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When deciding whether to fight a foreclosure, take steps to avoid it, or just walk away, you will want to know whether you will still owe the money that the lender loses because of your default. This is usually measured as the difference between what the lender ends up with at the end of the day and the amount of your loan and it is called a deficiency.
Many people who look into Chapter 7 bankruptcy as a way to eliminate their debts are immediately concerned that they will lose all of their assets if they file. This concern is understandable, due to the fact that filing for Chapter 7 involves the liquidation of all of a person’s nonexempt assets in order to pay off creditors.
If you are the owner of a piece of property in Missouri, you acquired the property by a deed, which gives you title and ownership of the property. If you are one such owner, it is important to understand the different types of Deeds including: General Warranty Deed: This type of deed guarantees a clear title to the buyer of property, who is warranting to the seller that they ...
In this day and age, more and more people are choosing to start their own business ventures rather than work for someone else. If you are suddenly laid off from your job and have a good business idea, you may be considering a try at self-employment. While self-employment can be very rewarding and lucrative, it can take time to get a new business off the ground.
When some people think about bankruptcy, they immediately consider bankruptcy cases filed under Chapter 7 of the United States Bankruptcy Code. While it is true that most cases are Chapter 7, a significant number of cases are filed under Chapter 13 each year. Chapter 13 cases are handled quite differently than Chapter 7 cases, as Chapter 13 cases require that a petitioner make ...
When you form a living trust, you will be able to serve as the trustee and manage your property and assets in the trust. However, once you pass away, someone else will need to take over these duties in accordance with your instructions. When you are choosing someone to act as your successor trustee, you should carefully consider all of the duties that will be involved and that ...
When many people take the step to draft and execute a last will and testament, it can be all too easy to think the job is done and forget about the document. However, there are many circumstances under which you should definitely revisit your will and amend any terms as necessary. The following are only some situations in which you should always consider possible updates to your will.
Unemployment fraud is a serious issue and both state and federal authorities aggressive investigate potential cases of fraud. According to a 2013 report published in USA Today, a study conducted by the St. Louis Federal Reserve concluded that approximately $3.3 billion were paid out in fraudulent unemployment benefits.
In Part 1 of this article, we discussed three important estate planning tools: wills, trusts, and joint tenancy and beneficiary deeds. In this section, we will examine three additional tools that can be used to design a comprehensive and effective estate plan that protects your best interests. Durable Power of Attorney While wills and trusts become most effective after you have ...
Estate planning is the area of law that seeks to ensure that a person’s assets are protected and are transferred to the person or party that a person intends after he or she passes away. Perhaps the most commonly known tool used in estate planning is a last will and testament, often referred to simply as a will.
If you are like most people, you depend on regular paychecks in order to pay your rent or mortgage, buy food, and cover other expenses associated with day-to-day life. As a result, the sudden loss of your job can be terrifying and leave you scrambling to find an alternative source of income. Fortunately, if you have lost your job through no fault of your own, there is a good c ...
What is a Trust? A trust is a legal arrangement in which on party transfers assets to another party, who holds those assets “in trust” for the benefit of others. The party who creates the trust is called the “grantor” or “settlor,” the party that holds the assets is known as the “trustee,” and the party from whom the assets are held is referred to as the “beneficiary” (or “benef ...
Financial problems can affect nearly every aspect of your life, and bankruptcy often provides a solution for people who are unable to keep up with their monthly bills. While filing for bankruptcy can certainly help many people, the decision to file should never be taken lightly and you should only proceed after careful consideration.
A last will and testament is a powerful tool that allows you to direct your assets to specific people or organizations after you pass away. In the absence of a will or other estate planning tool that provides for property to pass to specific parties, Missouri intestacy law will apply, which may or may not reflect your wishes.
What is Chapter 7 Bankruptcy? Chapter 7 bankruptcy is a legal process authorized by federal law that allows some people to eliminate their debts by liquidating (selling) their non-exempt assets. After the liquidation is complete, most, if not all, remaining debts are discharged, which means that people who file are under no legal obligation to pay them back.
Avoiding probate is one of the primary goals of many estate plans, and this should come as no surprise to anyone familiar with the process. Probate involves proving the validity of a will and administering the estate of a deceased person, which means settling debts, paying taxes, appraising the value of non-liquid assets, and transferring assets to beneficiaries.
The saying goes that nothing is as certain as death and taxes. However, did you know that taxes can persist even after your death? After you pass away, the executor of your estate will be responsible for paying all of the required taxes from your assets before your estate can be distributed to your beneficiaries. Such taxes include income taxes, property taxes, and potentially estate taxes.
While it is often said that you can’t choose your family, the same usually holds true for your neighbors. It is not uncommon for neighbors to not like how the other is using his or her property or to have disputes about issues regarding boundaries and easements. In many of these situations, feuding neighbors choose to live with a simmering dispute for years – in others, they ac ...