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.

How Can We Help with Business Analysis?

You should think of business analysis as a tool to aid strategic decisions and direction, understand and improve your business operational and financial position, set financial or bottom-line objectives, and facilitate organizational efficiency and effectiveness. 

Seeking business solutions from a professional can help shed light on new perspectives you may not have considered. PSED’s business consultants can help you reach your goals of having a successful growing business and help you solve problems along the way.

PSED’s Business Consulting Services include:

§  Financial Analysis and Forecasting

§  Cash Flow Analysis

§  Budgeting

§  Accounting and Bookkeeping

§  Internal Controls Analysis 

§  Capital Asset Decisions

§  Operations Analysis and Restructuring

§  Strategic Planning 

Learn more about business consulting services in Ann Arbor here.

Need to File for Chapter 7 Bankruptcy in Ann Arbor, Michigan?

“A chapter 7 bankruptcy case doesn’t involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds to pay creditors in accordance with the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. The Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.”

Still have questions about how chapter 7 bankruptcy filings work in Michigan? Read more about filing for bankruptcy on our website.

Want to file for Bankruptcy? Contact a Business 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

Need to File for Chapter 13 Bankruptcy in Ann Arbor, Michigan?

“A chapter 13 bankruptcy is called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under chapter 13, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period "for cause." (1) If the debtor's current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. § 1322(d). During this time the law forbids creditors from starting or continuing collection efforts.”

Still have questions about how chapter 13 bankruptcy filings work in Michigan? Read more about filing for bankruptcy on our website.

Want to file for Bankruptcy? Contact a Business 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 a Trust?

Trusts aren't just for the wealthy or for complicated estates. They can be helpful for "average" folks like you! What do trusts do? How can trusts be used?

A trust is an agreement between two parties: a settlor and a trustee. The trustee agrees to accept, manage and protect assets delivered by the settlor; to administer those assets according to the trust’s instructions; and to distribute the trust income and principal as the trust allows only for the benefit of the people identified in the trust.

 

Learn more about trusts and why they’re an important part of estate planning.

 

Get Started Today: Schedule Your Consultation

 

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

10 Reasons You Should Have a Trust

 

Trusts can be established for a number of reasons. Among them:

·      Protect beneficiaries from poor judgment and waste;

·      Avoid court-supervised probate of trust assets and keep them private;

·      Protect trust assets from the beneficiaries’ creditors;

·      Protect premarital assets from division between divorcing spouses;

·      Set aside funds to support the settlor when incapacitated;

·      Manage unique assets e.g. vacation homes, pets, recreational vehicles, etc;

·      Manage closely held business assets for planned business succession;

·      Hold life insurance policies and collect the tax-free proceeds to care for beneficiaries, fund closely held stock redemptions or purchases, and provide liquidity to the estate;

·      Provide structured income to a surviving spouse that protects trust assets for descendants if the spouse remarries; and

·      Reduce income taxes or shelter assets from estate and transfer taxes.

Learn more about why you should establish a trust here.

Get Started Today: Schedule Your Consultation

 

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.