The process of probate is where a deceased person’s financial file is effectively closed: their remaining assets are used to settle any debts and what’s leftover is given to the beneficiaries. 99% of the time, this process follows through steps in probate court without being challenged. When probate is “contested” it means a family member […]
For an individual seeking the protections offered through bankruptcy, one of the first benefits realized is the stoppage of creditor collection efforts by any means, including mail and phone. Such calls can be annoying and stressful; sometimes even harassing. One commonality across different chapters of bankruptcy is that, except for particular circumstances of repetitive filers, […]
Yes, though the window of opportunity to overturn a will is limited. Each state has different probate laws. In California, the time limit for filing a motion to contest a will approved by probate is 120 days. The probate process takes anywhere from a few months to more than a year, and 99% of wills […]
Many federal and state tax debts cannot be discharged through bankruptcy. Even when some of these debts will not disappear, bankruptcy offers powerful tools for assisting an individual resolve these debts and protects them from the punitive consequences of owing the government money. The IRS has means of collection that other creditors do not. There […]
Priority debts are ones a debtor must pay first through the bankruptcy process. The court views these creditors as the most important and treats them as such in forthcoming repayment scenarios. As a general rule-of-thumb, debts are given priority status when a) the creditor is the government, or b) payment to the creditor is for […]
According to the American Bar Association, 55% of Americans die without any estate planning or named beneficiaries in a will. Some of the deceased never bother to create a will or engage in estate planning, while others create a document or directive that will be found invalid after they die. In these cases, their assets […]
