How a Bankruptcy Lawyer Can Help You Clean Up a Financial Mess

Financial troubles can take a serious toll on your overall well-being, relationships, and other aspects of your life. Struggling with overwhelming debt can seem like a lost cause, but there are solutions to help you get your finances back on track. Finding the best bankruptcy attorney to evaluate your financial circumstances can help you understand your options and give you peace of mind.

Giving Advice on How to Move Forward

It can be challenging to know if filing bankruptcy is your best option for debt relief. It’s a serious decision that will impact your credit standing for years. Depending on the circumstances, a local bankruptcy lawyer may recommend debt consolidation or negotiating with creditors to repay a portion of your debt instead.

For example, if you have mostly non-dischargeable debts like domestic support obligations, student loans, or certain types of tax debt, filing for bankruptcy may not be appropriate. A skilled attorney will figure out which options may work best to protect your assets and give you a fresh financial start.

Determining Which Type of Bankruptcy to File

If you and your attorney come to the conclusion that filing for bankruptcy is the most effective solution to improve your financial stability, you also need to decide which type of bankruptcy to file. Chapter 7 is a bankruptcy that enables you to wipe out unsecured debts like credit cards and medical bills. However, if you have enough income to repay a portion of your debt, you may not be eligible for Chapter 7.

Chapter 13 allows you to reorganize your debts and pay them back over a period of 3-5 years. It’s usually effective for debtors with non-exempt assets they want to keep, such as real estate facing foreclosure.

While there are federal exemptions that exclude some assets from bankruptcy, each state has its own specific exemptions as well. Having an attorney who is well-versed in both federal and state bankruptcy laws is critical to safeguarding any assets you may own.

Your bankruptcy attorney will assess your finances and discuss your financial goals to help you choose the option that best meets your needs and protects your interests.

Figuring Out What’s Best for Your Business

If you’re a business owner whose company is struggling and you’re ready to call it quits, a business dissolution lawyer may recommend filing Chapter 7 to liquidate your assets and pay off debts. On the other hand, if you want to get your company back into shape and continue doing business, they may recommend filing for Chapter 11 bankruptcy, which is a business reorganization similar to Chapter 13.

Assisting You with Filing for Bankruptcy

It is critical to be meticulous and forthright about what to include in your bankruptcy petition. Your attorney ensures that it is filed without any errors and that all qualified debts are included. If you fail to include debts that could have been discharged or included in your repayment plan, you may still be on the hook for them.

Alleviating Stress and Providing Support

Being in over your head financially is stressful and overwhelming. As soon as your bankruptcy petition is filed, an automatic stay will be put on your debts. This means that creditors must cease collection efforts, including phone calls, letters, foreclosures, repossession, and wage garnishment. This can take a huge weight off your shoulders and allow you to focus on rebuilding a solid financial foundation.

If you’re facing financial difficulties, our experienced and compassionate local bankruptcy attorneys can help.

This blog was originally posted at https://carosella.com/blog/how-a-bankruptcy-lawyer-can-help-you-clean-up-a-financial-mess/

How Real Estate Lawyers Can Help When Buying a Short Sale Property

Whether you’re buying your first home or you are a seasoned real estate investor, finding a property at a great price is exciting. However, navigating a short sale transaction can be time consuming and stressful, especially if you are new to it. A real estate lawyer in PA can help you understand your rights, protect your interests, and assist you throughout the process.

What Is a Short Sale?

Typically, a short sale happens when a property is sold at a price that is less than what the current owner owes on their mortgage. It can be an option when a homeowner has fallen behind on payments and is trying to avoid foreclosure. In a short sale transaction, you negotiate with the mortgage lender, which is much different from dealing with a real estate agent or homeowner. Buying a short-sale property can be risky, so finding a firm that offers real estate lawyer services can help to ensure you have a staunch advocate looking out for you throughout the process.

Short Sales can Be Tricky

Buying a short-sale property involves much more than negotiating and coming to an agreeable price. Before the process begins, the mortgage lender must approve the short sale. The process can take many months or even more than a year, which requires a lot of patience. Unlike foreclosure, the owner can stay in the home during the short sale process.

If the bank decides that foreclosure is a more lucrative option, they may reject the short sale and move ahead with foreclosure instead. A lawyer for real estate can also help you purchase a property in foreclosure, but the process is different.

Why Hire a Real Estate Lawyer?

In addition to helping you negotiate the price and conditions of the deal, a real estate attorney can help you handle any pitfalls that may arise. If there are multiple mortgages or liens on the property, all lienholders may be involved in negotiations because their permission is needed for the sale. If the primary mortgage lender is unwilling to agree to a satisfactory portion being paid on junior liens like home equity loans, these lienholders may refuse the sale and allow a foreclosure to proceed.

The advertised price may not be anywhere near the final purchase price. Lenders often list short sales at a low price to rouse interest. When the real estate market is strong, lenders will want more money. It can be difficult to secure financing for a short-sale property, and you may also have to pay all closing costs. Short-sale homes are also sold as-is, which means price concessions for repairs are usually not on the table.

Understanding the details and nuances of a short sale is challenging. That is why it is essential to have a seasoned attorney review any proposals or contracts and assist you with negotiations. Our West Chester real estate lawyers have extensive experience handling all types of property transactions. We can help you understand the pros and cons of buying a short sale and advise you of your options.

This blog was originally posted at https://carosella.com/blog/how-real-estate-lawyers-can-help-when-buying-a-short-sale-property/

How to Choose an Agent for Your Financial Power of Attorney

No one likes to think about what may happen if they become ill or incapacitated. However, it is critical to have powers of attorney in place before such an event occurs to ensure your finances and health care decisions are handled according to your wishes. Wills and trusts attorneys advise clients on what to look for in an agent for financial power of attorney – these tips can help you make informed decisions and give you peace of mind.

What is a Financial Power of Attorney?

A power of attorney for finances is a legal document that allows you to name an agent to handle your financial affairs in the event of your incapacitation. In your power of attorney, you may be as general or specific as you wish about how much authority your agent has over your financial affairs. Some common tasks of an agent include paying bills, making deposits, managing assets, selling and buying property, filing taxes on your behalf, running your business, and more. If you fail to create POAs for finances and health care, these decisions could be left up to someone who is appointed by the court.

Selecting an Agent for Financial Power of Attorney

Of course, your agent should be someone you trust to manage your finances honestly and responsibly. Most married couples name their spouse as an agent, but you can choose anyone who is a competent adult. It is also important to choose someone who understands the duties that may be required and is willing to carry them out. Your agent should know your values and be committed to taking their role seriously.

Questions to Consider

Whether you are considering an adult child, close friend, family member, or another person as an agent, asking yourself these questions can be a helpful way to narrow down potential candidates.

• What is your relationship with the person? If it’s a family member, are you confident that they will stand firm when carrying out your wishes, despite what others may want them to do?
• Do they have the ability and skills to handle a range of financial tasks?
• Are they responsible with their own finances?
• Do they have good problem-solving skills?
• How old are they? It is usually a good idea to name someone who will outlive you.
• Do they live nearby? Although it is not required, in most cases it is a good idea to have someone local as your agent for financial POA.

In addition to choosing someone who is trustworthy, if you are aware that naming a certain person could cause serious conflict in the family, you may want to consider choosing someone else. If you are having a hard time deciding, lawyers for wills can provide an objective perspective and help you make practical decisions that protect your interests. .

Do you need assistance with estate planning services in West Chester, PA? Our estate planning lawyers and trust administration attorneys can help.

This blog was originally posted at https://carosella.com/blog/how-to-choose-an-agent-for-your-financial-power-of-attorney/