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Tuesday, June 19, 2018

What is the difference between a reorganization and a liquidation?

When a person declares bankruptcy, it must be clear whether the petition asks the bankruptcy court to discharge the debts listed therein or asks to reorganize the debt. An individual files for reorganization under Chapter 13 of the bankruptcy code, while a business uses Chapter 11. Both businesses and individuals may file for a discharge under Chapter 7 of the bankruptcy code.

In liquidation, a bankruptcy trustee collects the assets of a debtor, sells them to make them liquid, and distributes the money among the creditors to pay off as many of the debts as possible. Once this is done, the debts owed are discharged, which means they are permanently canceled. Creditors usually receive much less than they are owed, if they receive anything at all. If an individual asks the bankruptcy court for a discharge, the consequences are limited to the individual’s credit. He or she will likely continue living his or her life normally afterwards, though the assets she or he retains afterwards are limited to those exempt from the bankruptcy. A business, on the other hand, must be dissolved after discharges are granted. It must close its doors, fire all of its employees, terminate pension plans, and cease operations. If a company is large enough, a bankruptcy trustee might sell an entire division to help appease creditors.

A  reorganization is completely different. An individual in reorganization must consolidate his or her debts and work with the bankruptcy trustee to establish a budget to repay creditors over time under more favorable terms. An individual can keep assets that would otherwise be sold and businesses can continue operating normally. In order to qualify, a bankruptcy petitioner must make enough money to pay the debts under a reasonable repayment plan. Even though creditors will receive more money under a reorganization than under a discharge, it will take longer for them to receive any money, and some debts will be cancelled in whole or in part.

Only an attorney is qualified to assess the factors in each person’s unique case can provide advice on whether a liquidation or reorganization is better equipped to resolve that person’s situation.


Thursday, June 7, 2018

Overview of the Ways to Hold Title to Property

You are purchasing a home, and the escrow officer asks, “How do you want to hold title to the property?” In the context of your overall home purchase, this may seem like a small, inconsequential detail; however nothing could be further from the truth. A property can be owned by the same people, yet the manner in which title is held can drastically affect each owner’s rights during their lifetime and upon their death. Below is an overview of the common ways to hold title to real estate:


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Wednesday, May 30, 2018

Studying in the United States

The United States boasts some of the most prestigious academic institutions in the world and for many international scholars, it’s the dream of a lifetime to come study at one of them. Unfortunately, acceptance into a school isn’t enough to allow a nonimmigrant to commence studies in the U.S., they also must obtain the appropriate visa. Generally speaking, there are two different types of visas available to students: the F-1 visa and M-1 visa. The desired course of study and the type of school determines which will be needed. An F-1 visa is required to attend university or college, high school, private elementary school, seminary, conservatory or another academic institution (including a language training program). While an M-1 visa is generally required for study at a vocational or other recognized nonacademic institution.


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Wednesday, May 16, 2018

Tax Consequences to Keep in Mind During Divorce Property Division

When you are going through the divorce process, particularly the property division process, you may end up focusing on what you are getting and the monetary value of what you are getting. This will do your finances a serious disservice. Considering the tax consequences of what you are awarded during property division could save you a significant amount of money.


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Wednesday, May 2, 2018

What are the powers and responsibilities of an executor?

An executor is responsible for the administration of an estate. The executor’s signature carries the same weight of the person whose estate is being administered. He or she must pay the deceased’s debts and then distribute the remaining assets of the estate. If any of the assets of the estate earn money, an executor must manage those assets responsibly. The process of doing so can be intimidating for an individual who has never done so before.


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Thursday, April 26, 2018

Five Common Bankruptcy Myths

For those who are facing insurmountable debts, filing for Chapter 7 or Chapter 13 bankruptcy may be the only option. However, there are many misconceptions about the process. Let's take a look at five common bankruptcy myths.


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Wednesday, April 11, 2018

The Difference Between Equal and Equitable Inheritance

When it comes to estate planning, many individuals believe that dividing assets equally among adult children is the best choice. However, there are situations in which leaving each child the same amount might not be practical. For this reason, it is important to know the difference between an equal inheritance and an equitable inheritance, in which each child receives a fair share based on his or her circumstances.


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Wednesday, April 4, 2018

What Happens to Debt in Divorce

With all the focus on division of property in divorce, an important aspect often gets looked over. Where does the marital debt go? Marital debt will be subject to division just like the assets. From mortgages to credit card debt, someone will be responsible for taking on the repayment of these debts assumed during marriage.


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Friday, March 30, 2018

Returning to the United States after Deportation

Each year, hundreds of thousands of individuals are deported from the United States. For many of these people the dream of living and working in the U.S. is far from over. Unfortunately after deportation, the path to reenter and live in the U.S. is incredibly difficult. Depending on the reason for removal and number of violations, a deported individual may have to wait several years before reentry or they may be permanently banned from ever returning to the United States.


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Tuesday, March 13, 2018

Can I be discriminated against for filing bankruptcy?

Filing for bankruptcy can have long lasting consequences, not the least of which is that it will cause damage to your creditworthiness, making it harder for you to borrow money. At times, some individuals may also find that they are being discriminated against because of a bankruptcy filing. That's the bad news. The good news is that in many instances, this form of discrimination may be illegal.


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Friday, March 2, 2018

How a Prenuptial Agreement Can Protect Your Estate

There are many circumstances that can impact an estate plan, not the least of which is divorce. While ending a marriage is complicated, it is not only crucial to arrive at a fair and equitable distribution of the marital assets, but to preserve your estate as well.


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