Paying the Debts of the Estate
The Probate Court will appoint a Fiduciary (Executor of Administrator) to handle and distribute the property of the estate. Another job of the Fiduciary is to pay the debts of the estate. The creditors of the estate cannot go after the family members or beneficiaries of the deceased for monies owed. The creditors can only go after estate property…
Protecting Your Car When Filing Bankruptcy
Your car. It provides transportation to work so that you can make money to pay bills. It provides transportation for your kids and families. A common concern individuals have when we first meet is “I don’t want to lose my car.” Another concern is that individuals do not want to include their auto lender in their…
What is the Statement of Intention?
Individuals who file for Chapter 7 Bankruptcy will sign and file a Statement of Intention form with the Court. This is a form typically filed with the initial bankruptcy petition stating how you want to treat certain debt. On this form you declare whether you want to keep certain assets and continue paying on this…
What Happens After Your Chapter 7 Bankruptcy Petition Is Filed?
You are finally ready to file your bankruptcy petition. You have put in all of the hard work. Your attorney has all of the information necessary to put your case together. Your credit counseling course is completed. You have met with your attorney and signed your Chapter 7 bankruptcy petition papers. But what happens next?…
Secured Credit Cards
A question that commonly comes up with clients is how to raise a credit score after filing bankruptcy. If you keep a vehicle loan or mortgage after your case is done those creditors will continue to report your payments. But what if you don’t have either of these loans? Consider secured credit cards. In my…
What Happens in Ohio when a Person Dies Intestate?
According to LexisNexis approximately 55% of American adults do not have a will or other estate plan in place. When a person passes away and does not have a will they are deemed to die intestate. Some people think they don’t need a will because their spouse will simply inherit everything. But what happens when life…
Tips on How to Avoid Probate Court
The number one question clients ask when planning for their future is “how can I avoid the Probate Court?” Typically the Probate Court oversees the distribution of your property, and the Court approve certain transfers. However, you can avoid this hassle with just a little planning on your part. Therefore, a few minutes of your time…
When You Receive a Lawsuit…Take Action
When you receive a lawsuit from a court – be proactive and don’t ignore it! When a lawsuit is filed and served upon the clock starts ticking. The Court will send out the lawsuit via certified mail. The legal process does not stop if you simply ignore this notice. If mail goes unclaimed the next step is for…
Requirements for Creating a Valid Last Will & Testament
How do you properly memorialize your last wishes in your Last Will & Testament? You want to make sure your wishes are clearly set forth as to who is in charge of your estate, how you want your property split up and distributed to family and/or friends, among many other issues. Even though you may…
Types of Estate Administration
Estate Administration When a loved on passes away you will open up an estate to transfer property to the rightful beneficiaries. There are three types of estate administration. (1) Summary Release (2) Release from Administration (3) Full Administration. The estate that you file depends on the value of the estate. Summary Release from Administration Ohio Revised…