Category Archives: Legal
Bankruptcy Protection
When a person or business concludes that meeting their debts is not realistic, they may file for bankruptcy in Federal Bankruptcy court. A bankruptcy filing places an automatic stay on debt-related actions and judgements, including wage garnishment — court-ordered seizure of part of someone’s wages. This temporary stay of financial actions — before the… Read More »
Bankruptcy Basics
Bankruptcy is a set of legally-defined ways for individuals or businesses to settle debts without full payment, by following rules that govern their assets and financial actions for a period of time. There are two broad types, liquidation and reorganization. Under liquidation, the party in debt agrees that their eligible properties and assets can… Read More »
Understanding Wills and Trusts
A will is a written document that defines how your assets will be distributed after you die. Trusts are legal arrangements that involve a separate legal entity to hold and distribute assets — during your life, after your life, or both. As an alternative to wills, trusts frequently provide additional controls and protections over… Read More »
Probate Basics
The legal distribution of assets and property left by someone who has died is called ‘probate.’ It is a process of law, involving government and courts, that ensures proper and legal distribution of their assets. Even if the deceased person had a legal will, probate is frequently required. In general, probate involves these steps:… Read More »
Common Types of Power of Attorney
[wistia id=”cjq1u5d4w8″] Imagine a board game player telling a friend ‘roll for me, but don’t sell anything’. Would the friend continue to roll when the player returned? Probably not. In game terms, they were granting a limited, temporary power to act on their behalf. These two concepts – range of action and effective period… Read More »
Power of Attorney
[wistia id=”jxcn7bjd8u”] What is a power of attorney and how does it work? To keep a board game running while one player takes a break, that player could say to another ‘roll the dice and move for me.’ They are granting the second player power to act fully within the game rules. This is… Read More »
Foreclosure Defense
[wistia id=”pas4gcexy1″] In a foreclosure, a lender takes legal possession of collateralized property from a borrower who has not met the financial conditions of the loan. Foreclosure defense is the term for legal strategies to stall or stop foreclosure. Foreclosure defense strategies may include: Modifying mortgage terms in negotiations with the lender. Challenging ownership… Read More »
Understanding Foreclosure
[wistia id=”knx0o7qbtj”] A foreclosure is essentially a legally-forced change in possession, where a lender seizes collateralized property – such as a home – when a borrower is unable to pay the loan. While laws vary by state, borrowers typically have a ‘period of redemption’ to pay loan, interest and foreclosure costs to avoid losing… Read More »
Deed In Lieu
[wistia id=”dt4kycnbtb”] Deed In Lieu’ is a common short-hand term for this situation: a borrower can’t make loan payments, and hands over their deed to the property instead, so that the lender does not have to take the home. The full phrase is ‘deed in lieu of foreclosure’ — they’re surrendering the deed so… Read More »
What Is A Short Sale?
[wistia id=”gef88bq316″] When a lender releases an existing mortgage for a payoff that is less or ‘short’ of the total amount due, the transaction is called a ‘short sale.’ Lenders sometimes accept short sales as an alternative to repossession and foreclosure, which can be expensive. Likewise, a short sale avoids foreclosure and credit-rating reductions… Read More »