Articles Tagged with filing bankruptcy

filing bankruptcy in Jacksonville with Parker and DuFresneWhen filing bankruptcy, you’re probably concerned with safeguarding certain important assets. Will establishing a trust protect your assets from creditors? The answer will depend on several factors, including the type of trust you have. There are two types of trusts, revocable and irrevocable. Below we’ll discuss the purposes of each and how they apply when you’re filing for bankruptcy.

Revocable Trust

A revocable trust, or living trust, is the type of trust commonly used in estate planning. One of its primary purposes is to help your family avoid the stress and costs associated with probate after your death. Any assets included in this trust are not subject to probate court. This saves considerable time and hassle for the beneficiaries of your estate. The assets in the trust will be distributed according to your wishes.

filing chapter 13 bankruptcy in JacksonvilleIt can be devastating to lose your home in a foreclosure. Fortunately, filing Chapter 13 bankruptcy is an excellent option that can save your home. Chapter 13 can give you the opportunity to reorganize your debt to make it more manageable. This debt includes payments you are making on your mortgage.

What is Chapter 13 Bankruptcy?

Chapter 13 is also known as a wage earner’s plan. You will be able to determine a plan to repay all or part of your debts. With the help of an experienced Jacksonville bankruptcy lawyer, you propose a plan to repay your creditors. The amount you are required to repay is based on several factors, including your income. The time-period for this repayment plan is typically three to five years.

filing for bankruptcy
If you and your spouse are contemplating filing for bankruptcy, you may wonder if you are required to file jointly. Married couples can, in fact, file separately. When filing for bankruptcy in Jacksonville, married couples have the following options when choosing to file for Chapter 7 or Chapter 13:

  • One spouse files individually
  • Both spouses file individually