Limon Law OfficeBrownsville Bankruptcy Attorney | Probate Lawyer2023-12-07T09:27:06Zhttps://www.abelimon.com/feed/atom/WordPress/wp-content/uploads/sites/1402000/2021/03/cropped-limon-site-icon-round-32x32.pngOn Behalf of Limon Law Officehttps://www.abelimon.com/?p=497802022-09-19T07:53:34Z2022-02-25T01:44:08Zyou have options.
What is probate?
Probate is a legal process that serves several purposes: authenticating a will, paying off the debts of the deceased, and distributing assets. When people die without a will, the court distributes their assets in accordance with state intestacy laws. When people die with a will, the court authenticates it and appoints a representative to administer it. Only the property and assets in the deceased person's name go through probate.
Why should you avoid it?
There are three primary reasons why you should avoid probate:
Probate fees are often high, and the court can access the money for certain aspects of the process, such as hiring a lawyer for any minor involved.
Probate is typically a slow process. It can take anywhere between six months and three years from start to finish.
The probate process is public knowledge. This means that anyone can look up your assets, which could make you a target for people with unsavory agendas.
To avoid probate, you can create a trust. A trust allows you to designate beneficiaries for your assets and pass them on privately without interference from the court.
You create a will or trust to protect your loved ones once you are gone. Avoiding probate ensures that they receive everything without the burden of litigation fees.]]>On Behalf of Limon Law Officehttps://www.abelimon.com/?p=497762022-09-19T07:53:41Z2021-12-31T19:45:19Zpower of attorneys that serve specific functions.
If you need a power of attorney, this article provides a brief overview of your options. Continue reading to learn more.
Limited powers of attorney
Limited powers of attorney only pertain to specialized actions. For example, you might grant a power of attorney for eligible motor vehicle transactions, which allows someone else to handle every step of the motor vehicle transaction process. Another type is tax collection, which gives an authorized agent the power to manage your tax-related affairs.
General powers of attorney
General powers of attorney cover a broad spectrum of actions you wish to cede control over. Typically, individuals enact a general power of attorney if they no longer want to handle their business affairs. These types of powers of attorney last for a specified period or until the principal dies, becomes incapacitated, or revokes the document.
Medical or durable powers of attorney
For end-of-life planning, medical powers of attorney or durable powers of attorney function best. These allow you to plan for potential incapacitation and ensure your affairs remain in order once you can no longer make decisions or act on your own behalf.
Revoking a power of attorney
You can always revoke a power of attorney. Consult with your lawyer on how the process works before you commit to ceding control over your affairs.
Sometimes a power of attorney is a sound business decision. Other times it becomes necessary for medical reasons. Regardless of how you wish your power of attorney to function, consider your decision carefully.]]>On Behalf of Limon Law Officehttps://www.abelimon.com/?p=497672022-09-19T07:53:46Z2021-10-19T16:14:04ZLife changes
There are many events in life that may necessitate updating or revising your will:
Your child has reached the age of 18 and is no longer a minor
You wish to change the name of your personal representative
You have entered a nursing home
Financial considerations
The more wealth you have, the more advisable it is to review your will. Ideally, you should look it over every three to five years. Outdated wills and other estate planning documents can lead to disputes among heirs. You do not want family members to squabble over assets after you are gone or to squander their inheritances. Remember to make any necessary revisions if your wealth has increased or if you have acquired more property that you may wish to leave to beneficiaries.
Next steps
Perhaps you are a millennial newlywed with a baby on the way, or perhaps you are older and nearing retirement. Not only is there a need to update your will to reflect the changes in your life, but you may also want to consider other estate planning tools such as powers of attorney or trusts. Now is the time to seek further guidance. A trusted advisor can help bring your will up to date and advise you on the additional benefits of estate planning.]]>On Behalf of Limon Law Officehttps://www.abelimon.com/?p=497642022-09-19T07:53:51Z2021-09-07T14:59:35Zshort-term unsecured payday loans of less than $500. By promising to repay a loan from their next paycheck, individuals with substandard credit who have jobs gain quick access to cash.
An unexpected job loss may occur
An economic downturn could change an individual's circumstances before the next payday. When employees unexpectedly lose their jobs, their final paychecks may need to go toward food and housing. A broken promise to a payday lender, however, may create a serious financial or legal trap.
Hidden fees and high-interest rates may apply
By providing payday lenders with a post-dated check, borrowers receive money and lenders deposit the check on the date noted. Without enough funds in the account, however, a check may bounce unless a borrower has overdraft protection. The bank may charge an insufficient funds fee, and the payday lender may charge a returned check fee. Borrowers may also pay higher interest rates when repaying the loan past the date promised.
Collection efforts may include threats of arrest
Payday loan lenders typically send unpaid debts to aggressive collection agents. According to the Consumer Financial Protection Bureau, individuals cannot face arrest for defaulting on a payday loan. Failure to respond to a court notice, however, may lead to serious consequences, such as a judge finding a borrower in contempt of court.
A bankruptcy petition provides debtors with an automatic stay, which prohibits collectors from taking any further action. A successful filing may result in a discharge of most consumer debts including payday loans.]]>On Behalf of Limon Law Officehttps://www.abelimon.com/?p=497502022-09-19T07:53:56Z2021-07-13T18:36:25ZThe Chapter 7 means test
Chapter 7 bankruptcy wipes out debt depending on your income. In Chapter 7, the court uses a state income table called a means test. This compares your income over the previous six months to the state average for your family size. If you lost your job recently, you may still place too high on the means test to qualify for Chapter 7. However, if your unemployment has exceeded six months, you may proceed with this type of bankruptcy.
The income Chapter 13 requires
Chapter 13 is a different animal when it comes to helping you get out from under debt. This type of proceeding sets you up on a repayment plan to pay back some of your creditors. Your income plays a large part in setting up the payments for Chapter 13. Thus, if you do not have a job or any prospects, you may not qualify for this process. You may either have to wait until you find gainful employment or consider filing under Chapter 7.
Filing for bankruptcy under Chapter 7 or Chapter 13 will ultimately result in helping to get your finances back on track.]]>On Behalf of Limon Law Officehttps://www.abelimon.com/?p=497382022-09-19T07:54:01Z2021-05-19T00:19:29ZChapter 7 discharge
If you have assets to liquidate, you may want to consider filing bankruptcy under Chapter 7. The trustee appointed by the court will go through your debts and assets, deciding what gets paid. Medical bills fall lower on the priority list than things such as mortgages and loans. Much like credit cards, medical bills fall into the unsecured debt category and a judge may discharge them in their entirety at the end of the bankruptcy process.
Chapter 13 repayment
Do you have a regular and reliable income? If yes, regardless of the amount, you may want to give Chapter 13 bankruptcy a look. The trustee will examine your debts and income to negotiate a payment plan with creditors. The plan allows you to make a payment that the court then sends to the appropriate creditors. The payment plan lasts anywhere from three to five years. At the end, the judge may discharge any remaining debt and give you a clean slate.
You may want to consider finding supplemental insurance to help make your healthcare more affordable. However, when it is past that point now, bankruptcy is an option worth considering.]]>On Behalf of Limon Law Officehttps://www.abelimon.com/?p=489182022-09-19T07:54:06Z2021-01-18T23:02:57ZIf you or a family member needs a fresh financial start, filing for Chapter 7 bankruptcy may be the answer. If you qualify, this type of bankruptcy provides immediate protection from creditors and allows you to erase certain types of debt.Know that filing for bankruptcy does not mean losing everything you own. Federal and state exemptions may allow you to keep much or all of your property, including a vehicle, professional tools, jewelry and other personal property up to a certain dollar amount.
Debts that Chapter 7 can erase
With certain exceptions, Chapter 7 bankruptcy wipes out most types of debt, including:
Payday loans and finance company loans
Unpaid phone or utility bills
Credit card debt
Medical debt
Car loans
Additionally, filing for Chapter 7 may allow you to prevent foreclosure or eviction, repossession of property and garnishment of your wages.
Debts that Chapter 7 cannot erase
Examples of debts that are not eligible for bankruptcy relief include student loans, child support, alimony payments and fines owed for a criminal offense. Additionally, you may not be able to eliminate a debt if you forget to list it when filing your paperwork.
Bankruptcy and your credit score
In the long run, having a bankruptcy on your report may be much better for your credit score than continuing to owe money you cannot pay. By wiping out debts currently hurting your score, bankruptcy offers you a fresh opportunity to begin rebuilding your credit instead of continuing to fall further and further behind.]]>On Behalf of Limon Law Officehttps://www.abelimon.com/?p=489122022-09-19T07:54:12Z2020-11-11T21:18:15ZChapter 7 or a Chapter 13 bankruptcy filing.
Chapter 7 bankruptcies
You may find that you are more likely to have to give up your home when you file for Chapter 7, rather than Chapter 13. Whether you lose your home with a Chapter 7 bankruptcy depends on how much non-exempt equity you have in it. To determine how much you have, you must take your home’s market value, subtract any loans or liens you have on it and compare the figure against the current exemption amount allowed in Texas.
Chapter 13 bankruptcies
Chapter 13 bankruptcy involves reorganizing your debts so that they become easier for you to manage. If you pay back the agreed-upon amount to your bankruptcy trustee and otherwise keep up with your mortgage payments, you may be able to keep your home despite filing for bankruptcy. However, if you fail to make your mortgage payments or the other payments you agreed to, you run the risk of losing your home after all.]]>On Behalf of Limon Law Officehttps://www.abelimon.com/?p=489092022-09-19T07:54:17Z2020-10-05T23:15:53ZFinding yourself living paycheck to paycheck adds to your stress. When your debts become overwhelming, and you find it impossible to dig out without help.When the bill collectors will not stop calling, and your mortgage company is threatening to take action, you may want to consider bankruptcy as an option. The stigma that once surrounded the process is all but gone. One option you may qualify for is filing under Chapter 13 bankruptcy protection. Find out what this may do for your present and your future.
Chapter 13 restructures your debt
If you have a steady income, Chapter 13 makes sense. It allows for a restructuring of the debt to make it easier to repay some or all of it. Secured debt, or those items acting as collateral, such as a home or vehicle, take priority over credit cards or unsecured debt. A trustee appointed by the court will negotiate the payment terms with your creditors. Depending on your median income and debt, your plan may last anywhere from three to five years.
How Chapter 13 helps you now
Filing bankruptcy puts a stay on collection efforts. Creditors cannot initiate contact in any way. Everything must go through the court. It also stops foreclosure unless the proceedings have concluded before your filing bankruptcy. Of course, if you do not continue to make payments on the mortgage under the repayment plan, you may still face foreclosure down the road. For the immediate time, you will no longer have to communicate with creditors.Regardless of how you got into debt, finding a way to rise above it may involve bankruptcy. The process may leave you with a clean slate once you fulfill the repayment plan.]]>On Behalf of Limon Law Officehttps://www.abelimon.com/?p=489042022-09-19T07:54:22Z2020-08-01T18:29:20Zdistribute your property according to the state laws of intestacy, which is a legal term meaning "without a will."
Like all other states, Texas has its own intestacy laws. These set forth who can take property from your estate and what property may descend. The laws of intestacy do not take individual circumstances into consideration. The intention is to distribute your property fairly among close surviving relations, but it may not reflect what you would have wanted.
Who may inherit
Generally speaking, laws of intestacy favor close relatives in a hierarchy. Your spouse and your children, assuming you have any, stand to inherit first. Other relatives who may inherit if you have no children or spouse include the following:
Your parents
Your siblings
Your grandparents
Your grandparents' descendants (e.g., aunts, uncles or cousins)
Why a will is necessary
The laws of intestacy only apply to those with whom you have a legally recognized relationship. If you are a father who has not established legal paternity, your children may not inherit if you die. Children from a previous relationship may not receive what you intended for them. Similarly, a domestic partner with whom you cohabitate does not inherit unless you are legally married.
Though the laws of intestacy are very specific regarding who inherits under what circumstances, not everyone may be happy with the results. Emotions typically run high after a loved one's death anyway, and family members who are unhappy about their inheritance may get into squabbles or fights. Dying intestate also means delays while the court chooses someone to administer the estate as well as extra expenses.
By making out a will that you have carefully thought out, you explain what you want to happen to your estate when you die, no matter how large or small it is. You express your wishes clearly so that there is less cause to fight over them, and you make sure that no one gets left out due to a technicality.]]>