Declaring Chapter 7 bankruptcy can feel overwhelming, but understanding which assets you can keep may provide some relief. This guide breaks down the key exemptions in Delaware, helping you retain what matters most during the bankruptcy process. Essential personal property You can keep your personal belongings, such as clothing, furniture, and household appliances. These items […]
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How the automatic stay relieves creditor harassment
Dealing with constant calls and letters from creditors can be overwhelming. If you’re struggling with debt, bankruptcy might offer a solution. One immediate benefit of filing for bankruptcy is the automatic stay. This legal action stops creditors from contacting you and provides instant relief. What is an automatic stay? An automatic stay is a court […]
How to keep your end-of-life care in mind when estate planning
Estate planning involves more than just deciding what happens to assets after death. It also requires careful consideration of end-of-life care. Including plans for this care can help avoid unnecessary stress for yourself and your loved ones when late-life health issues arise. Include an advance healthcare directive An advance healthcare directive outlines specific medical treatments […]
Benefits of a Chapter 13 bankruptcy
The U.S. Courts reported 157,087 Chapter 13 bankruptcy filings in 2022. Facing financial challenges can be overwhelming, and for some, Chapter 13 bankruptcy offers a viable solution to regain control of their financial future. Understanding the benefits of this type of bankruptcy can help individuals assess whether it is the right path for them. Protecting assets […]
When to consider updating your will
Creating a will is an important step in securing your assets and ensuring your wishes get carried out after you are no longer around. However, just making a will is not enough. Life is constantly changing, and your will should reflect these changes to remain effective. Major life events If you are one of the […]
Biggest mistakes to avoid when estate planning
Estate planning is an important process that ensures the distribution of your assets according to your wishes after your passing. However, during this process, many people make avoidable mistakes that can lead to complications and legal issues down the road. Procrastinating the process Did you know that only 46% of Americans have a will, much […]
How to improve your credit score after a bankruptcy
Bankruptcy is a challenging financial setback that can have an impact on your credit score, making it difficult to get new credit and if you do, you may pay higher interest rates. However, continually missing payments prolongs the impact on your credit, whereas filing for bankruptcy can provide you with a fresh start that allows […]
Are you eligible to declare Chapter 7 bankruptcy?
Federal bankruptcy laws permit people with significant debts to obtain a fresh financial start. If you declare Chapter 7 bankruptcy, you can settle unsecured debts with your creditors. However, before you declare bankruptcy, you should determine if you meet the eligibility requirements. Chapter 7 bankruptcy eligibility If your income is less than the median income […]
What assets can I keep after declaring bankruptcy?
The federal bankruptcy code governs how bankruptcy courts operate. However, individual states can still implement laws regarding what happens to property during the process. Before you file a personal bankruptcy, you will want to determine for which type you qualify. Chapter 7 vs 13 bankruptcy A Chapter 7 bankruptcy, also known as liquidation bankruptcy, may […]
Tips for estate planning in Delaware
According to a 2021 Gallup poll, less than half of U.S. adults have a will. Setting aside time for drawing up a will isn’t exactly how you want to spend a Saturday when, statistically speaking, you are decades away from having to worry about such things. For the sake of your heirs, having a will […]