Frequently Asked Questions

Frequently Asked Questions About Wills

1. Why do I need a Will?
Every adult should have a will regardless of his or her financial net worth. If you die without
a will, your property will be distributed according to the intestate laws of your state. Thus,
having a will ensures that your personal assets and belongings will go to your family
members, if you have minor children, your will can include provisions to address who will
care for them after your death.
2. Who can make a Will?
Any individual can make a will so long as he or she is of legal age (in most states 18 years of
age) and is mentally competent. In other words, a person needs to know and understand
that she or he is executing a will and making provisions to distribute his or her property to
designated beneficiaries after his or her death.
3. Do I have to have a certain amount in assets to make a Will?
No. Anyone can make a will (so long as they are of legal age and mentally competent). The
size of a person´s estate is not a factor in who is eligible to make a will. But if you own a
property, a business or a house, or even if you have several investments in different assets,
the safest way to protect all your assets is through a living trust, and we can assist you in
that matter.
4. What happens to my Will after I die?
After you die, your will must be submitted to Probate. Usually, the person whom you have
named as the executor of your estate, or your personal representative will submit your will to
the court. Once your will is filed with the probate court, it becomes a public record. If you
want to avoid the whole process that arises from a Probate, the best option is to make a
Living Trust.

Frequently Asked Questions About Living Trusts


What is a Trust?

A trust is a legal relationship in which one person (the trustee) holds legal title to property

for the benefit of another (the beneficiary). Trust are used to accomplish a variety of estate

planning goals. A trust may allow your estate to avoid probate

What is the difference between a Revocable Trust and an Irrevocable Trust?

A revocable trust is a trust that the trust maker can change, amend, or revoke during his or

her lifetime. The trust maker still has complete control over the assets that he or she has

transferred into the trust. On the other hand, an irrevocable trust is one that the trust

maker cannot modify or revoke.

What happens to my Revocable Living Trust when I die?

A revocable living trust becomes an irrevocable trust upon your death, and changes can no

longer be made to it. Your successor becomes your trustee and then takes on the role of

managing the trust funds and distributing the trust assets to your beneficiaries.

Frequently Asked Questions About Chapter 7 Bankruptcy 


What is Chapter 7?

Is a process that when completed will discharge (eliminate) all your debts that eligible for discharge. It is the most common type of bankruptcy relief. You are telling the Court that you are unable to pay your debts and need assistance from the Court. Most student loans are not dischargeable and some tax debts might not be as well. You also cannot discharge alimony and child support. 

What are the most common reasons for filing Chapter 7?

Some of the most common reasons for filing Chapter 7 include: loss of income, unemployment, medical debt, divorce, foreclosure, and issued with spending.

Who can qualify for Chapter 7?

The majority of people who qualify for Chapter 7 are debtors whose household income is at or below the median income lever of their state. Another way to qualify is if more than half of your debt is considered business debt.

What happens after I file for Chapter 7 Bankruptcy?

An automatic stay issues, which is a court order forbidding your creditors form contacting you. This means the collection of calls and letters will immediately cease. This relief come with a pitfall, you´ll need to set up your own reminder system for each debt you want to continue timely paying.

How long does a Chapter 7 Bankruptcy take?

The Chapter 7 process normally takes 3 to 4 months to be completed. If you are required to make payments to the court, the process can be significantly longer, but your discharge will be entered at the normal time. 

Frequently Asked Questions About Chapter 13 Bankruptcy 


What is a Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a plan that allows the debtor to reorganize his or her debt. Debtors with regular incomes can develop a plan that pays all or a portion of their debts back to the creditors in a defined time frame, which normally is anywhere from 3 to 5 years.


What are the most common reasons for choosing Chapter 13 Bankruptcy?

The most common reasons for filing Chapter 13 is that they have too much debt and make too much money to file a Chapter 7. Chapter 7 has income requirement; there are no such requirements in a Chapter 13 Bankruptcy. Another common reason is to prevent foreclosure and save your home. Lastly, many debtors file Chapter 13 to be able to keep assets they can´t fully protect (assets that are not exempt and could be liquidated to pay creditors) if they filed a Chapter 7. 


Who qualifies to file for Chapter 13?

Any person can file a Chapter 13 as long as he or she has a source of income to fund a repayment plan and debts that are less than a specified amount which is adjusted periodically for inflation.


What happens after I file for Bankruptcy?

Upon filling the Chapter 13 petition, your creditors are not allowed to collect from you unless authorized in the bankruptcy payment plan or if they receive permission from the bankruptcy court.


How long does a Chapter 7 Bankruptcy take?

The Chapter 13 process is normally takes 3 to 5 years.

Frequently Asked Questions About Short and Long-Term Consequence of Bankruptcy


If I file for Bankruptcy, will other people, like my employer, landlord, friend and neighbors find out?

Probably not, unless you tell them or they are listed in your bankruptcy papers as creditors. Bankruptcy filings are public records. Anybody who wants to investigate you will be able to find the records by making a trip to the courthouse or looking them up on the court´s website. But most people will have no reason to do so. 


Can I lose my job if I file Bankruptcy?

It is not common to lose your job due to filing bankruptcy. Most employers will probably not even be aware of the filing. As general rule, both private and government employers are prohibited by law from discriminating against a person who files for bankruptcy. However, some jobs require a certain security clearance. 


Can my landlord evict me if I file for Bankruptcy?

Your landlord cannot evict you just because you have filed for bankruptcy. Landlords, like employers, are prohibited by law from discriminating against tenants who file bankruptcy. If you have a lease, your obligations under it will be eliminated by your bankruptcy and your tenancy will become month a month.


What steps can I take to repair my credit after Bankruptcy?

The best step you can take post-bankruptcy is to manage your finances better going forward. One of the most important aspects of your fresh start is repairing your credit rating. Every situation is different and some situations make it easier for a credit rating to be repaired.

Frequently Asked Questions About Stopping Creditor Harassment


How does a Bankruptcy stop my creditors from harassing me?

Filing a bankruptcy is the best way to stop creditor harassment. As soon as your case is filed, creditors are not allowed to contact you for the duration of the bankruptcy unless they receive permission from the court. If you are in the process of filing a bankruptcy and have an attorney, then you can tell any creditors who are contacting you that you are going to file and give them your attorney´s information so they can verify that you are indeed going to file bankruptcy soon.


How will my creditors know that I have filed Bankruptcy?

Your creditors will know that you filed bankruptcy because you are required to list all creditors, along with their contact information, on your bankruptcy petition. There is a schedule in the petition specifically for listing creditors. 


Can my creditors continue to contact me after I file for Bankruptcy?

It depends on the situation. Some secured creditors, for debts related to home and vehicle loans, will want to know if you intended to continue paying on your loan or if you are going to surrender the collateral instead. The majority of creditors with unsecured loans, such as credit card debt and medical bills, are not allowed to contact you again regarding that specific debt once you file bankruptcy.


How long after I file Bankruptcy will my creditors stop calling me?

Your creditors should stop contacting you almost immediately upon filing. Most of them will receive notice electronically, so a 24 to 48 hour window should be the most given to creditors to update their records and cease the phone calls.