The Mega Millions lottery recently reached $1 billion, which is the second-largest grand prize in history. Strangely, statistics reveal that lottery winners are more likely to declare bankruptcy than other Americans. If you have come into a windfall from winning the lottery or inheriting from a relative, you need to exercise care when managing this… [Continue Reading]
Tips to Speed Up Your Bankruptcy Recovery Time
Statistics reveal that in 2017 more than 700,000 individuals filed for bankruptcy. Unfortunately, bankruptcy can remain on your credit report for up to 10 years, depending on the type of bankruptcy you file. A recent study by LendingTree found that many people actually bounce back from bankruptcy long before 10 years have elapsed. Instead, the… [Continue Reading]
Discharging Student Loans in Bankruptcy
Many people who have a difficult time paying their bills have discovered that bankruptcy is an invaluable option. When financial indebtedness involves student loans, however, many people are deterred because they have heard that student loans are not capable of being discharged in bankruptcy. While it is true that there are steep requirements for discharging… [Continue Reading]
The Most Common Estate Planning Errors
Estate planning is a particularly complicated area of law. Any mistakes that are made in a will or other document can end up creating significant errors in the administration of an estate. When these issues crop up, you will likely not be alive or aware that your estate planning documents contain errors and your wishes… [Continue Reading]
Understanding Michigan’s Homestead Exemption
One of the most common myths about bankruptcy is that you are required to give away all of your belongings. In reality, there are certain exemptions and items that you are allowed to keep during bankruptcy. For example, Michigan has a distinct group of items that a person is allowed to keep while navigating the… [Continue Reading]
Important Concerns About Life Insurance When Estate Planning
There are a number of questions that arise when estate planning. Many people are uncertain about what effect various estate planning documents and accounts will have after their death, including their life insurance policies. The following will address the most common questions that we receive about life insurance and its effect on estate planning. Because… [Continue Reading]
Clarifying Common Bankruptcy Myths
There are a number of myths out there about the bankruptcy process. While some of these myths contain an element of truth, most have no basis in reality and were likely created to scare people. If you are navigating the bankruptcy process, it is a wise idea to contact an experienced bankruptcy attorney who can… [Continue Reading]
Signs You Should Consider Guardianship for a Parent
As time passes, many people find themselves taking care of their parents. This might include shuttling parents to medical appointments or helping them move into a smaller, more manageable living situation. Many people find themselves assuming responsibility for a wider range of tasks when it comes to caring for their parents. In these situations, many… [Continue Reading]
What You Need to Know about DAPTs
More and more people who are interested in estate planning are learning about domestic asset protection trusts (DAPTs), which offer an important advantage regarding estate taxes and income. DAPTs allow you to appoint yourself as a beneficiary of the trusts. DAPTs are not a wise estate planning tool for everyone, however. Instead, DAPTs work best… [Continue Reading]
Why You Should Not Wait to File for Bankruptcy
Because filing for bankruptcy is often seen as an acknowledgement of financial failure, many people resist initiating the bankruptcy process. In reality, waiting to file bankruptcy often makes it more difficult for a person to recover from the bankruptcy process. The following will review some of the reasons why you should not delay in speaking… [Continue Reading]
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