Estate Planning Blog

Who is Chapter 13 bankruptcy most beneficial for?

Indiana residents like you who are suffering under debt will also likely be looking for ways to dig yourself back out again. Miller Flannery Law is here to help lay down a few different possible options. Today, we'll take a look at Chapter 13 bankruptcy.

This type of bankruptcy is also called "debt reorganization". Unlike Chapter 7 bankruptcy, which essentially allows you to wipe away debt in exchange for the liquidation of assets, Chapter 13 bankruptcy is designed to allow you to make a debt repayment plan instead.

What is a special needs trust?

If you are an Indiana resident who has a loved one with special needs, you may hope to provide for his or her long-term maintenance after your death by bequeathing him or her with an inheritance in your will. While your heart is in the right place, this situation requires careful estate planning. According to FindLaw, people with disabilities may become ineligible for government benefits if they inherit assets in one large lump sum. A special needs trust avoids this problem by putting the inheritance in the hands of a trustee who manages your property for your loved one's benefit.

Individuals with mental and/or physical disabilities can benefit from special needs trusts tailored to fit the unique lifestyle, specific needs and future considerations of each beneficiary. Otherwise, a special needs trust is similar to other types in that the trust lasts as long as it is necessary, either until the funds run out or the beneficiary dies, and a trustee manages and distributes the property to your beneficiary according to your specifications. If your intended beneficiary lacks the mental capacity to manage his or her own finances, the role of the trustee is particularly important.

When should I file for bankruptcy if I’m getting divorced?

It’s not uncommon for couples to consider filing for bankruptcy while seeking a divorce. In fact, financial disagreements are the second leading cause of divorce in the U.S.

But, before your finances drive you to bankruptcy, it’s wise to consider the implications your divorce may have on it. In some cases, it’s best to file for bankruptcy before divorcing. In others, it’s not an option. Here are a few key considerations to take before making your decision.

The importance of estate planning for millennials

If you are one of the many millennials in Indiana, you may be moving into your thirties and this may have you thinking differently about your life than you have up to this point. This new way of thinking might include long-term plans for the coming decade and possibly into retirement. Another thing you should also be considering is making an estate plan.

As explained by NerdWallet, an estate plan can benefit you and your family members if you were to die but also in many other situations. For example, a durable power of attorney gives another responsible adult the ability to manage your financial and other personal matters in the event that you are suddenly unable to do so. A durable power of attorney for health care grants another person the right to make important medical decisions for you if you cannot do so for yourself. These are things that may be needed after an accident.

Baby boomers and bankruptcy

People in Indiana who are concerned about making their financial ends meet and who may even be contemplating filing for bankruptcy are far from alone. Even as the economy continues to be strong relative to the years of the great recession, many factors are coming together to contribute to the need for multiple consumers to seek debt relief from bankruptcy.

As reported by The Economist, it appears that one generational group in particular may be at a higher risk for bankruptcy than other demographic groups. This would be the baby boom generation. One thing that is interesting to learn about this group is that for the past few decades, they have displayed a high rate of bankruptcy relative to others. This is true of them when they were in the 30s, 40s and now that they are in the 50s, 60s and even into their 70s.

Selecting or updating an executor or trustee

Residents in Indiana who are creating a will or a trust will need to make many decisions. In addition to choosing what they want to happen to their assets after they die, these people will need to identify a person or a team of people that will be responsible for making sure their wishes are properly carried out. But, the reality is that there is far more to the job of an executor or a trustee than asset distribution.

As Forbes explains, there are many legal and financial responsibilities to being someone's trustee or executor. For these reasons, people should avoid rushing in to name someone to these roles based soley on relationship. These decisions should not be made by popularity vote and can benefit from being evaluated more like a business decision. An executor, for example, will need to ensure all taxes are properly filed and debts are paid before any assets are distributed.

Chapter 13 and mortgages

When many people in Indiana think about a personal bankruptcy, they may be unaware that there are different types. The Chapter 7 bankruptcy that may leave a person without their family home seems to be the most well-known type of plan. However, there is another option and it may well be the right one for the homeowner who wants to save their home from foreclosure. That option is a Chapter 13 bankruptcy.

As explained by the United States Courts, Chapter 13 bankruptcies differ from Chapter 7 plans in that instead of having all debts discharged, consumers are essentially put on a repayment plan. The plan lasts anywhere from 36 months to 60 months depending on part on the amount of debt involved and the income of the consumer. The amount of the monthly payments should be considerably less than what the consumer would have otherwise paid. It is through this reduced amount that relief from the excessive debt is realized.

Attorneys can aid in personal representative duties

Your parent, before passing away, named you the personal representative of their estate. You worry that because you do not know your exact responsibilities, you may not serve as the best personal representative.

Personal representatives make specific choices for their executor's property and assets after the executor has passed away. Your role involves serious responsibility, and you want to understand the basic tasks that a personal representative takes on before you make decisions about assets. Because of the quantity of work, you may find it necessary to hire an estate planning attorney to help you divide assets of your parent's estate. Doing so, you can properly serve as a personal representative for your loved one.

What debts can be erased with Chapter 7 bankruptcy?

As a resident of Indiana, there are a number of different options available to you if you feel like you need to file for bankruptcy. Each type comes with its own benefits and drawbacks. Today we'll take a look at Chapter 7 bankruptcy and the types of debts that it can erase.

Chapter 7 bankruptcy is also known as liquidation bankruptcy due to the fact that in exchange for debt forgiveness, your assets may be liquidated. These are your nonexempt assets. They can include things like:

  • Investments
  • Property that isn't your main home
  • Valuable artwork or collections
  • Jewelry
  • Cars
  • Expensive clothing

Estate planning for remarried couples

If you are one of the many people in Indiana who has been married and then divorced or perhaps has been widowed and now you are contemplating getting married again, you have good reason to feel positive about your future. However, despite your natural inclination to focus on all of the joys you have to look forward to, it is equally important that you put plans in place to protect and provide for the people you love in the way you want to.

As Forbes indicates, estate planning for blended families is something that may have multiple layers involved with it. This is because many blended families include children from prior marriages on one or both sides and may even include children born into the new family. Then, when one spouse dies, there may be disputes between different parties about who gets what. The more these decisions are made by the person and ahead of time, the better chance there may be of avoiding these problems after a death.

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