Personal Bankruptcy: The Legalities Involved With Inheritances
With national debt having climbed to over $18 trillion and still on the rise, the future of America’s economy is not as stable as it seems. As Americans accumulate more and more debt, it is no wonder that America is seeing a huge influx in bankruptcy filings. If you are considering filing for bankruptcy, you need to determine whether you may be receiving an inheritance anytime soon, as it may become a part of your bankruptcy estate.
3 Steps You Can Take To Determine If You Qualify For Chapter 7 Bankruptcy
A visit to a bankruptcy attorney is a great way to find out if you qualify for Chapter 7 bankruptcy; however, there are several things you can do prior to this meeting that may help you find out the answer to this question. Chapter 7 bankruptcy could be beneficial for your financial problems, so here are three things you can do to help you find out if you would even qualify.
Chapter 7 Bankruptcy: What Is A Notice Of Abandonment?
Americans file a huge number of chapter 7 bankruptcy applications every year with 1,139,601 cases filed in 2010. The main advantage of chapter 7 bankruptcy is convenience. You simply surrender all of your assets to a bankruptcy trustee who is responsible for liquefying the assets and distributing money back to creditors based on the negotiated settlement. Although you are required to surrender all nonexempt assets, the trustee has the right to abandon an asset by sending you a Notice of Abandonment.
Helpful Tips For Sticking To Your Budget In A Bankruptcy
Part of your requirements in a bankruptcy is to plan a budget and stick to it. You’ve already cut back on your spending, you’ve reduced your cell phone plan to the basic one, and you’ve disconnected your cable and internet services… you may feel like there’s nothing else you can cut. But, there is. Here are a few tricks that can help you save money. Control your spending by using envelopes or prepaid debit cards