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June 2014 Archives

Weekly FAQ #7: Difference Between Chapter 7 and 13 Bankruptcy

Weekly FAQ #7: Difference Between Chapter 7 and 13 Bankruptcy When considering the intimidating decision to declare bankruptcy, it can be confusing trying to navigate the different types. The two types of bankruptcy available to you are chapter seven, and chapter eleven.In a chapter seven bankruptcy, you are asking the court to liquidate all of your non-exempt assets, and use that money to settle your debt with your creditors. This debt can usually be discharged within a matter of months.With a chapter thirteen bankruptcy, you retain all of your property. In this situation you go through the courts to file a repayment plan and over the years discharge all of your debt. This is a slower process than a chapter seven bankruptcy, but its main advantage is not needing to liquidate your assets.Call The Law Center today at 303-991-5200 and schedule your free consultation with one of our experts to discuss your situation and find out which type of bankruptcy is the best choice for you. : The Law Center PC

Estate Planning: How to Incorporate Values and Faith

Estate Planning: How to Incorporate Values and Faith Passing along values and beliefs, for many, is as important as a tangible inheritance. Estate planning is a method of accomplishing this. Many opportunities include:End of Life CareAn Advanced Directive, Colorado MOST, and healthcare power of attorney allows you to name a trusted friend or family member to carry out your wishes in the event of an illness. This person should be someone who shares your values and faith and will honour your wishes regarding your end of life needs. You may also wish to write instructions regarding organ donations, medication for pain, and hospice arrangements. You may wish to be visited by a member of your clergy. Women who are expecting may want decisions made based on how it will affect their child as well.Funeral ArrangementsYour faith may affect how you choose to be buried – whether or not you wish to be cremated, have an autopsy performed, or be embalmed. Your faith may define how you want your funeral services to be performed. You may choose to have a predefined list of people you would prefer come to your wake, and you may wish to pre-pay for your burial plot to prevent overspending from grieving family.Charity ArrangementsA common tie among many people of faith is their willingness to provide to charity. Making a final distribution to a synagogue, hospital, university, or other favored cause is something you should ensure you have written into your will. Inheritance ArrangementsAnother way you may choose to show your love to your family members is to plan the distribution of your assets following your passing. Providing for the religious education of your children and grandchildren may be the way you choose to do so. If your children are still young, choosing someone of your beliefs to raise them and manage the assets left to them will be something you’ll want to consider.Call The Law Center today at 303-991-5200 and schedule your free consultation, let us help you ensure your end of life arrangements are in line with your faith and your wishes. : The Law Center PC

Will Bankruptcy Ruin My Credit Forever?

Will Bankruptcy Ruin My Credit Forever? A major concern for someone considering bankruptcy is the worry over whether or not it will ruin their credit forever. When you file for bankruptcy, you essentially put a line in the sand and let your creditors know that you are in over your head and you cannot reasonably pay the debt off. In some cases you may liquidate your assets to settle the debt and in others the courts may rule that your debt must be discharged.When your debt is discharged, your credit report will show a 'removed in bankruptcy’ indication instead of showing debts owed. This indicator usually stays on your report for seven to ten years, and then is automatically removed. As soon as two years after bankruptcy you may be approved for a home loan. You may consider applying for a secured credit card which relies on a downpayment from you to establish a credit line. Much of rebuilding your credit relies on not repeating the same mistakes you did prior to your bankruptcy. Choosing this path does not create an immediate clean slate but it does give you a chance to get out from under the crushing weight of debt beyond what you have the resources to ever pay off.Call The Law Center PC today at 303-991-5200 to schedule your free consultation with one of our debt relief experts, and find out if bankruptcy is the right choice for you! : The Law Center PC

The Best Inheritance: Family Values and History

The Best Inheritance: Family Values and History According to the recent study titled 2012 Allianz Life American Legacies Pulse Study which focused on surveying those between the ages of 47 and 66, and 72 and older – family values and traditions along with history still mean more to these groups than money when discussing an inheritance. Both groups had a response rate of over 70% agreeing that family stories and life lessons were ultimately the most important part of a family’s legacy.Interestingly, only four percent of the baby boomer generation, between 47 and 66 years old, felt that they were owed an inheritance by their parents, and only 14% of the generation that was 72 and older felt that they should try to leave a monetary inheritance for their children. These low numbers may be due to concerns about living expenses and the loss of their retirement savings due to market values dropping.Although the size of the monetary inheritance is of no importance, the planning for that fiscal inheritance is. Over 80% of both groups were adamant that instructions should be in place in case a parent were to become ill or incapacitated. Both groups were specific about not wanting there to be family conflicts over estate issues, and younger family members were of the belief that keeping family possessions in the family was highly important.Roughly three quarters of the group over 72 had obtained estate planning assistance, and were adamant about impressing upon their children the importance of doing so. Many of them had already initiated end-of-life and inheritance conversations. However, only half of the baby boomer generation interviewed had planned their estate, and even less had initiated these conversations with their own children. It’s likely this is related to this group being less frugal than the older generation, or simply feeling they have more than adequate time to plan.The best choice you can make regarding estate planning is to sit down with your parents and discuss it with them – you’ll want to do so right away, before illness or age begin to take their toll. Call The Law Center today at 303-991-5200 and schedule your free consultation today, let us help you smooth the process of estate planning!* 2012 Allianz Life American Legacies Pulse Study, sponsored by Allianz Life Insurance Co. of North American, surveyed 1,000 “boomers” (age 44-67) and 1,007 “elders” (age 72+). The online survey was conducted January 12-19, 2012. For more information about the survey, go to https://www.allianzlife.com/about/news_and_events/news_releases.aspx?articleID=106 : The Law Center PC

Weekly FAQ #5: Small-Town Divorce Attorney?

Weekly FAQ #5: Small-Town Divorce Attorney? When you’re looking for a divorce attorney, it can be easy to fall into the trap of a local attorney. They seem like they’ll be more affordable, and perhaps like you’ll receive more personal attention to your case which seems like it might be beneficial.Unfortunately, these ideas may not be correct. A small-town attorney may never in their career handle as many divorce cases as a firm in a larger town. Although the fee is higher, you will be paying for years of experience handling dozens of cases similar to yours and a team with exceptional experience.It’s important to weigh the lower cost versus the higher experience. If your case has complications such as a large asset pool or child custody, you may find that the benefit you will gain from seeking a more experienced divorce attorney will outweigh any savings or personal attention you may receive from your small town divorce attorney.The Law Center PC is available at 303-991-5200. Call today and schedule your free consultation with one of our experienced divorce attorneys; your case deserves our expertise. : The Law Center PC

The Law Center P.C.

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