Do I Qualify for Chapter 7 Bankruptcy?

Debtors must pass the legally required ‘means test’, which checks whether the debtors’ income is higher than certain limits, to determine whether they’re eligible for chapter 7 bankruptcy. Debtors have the right to hold on to assets that have been exempt from being taken from them based on certain law-allowed exemptions that protect part of their property. There’s usually little or no nonexempt property in these cases to be sold. However, if any assets get liquidated by the trustee, only creditors holding unsecured claims (not supported by a collateral) and who have filed a proof of claim with the bankruptcy court for the particular debtor(s)’ case(s) would be eligible to receive any of the proceeds to satisfy all or part of their claims.

Learn more about the differences between chapter 7 and chapter 13 bankruptcy here.

Want to file for Bankruptcy? Contact a Bankruptcy Attorney in Ann Arbor to Help You!

If you need help filing for bankruptcy, consult a bankruptcy attorney in Ann Arbor for a free consultation on whether you qualify. (734) 665-4441

What is Financial Analysis?

Set your Key Performance Indicators, or KPIs, which measure your company's performance outcomes against internal or external targets, such as financial and operational goals. Internal targets or goals refer to your company’s business strategy and objectives, while external targets or goals refer to your industry peers and competitors. KPI examples would include targets of increasing sales by a certain percent, increasing customer retention, increasing profits or decreasing certain expenses. Key performance indicators related to financial performance focus on profitability, liquidity, solvency, and efficiency, utilizing financial ratios to measure financial results. For example, in measuring profitability, the Net Profit Margin ratio measures what percent of total revenue ends up as net income for your company after all expenses and taxes are considered. In measuring liquidity, the current ratio measures whether your company can pay its short-term obligations with the short-term assets, such as cash and cash equivalents, it has available on hand. 

Learn more about business consulting services in Ann Arbor here.

If you have questions regarding business consulting in Ann Arbor, please contact us at 734-665-4441 or fill out our contact form to schedule an initial consultation.

What Do You Need to Do About Joint Tenants

The “easiest to get into and most difficult to get out of” way to pass real estate outside of probate is to add a family member to your deed.  This may be a taxable gift, and adding a family member is always advised against because this gives another individual legal rights in the sale, mortgage, and partition of your real estate. US citizens are granted lifetime gift exemptions, but this tax savings isn’t extended to Canadian citizens. This type of transfer may also trigger capital gains in Canada for the initial owner of the property.

Learn more about cross border ownership of real estate here.

Get Started Today: Schedule Your Consultation

 

Regardless of your stage in life, consult an estate planning attorney in Ann Arbor to help you create an estate plan. * If you have questions regarding Cross border ownership of real estate, you should consult with a lawyer and tax advisor knowledgeable of both U.S. and Canadian taxes. 734-665-4441.

What’s the Difference Between Chapter 7 & Chapter 13 Bankruptcy?

Are you contemplating filing for Bankruptcy? You need to understand the differences between the two main types applicable to most individual or joint debtors (persons who file a petition for discharge of their debts under the U.S. Bankruptcy law), chapter 7 and chapter 13. 

In Chapter 7 Bankruptcy, also known as Liquidation, a court-appointed trustee reviews the debtor(s)’ estate for any assets that may have not been exempt from being sold to pay creditors, and then, the trustee would sell such assets to satisfy some of the debts.

Chapter 13 bankruptcy is better suited for debtors who have a regular income and want to keep their real estate assets, such as a house.

Learn more about the differences between chapter 7 and chapter 13 bankruptcy here.

Want to file for Bankruptcy? Contact a Bankruptcy Attorney in Ann Arbor to Help You!

If you need help filing for bankruptcy, consult a bankruptcy attorney in Ann Arbor for a free consultation on whether you qualify. (734) 665-4441

US Estate Planning for our neighbors to the North in Canada

Cross border ownership of real estate is a common practice today, as investments in real estate extend between the United States and Canada.  The practice is so easy, you can forget to ask, “what is the process to transfer this property upon my death?” 

For our Canadian neighbors, whether they’re dual citizens or not, owning property in the US should include a review of estate planning from both sides of the border to ensure their property can pass with the least tax consequences as well as avoiding probate.

Learn more about cross border ownership of real estate here.

 

Get Started Today: Schedule Your Consultation

 

Regardless of your stage in life, consult an estate planning attorney in Ann Arbor to help you create an estate plan. * If you have questions regarding Cross border ownership of real estate, you should consult with a lawyer and tax advisor knowledgeable of both U.S. and Canadian taxes. 734-665-4441.