Things to Include in a Living Will

Things to Include in a Living WillA living will enables you to specify which types of life-sustaining and end-of-life care you want when you cannot speak for yourself. Sometimes called an advance directive, a living will is usually combined with a health care power of attorney, which allows you to name an agent who can make decisions about your medical treatment should you become incapacitated. Both of these vital documents can give you and your family peace of mind. Having a wills and trusts lawyer help you draft them helps to ensure all important details are included.

Creating Your Living Will

Before drafting a living will, consider the circumstances in which you would want to forego life-sustaining care. Would you want treatment that extends or saves your life in any situation? Are there specific situations in which you would not want care such as CPR, a ventilator, or a feeding tube? Some of the most common end-of-life options include:

Cardiopulmonary resuscitation (CPR) – This procedure restarts your heart if it has stopped beating. It may be done manually or by using an electrical device that stimulates the heart.

Mechanical ventilation – Think about whether you would want to be placed on a mechanical ventilator if you are unable to breathe on your own. If so, for how long?

Feeding tube – If you’re unable to eat and drink, a feeding tube provides fluids and nutrients through an IV or tube in the stomach. Would you want to receive nutrition and fluid in this manner? For how long?

Dialysis – If your kidneys cease to function, dialysis manages fluid levels in your body and removes waste from your blood.  Again decide whether you would want this treatment and for how long.

Antibiotics and antiviral medications – Sometimes, people who are very ill need antibiotics or antivirals to treat the infection. Would you want to receive these medications or would you prefer to let an infection run its course? Make sure to specify this in your living will and health care power of attorney.

Palliative care – Also known as comfort care, palliative care is used to manage pain and keep a patient comfortable. In addition to specifying whether you would want pain medications, you can state whether you prefer to pass away at home and avoid invasive tests or treatments.

Organ donation – You can also specify whether you wish to donate any organs or tissues for donation after you die. If you opt to donate your organs, you will need to receive life-sustaining treatment until the donation procedure is complete. Stating that you understand that this temporary intervention is necessary can help your healthcare agent and loved ones avoid confusion.

Scientific study – If you want your body to be donated for scientific study, you can specify this in your living will. If you have a specific organization or program in mind, make sure to name it.

Your Estate Planning Attorney Ensures your Living Will is Legally Sound

Lawyers for wills and trusts are well-versed in creating living wills and ensure that all legal requirements are met to adhere to the law. Our local lawyers for wills provide comprehensive estate planning services in West Chester, PA, and can help you create a plan that protects your interests and ensures your wishes are clearly stated.

Drafting a Purchase Agreement for Commercial Properties

Drafting a Purchase Agreement for Commercial PropertiesPurchasing or selling commercial real estate can be complicated. Having an experienced real estate lawyer in PA help you draft a purchase agreement can protect everyone’s interests and help avoid costly errors. Although each circumstance is different, there are a few vital elements that should be included in commercial real estate contracts to make the agreement clear and enforceable.

Purchase Price, Financing Terms, and Closing

In addition to specifying the price of the property, commercial real estate purchase contracts typically include how it will be paid for as well. SBA loans, commercial mortgages, private investors, and short-term bridge loans are common sources of financing in commercial real estate transactions.

The purchase agreement should include specifics about the type of financing being used to purchase the property, the name of the financial institution and/or investor providing financing, and the total amount. It must also outline closing costs, who is responsible for paying them, and the projected closing date.

A Detailed Description of the Property and Contents

A description of the building and any additional property included in the purchase should be detailed in the contract. Equipment, furniture, appliances, fixtures, inventory, and any other items to be included in the sale should be listed individually. An attorney for contract review will make sure all of these small details are covered, which can help you avoid many potential pitfalls and common mistakes.

Expected Condition of the Property

To ensure all parties are on the same page when it comes to the condition of the property, the purchase agreement must spell out the condition that can be expected. Although commercial properties are often sold as is, this needs to be explicitly stated in the contract.

Inspection Terms

Most real estate purchase agreements include an inspection contingency, which gives the buyer the right to have the property inspected in a certain amount of time. Depending on the industry, the contract may need to state which specific types of inspections must be conducted. The contract should also state the date by which the inspection should be completed and how long the buyer has to terminate the agreement post-inspection. Information about what will happen to a purchaser’s deposit if they opt to terminate the contract based on inspection results should be included as well.

Remedies in Event of a Breach

Seasoned real estate attorneys know that it is quite common for contract breaches to happen during the real estate transaction process. That is why they include remedies in the event that either party fails to abide by the contract. An indemnification clause outlines each party’s responsibilities if the contract is breached. For example, if the buyer backs out of the sale after a certain date, they may owe the seller a specified amount of money. This is meant to compensate the other party for the time and resources they invested in a deal that is no longer taking place.

These are just a few of the most important elements to include in a commercial real estate purchase agreement. Real property lawyers can address matters specific to your case and help your commercial real estate transaction run smoothly.

Do you need assistance with a commercial real estate transaction? Our business lawyers and real estate attorneys in West Chester, PA can help.

Can Bankruptcy be a Solution for Saving Your Small Business?

Can Bankruptcy be a Solution for Saving Your Small Business?Unfortunately, the COVID-19 pandemic took a serious toll on small businesses and has left many struggling to pay their bills, let alone turn a profit. Filing bankruptcy can be a viable solution to save your business, but it is vital to ensure that it is the right option for your circumstances. Before making such a big decision, consulting local bankruptcy attorneys who are well-versed in commercial bankruptcy law can help you make informed decisions.

Deciding Whether to File For Bankruptcy

It is important to keep in mind that there may be other options to keep your business solvent and turn things around before filing bankruptcy. Doing a thorough assessment of your financial circumstances and thinking about your goals is critical. If you are considering bankruptcy, first ask yourself the following questions:

  • Do you want to keep your business open or are you ready to close it?
  • What type of business structure is your company: sole proprietorship, partnership, corporation, or limited liability company?
  • If it is a partnership or corporation, are you personally liable for any business debts?

You should also look at the types and amounts of debt you owe. Compiling this information and bringing it to your consultation with bankruptcy lawyers can help them evaluate your circumstances and determine which type of bankruptcy may work best for you.

Small Business Bankruptcy Options

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a liquidation bankruptcy that is available to both individuals and businesses. Business dissolution lawyers may recommend filing Chapter 7 for small business owners who want to close up shop and get out from under debt.  Typically, a person who is the sole proprietor of a small business can file for Chapter 7 in their name.

Chapter 7 can provide significant benefits, as it eliminates certain types of business and personal debt and can give you a clean financial slate in a matter of months. In addition, if you have more business debt than personal debt, you will not be required to take the means test and can file Chapter 7 even if you have significant personal income.

Filing Chapter 7 as an LLC, partnership, or corporation allows for an orderly liquidation of the business assets but does not discharge your debts for which you are personally responsible. If you were a personal guarantor of any business debt, you may still be liable for it.

Chapter 13 Bankruptcy

Chapter 13 is a reorganization bankruptcy that may be filed by someone who operates their business as a sole proprietorship. If you want to stay in business, it can enable you to avoid asset liquidation and reorganize your debt, which is paid back over a period of 3-5 years.

As of June 2022, you may have up to $2.75 million of secured and unsecured debt to qualify for Chapter 13 bankruptcy. If your debts exceed the limit and you want to keep your business open, Chapter 11 may be the right choice for you.

Chapter 11 Bankruptcy

Typically used by corporations and partnerships, Chapter 11 is a business reorganization bankruptcy that allows you to retain possession of your business assets and to continue to operate under the oversight of creditors and the court. Much like Chapter 13, a Chapter 11 reorganization enables you to repay your debts over time. In Chapter 11, your business must file a plan that shows how creditors will be repaid.

The traditional Chapter 11 process can be complex, lengthy, and costly, so it was not a practical option for many small businesses in the past. However, recent changes in the bankruptcy code have created a faster, more economical process that makes Chapter 11 accessible to more small businesses.

The Small Business Reorganization Act (SBRA)

Passed by the U.S. Congress in 2019, the SBRA can offer a lifeline for small businesses that are struggling. It may work well for those that can meet ongoing expenses but need time to address past due obligations such as rent and loan payments.

For example, because bankruptcy puts an automatic stay on debts like past due rent, it can stave off the eviction process and allow you to continue operations in your location while you catch up through your Chapter 11 repayment plan. In both Chapter 11 and Chapter 13, you may only have to pay a portion of your debts, and once your repayment plan is finished, remaining debts are discharged.

Our West Chester bankruptcy lawyers understand that it can be overwhelming to decide what to do when your business is in trouble. We can take some of the weight off your shoulders and guide you through all your options.

How a Bankruptcy Lawyer Can Help You Clean Up a Financial Mess

How a Bankruptcy Lawyer Can Help You Clean Up a Financial MessFinancial troubles can take a serious toll on your overall well-being, relationships, and other aspects of your life. Struggling with overwhelming debt can seem like a lost cause, but there are solutions to help you get your finances back on track. Finding the best bankruptcy attorney to evaluate your financial circumstances can help you understand your options and give you peace of mind.

Giving Advice on How to Move Forward

It can be challenging to know if filing bankruptcy is your best option for debt relief. It’s a serious decision that will impact your credit standing for years. Depending on the circumstances, a local bankruptcy lawyer may recommend debt consolidation or negotiating with creditors to repay a portion of your debt instead.

For example, if you have mostly non-dischargeable debts like domestic support obligations, student loans, or certain types of tax debt, filing for bankruptcy may not be appropriate. A skilled attorney will figure out which options may work best to protect your assets and give you a fresh financial start.

Determining Which Type of Bankruptcy to File

If you and your attorney come to the conclusion that filing for bankruptcy is the most effective solution to improve your financial stability, you also need to decide which type of bankruptcy to file. Chapter 7 is a bankruptcy that enables you to wipe out unsecured debts like credit cards and medical bills. However, if you have enough income to repay a portion of your debt, you may not be eligible for Chapter 7.

Chapter 13 allows you to reorganize your debts and pay them back over a period of 3-5 years. It’s usually effective for debtors with non-exempt assets they want to keep, such as real estate facing foreclosure.

While there are federal exemptions that exclude some assets from bankruptcy, each state has its own specific exemptions as well. Having an attorney who is well-versed in both federal and state bankruptcy laws is critical to safeguarding any assets you may own.

Your bankruptcy attorney will assess your finances and discuss your financial goals to help you choose the option that best meets your needs and protects your interests.

Figuring Out What’s Best for Your Business

If you’re a business owner whose company is struggling and you’re ready to call it quits, a business dissolution lawyer may recommend filing Chapter 7 to liquidate your assets and pay off debts. On the other hand, if you want to get your company back into shape and continue doing business, they may recommend filing for Chapter 11 bankruptcy, which is a business reorganization similar to Chapter 13.

Assisting You with Filing for Bankruptcy

It is critical to be meticulous and forthright about what to include in your bankruptcy petition. Your attorney ensures that it is filed without any errors and that all qualified debts are included. If you fail to include debts that could have been discharged or included in your repayment plan, you may still be on the hook for them.

Alleviating Stress and Providing Support

Being in over your head financially is stressful and overwhelming. As soon as your bankruptcy petition is filed, an automatic stay will be put on your debts. This means that creditors must cease collection efforts, including phone calls, letters, foreclosures, repossession, and wage garnishment. This can take a huge weight off your shoulders and allow you to focus on rebuilding a solid financial foundation.

If you’re facing financial difficulties, our experienced and compassionate local bankruptcy attorneys can help.

How Real Estate Lawyers Can Help When Buying a Short Sale Property

How Real Estate Lawyers Can Help When Buying a Short Sale PropertyWhether you’re buying your first home or you are a seasoned real estate investor, finding a property at a great price is exciting. However, navigating a short sale transaction can be time consuming and stressful, especially if you are new to it. A real estate lawyer in PA can help you understand your rights, protect your interests, and assist you throughout the process.

What Is a Short Sale?

Typically, a short sale happens when a property is sold at a price that is less than what the current owner owes on their mortgage. It can be an option when a homeowner has fallen behind on payments and is trying to avoid foreclosure. In a short sale transaction, you negotiate with the mortgage lender, which is much different from dealing with a real estate agent or homeowner. Buying a short-sale property can be risky, so finding a firm that offers real estate lawyer services can help to ensure you have a staunch advocate looking out for you throughout the process.

Short Sales can Be Tricky

Buying a short-sale property involves much more than negotiating and coming to an agreeable price. Before the process begins, the mortgage lender must approve the short sale. The process can take many months or even more than a year, which requires a lot of patience. Unlike foreclosure, the owner can stay in the home during the short sale process.

If the bank decides that foreclosure is a more lucrative option, they may reject the short sale and move ahead with foreclosure instead. A lawyer for real estate can also help you purchase a property in foreclosure, but the process is different.

Why Hire a Real Estate Lawyer?

In addition to helping you negotiate the price and conditions of the deal, a real estate attorney can help you handle any pitfalls that may arise. If there are multiple mortgages or liens on the property, all lienholders may be involved in negotiations because their permission is needed for the sale. If the primary mortgage lender is unwilling to agree to a satisfactory portion being paid on junior liens like home equity loans, these lienholders may refuse the sale and allow a foreclosure to proceed.

The advertised price may not be anywhere near the final purchase price. Lenders often list short sales at a low price to rouse interest. When the real estate market is strong, lenders will want more money. It can be difficult to secure financing for a short-sale property, and you may also have to pay all closing costs. Short-sale homes are also sold as-is, which means price concessions for repairs are usually not on the table.

Understanding the details and nuances of a short sale is challenging. That is why it is essential to have a seasoned attorney review any proposals or contracts and assist you with negotiations. Our West Chester real estate lawyers have extensive experience handling all types of property transactions. We can help you understand the pros and cons of buying a short sale and advise you of your options.

How to Choose an Agent for Your Financial Power of Attorney

How to Choose an Agent for Your Financial Power of AttorneyNo one likes to think about what may happen if they become ill or incapacitated. However, it is critical to have powers of attorney in place before such an event occurs to ensure your finances and health care decisions are handled according to your wishes. Wills and trusts attorneys advise clients on what to look for in an agent for financial power of attorney – these tips can help you make informed decisions and give you peace of mind.

What is a Financial Power of Attorney?

A power of attorney for finances is a legal document that allows you to name an agent to handle your financial affairs in the event of your incapacitation. In your power of attorney, you may be as general or specific as you wish about how much authority your agent has over your financial affairs. Some common tasks of an agent include paying bills, making deposits, managing assets, selling and buying property, filing taxes on your behalf, running your business, and more. If you fail to create POAs for finances and health care, these decisions could be left up to someone who is appointed by the court.

Selecting an Agent for Financial Power of Attorney

Of course, your agent should be someone you trust to manage your finances honestly and responsibly. Most married couples name their spouse as an agent, but you can choose anyone who is a competent adult. It is also important to choose someone who understands the duties that may be required and is willing to carry them out. Your agent should know your values and be committed to taking their role seriously.

Questions to Consider

Whether you are considering an adult child, close friend, family member, or another person as an agent, asking yourself these questions can be a helpful way to narrow down potential candidates.

  • What is your relationship with the person? If it’s a family member, are you confident that they will stand firm when carrying out your wishes, despite what others may want them to do?
  • Do they have the ability and skills to handle a range of financial tasks?
  • Are they responsible with their own finances?
  • Do they have good problem-solving skills?
  • How old are they? It is usually a good idea to name someone who will outlive you.
  • Do they live nearby? Although it is not required, in most cases it is a good idea to have someone local as your agent for financial POA.

In addition to choosing someone who is trustworthy, if you are aware that naming a certain person could cause serious conflict in the family, you may want to consider choosing someone else. If you are having a hard time deciding, lawyers for wills can provide an objective perspective and help you make practical decisions that protect your interests. .

Do you need assistance with estate planning services in West Chester, PA? Our estate planning lawyers and trust administration attorneys can help.

Pros and Cons of Testamentary Trusts

Pros and Cons of Testamentary TrustsTrusts can be an effective way to streamline your estate plan. It is important to understand the purpose of different types of trusts to determine which will best meet your needs and goals. Testamentary trusts offer certain benefits, but like anything else, they have drawbacks as well. Experienced wills and trusts lawyers can take a comprehensive look at your assets and circumstances and determine if a testamentary trust may be right for your estate plan.

What is a Testamentary Trust?

A trust is a legal entity that enables a trustee to manage the assets on behalf of the trust’s beneficiary. Typically, living trusts are separate from a will, funded while you are still alive, and then distributed according to your wishes after you pass away. A testamentary trust is created after your death, but you can outline the terms of the trust and name a beneficiary and trustee in your will.

Pros of Testamentary Trusts

Although testamentary trusts can provide some tax benefits, it may vary, depending on your specific situation and the state in which you live. It is vital to speak with estate planning lawyers to see if a testamentary trust may offer tax advantages for your beneficiaries.

Your will can include several testamentary trusts to benefit your children, spouse, or other loved ones. You can include specific instructions about how the funds may be spent and whether beneficiaries can sell or give away their interest in the trust.

Designating someone you trust to manage assets for a minor child or a loved one with disabilities can ensure their inheritance is protected and properly managed. A testamentary trust can also be useful if you have a beneficiary who struggles with addiction or mental health issues.

In addition, you can specify when you want the trust to end or allow the beneficiary to take control of it at a certain age. However, you may set it up to last for the beneficiary’s lifetime and can designate who will receive the assets in the trust if the beneficiary passes away.

Cons of Testamentary Trusts

The major disadvantage of testamentary trusts is that they do not avoid probate. Probate is the legal process in which a will is validated and assets of an estate are distributed. This means that when probate is necessary, funding a testamentary trust can take months. Probate is a public process, so all assets and beneficiaries are part of the public record. Setting up a living trust separate from your will offers a layer of privacy that a testamentary trust cannot provide.

Another potential pitfall is that if your will is contested or there is any confusion about the terms of your will or the trust, it may not be created and executed according to your wishes. Seeking the assistance of probate and estate lawyers can help to ensure you choose the appropriate type of trust for the distribution of your assets.

Regardless of the size or scope of your estate, our experienced business lawyers, residential real estate lawyers, and attorneys who do wills, work collaboratively to help you create an estate plan that protects everyone’s interests.

Why You Need Business Succession Planning for Your Small Business

Why You Need Business Succession Planning for Your Small BusinessWhether you have been in business for decades or you are just starting out, it is never too early or too late to create a business succession plan. The day-to-day operation of a small business takes a lot of time and energy. However, making a plan for what will happen if an unforeseen event occurs or you retire can safeguard the stability of your company and facilitate its continued success. A business succession planning lawyer can help you create a plan that can keep your company stable during trying times.

Help Your Business Survive When Unexpected Circumstances Rise

The COVID-19 pandemic showed that creating effective business succession planning strategies is more important than ever. Unfortunately, things happen that can leave your company without a leader. A sudden death, accident, illness, unexpected resignation, and other issues can lead to turmoil and quickly have a negative impact on your small business. When you have a succession plan in place, less time and money will be spent on scrambling to find external candidates for management positions.

Identify Who May Be Right For the Job

Many small businesses are family-owned, but it does not mean that a daughter, son, or other family member is automatically willing or capable to take over. There may be other employees who are already critical to your company’s success and better suited for leadership. Creating a succession plan allows you to identify employees who have the skills and desire to keep your business running.

If there are certain people you have in mind, talk to them about their professional goals and future plans. Showing that you are committed to promoting staff development for the long haul can improve motivation and employee satisfaction.

Uncover Ways Your Business Can Improve

Business liability lawyers help entrepreneurs mitigate risk by identifying potential problems and areas in which a business can improve. The business succession planning process can help you recognize flaws in your operations and enable you to make changes that can support your financial security and growth.

Address Debt and Provide Tax Benefits

Many small business owners have lines of credit or loans that help keep their companies afloat. If they become incapacitated or pass away, a lender may call in the debt and demand repayment right away. A business succession plan addresses these issues and offers solutions for managing debt repayment.

For example, there may be certain funds or assets that can be used to take care of debt and lines of credit. Outlining this in your business succession plan can make things much easier for your successors and preserve your legacy. A well-crafted business succession plan can also identify strategies to minimize the tax implications of the transfer of ownership or control of a company.

Our multidisciplinary team of experienced business attorneys and wills and trusts lawyers provide creative business succession planning strategies and estate planning services in West Chester, PA.

How a Lawyer Can Help with Estate Planning in PA

How a Lawyer Can Help with Estate Planning in PAProper estate planning protects your interests and ensures your wishes are carried out after your death. Regardless of your age or the value of your assets, seeking estate planning services in West Chester, PA can give you peace of mind and ease your loved ones’ emotional and financial burdens at a difficult time.

Estate Planning is More than Just a Will

In addition to drafting a last will and testament, lawyers who specialize in wills can help you create a comprehensive estate plan that is tailored to meet your specific needs and goals. Not only does an estate plan ensure that your assets are transferred to your heirs upon your death, documents such as powers of attorney allow you to name agents to handle medical decisions and financial issues should you become unable to do so yourself.

What Does an Estate Planning Attorney Do?

There are many different facets of estate planning. An experienced attorney should be well-versed in state and federal laws that can affect how your estate will be valued, distributed, and taxed after your death. Trusts can be an effective way to protect your assets and ensure loved ones are taken care of according to your wishes.

If you own a small business, your estate planning attorney may work in concert with business succession planning lawyers to help you create a plan for what will happen to your business if you become incapacitated or pass away.

Your attorney can assist you with a number of things, including:

  • Creating a last will and testament
  • Drafting a letter of intent
  • Drafting an advance directive (living will)
  • Drafting powers of attorney for health care and for finances
  • Designating beneficiaries
  • Appointing guardians for minor children
  • Setting up trusts

Your lawyer will take a comprehensive look at your personal and financial circumstances, discuss your concerns, and advise you of your options. Choosing an executor, agents for power of attorney, and guardians for minor children can be challenging. Your attorney can provide an objective perspective that can help you make practical, informed decisions.

Probate and Estate Litigation

If someone dies without a will, it may be up to the probate court to distribute their assets according to Pennsylvania laws of intestate succession. A probate lawyer can guide the personal representative of an estate through the probate and distribution process. When a will is contested or an estate is sued, it is critical to have an experienced estate litigation attorney in your corner. These types of issues can be complex, costly, and may hold up the estate settlement process for months, if not years.

Having an experienced attorney help you create a solid estate plan can help your loved ones avoid potential problems and make sure all your legal bases are covered.

At Carosella & Associates, our wills and trusts lawyers, business lawyers, and attorneys for real estate law work collaboratively to help clients find creative solutions for all types of legal issues. Our dedicated team provides responsive, personalized service you can trust.

Among the Scenarios in Which a Bankruptcy Lawyer Can Help

Among the Scenarios in Which a Bankruptcy Lawyer Can HelpPeople have financial difficulties for all kinds of reasons. However, there are some common scenarios in which bankruptcy can be the most effective solution to start over with a clean financial slate. If you find yourself in one of the following situations, consulting an attorney at a bankruptcy law firm can help you understand your options and give you tools to move toward financial stability.

Unmanageable Credit Card Debt

Credit card debt is one of the most common reasons people file for bankruptcy in the United States. Although credit card companies gladly extend liberal amounts of credit, if you’re unable to make at least the monthly minimum payment, they will not hesitate to take action to collect what they are owed. Consequences vary, but failing to pay your credit card bills can result in extra fees being added, higher interest rates, collection actions, and even lawsuits. It can also put a serious ding on your credit score, which can keep you from qualifying for a car loan, mortgage, and other credit cards.

Chapter 7 bankruptcy is often the most effective solution for wiping out credit card debt and other unsecured debts. Individuals and certain types of businesses may file for Chapter 7. If you file for Chapter 13 bankruptcy, you will have to pay back a portion of your credit card debt through your repayment plan, but it will likely be much less than what you owed before you filed for bankruptcy.

If you are thinking of filing bankruptcy for business debts, it is important to keep in mind that in Chapter 7 bankruptcy, your business assets will be liquidated to pay your debts. If you want to remain in business and avoid liquidation, Chapter 11 bankruptcy is probably a better solution. Before making this critical decision, it is crucial to seek the advice of  an experienced business lawyer in West Chester.

Mortgage Debt and Risk of Foreclosure

Circumstances in life change, and unfortunately a job loss or other financial woes can keep you from being able to afford mortgage payments. Although many people believe that they will lose their home if they file Chapter 7 bankruptcy, this is not always the case. Federal and state bankruptcy exemptions can help you retain some or most of your assets when filing Chapter 7 bankruptcy.  The equity you have built in your home and whether or not you are able to catch up on payments are factors to consider when deciding  which type of bankruptcy to file.

However, if you’re significantly behind or payments or your home is already in foreclosure, filing Chapter 13 may be a better solution if you want to keep it, as it allows you to catch up on payments through your repayment plan of 3-5 years.

Regardless of which type of bankruptcy you choose, an automatic stay is put on your debts as soon as you file. The automatic stay halts most forms of collection activity, including foreclosure, repossession, wage garnishment, and collection calls and correspondence. A bankruptcy lawyer and attorney for contract review can take a look at the terms of your mortgage and advise you of your options.

Overwhelming Medical Bills

Unfortunately, exorbitant medical debt is a serious problem for many Americans. As unsecured debt, medical bills are completely wiped out in Chapter 7, although some of your assets may be sold to pay a portion or all of it. In Chapter 13, your medical debt is included in your repayment plan. In most cases, medical debt can be significantly reduced or eliminated depending on how much you can pay off by the time your repayment plan is completed.

If  you’re facing financial hardship, Carosella & Associates can help you find solutions to get back on track. Our experienced team of business succession planning attorneys, lawyers for wills and trusts, and bankruptcy attorneys provides large firm firepower with personalized small firm service.