Tal Young, P.C.

Navigating Chapter 13 Bankruptcy: What Happens When Payments are Late, and Strategies to Avoid Dismissal or Conversion"

Late on Chapter 13 bankruptcy payment. What now? Being a week late on your bankruptcy payment is probably no big deal — in most cases.

Our guide to estate taxes includes U.S. federal, state, and inheritance tax rules. Discover who pays and how much.

Estate Taxes: Who Pays? And How Much? Our guide to estate taxes includes U.S. federal, state, and inheritance tax rules. Discover who pays and how much.

Major US Companies, including WeWork and Rite Aid, declare bankruptcy in 2023 amid economic challenges.

Here are 7 of the well-known companies that went bankrupt in 2023 | CNN Business It’s been a rough year for some household-name US retailers and businesses. As the economy emerged out of the Covid-19 pandemic, companies faced a laundry list of problems arising from high costs, supply shortages and growing competition.

Estate planning is an often overlooked topic during the financial planning process yet is a very important part of financial planning.

What Is Estate Planning? A Guide And FAQ For Investors Estate planning is an often overlooked topic during the financial planning process. Here's why that's a mistake.

There is a way back from bankruptcy with simple steps you can take to start rebuilding your credit.

How to Remove Bankruptcy From Credit Report Is it possible to remove bankruptcies from your credit report? Learn what steps can be taken and how to rebuild your credit after a bankruptcy.

Trusts offer estate planning and asset protection benefits that wills do not.

Understanding trusts: An important estate planning tool for everyday Americans Estate planning attorneys love trusts. Here’s why you might too.

Commercial Foreclosures Increase 17 Percent from Last Month and 97 Percent from Last Year

U.S. Commercial Foreclosures Increase in January 2024 ATTOM just released commercial foreclosure report reveals a significant increase in commercial foreclosures to start off 2024.

Many states don’t set a deadline for executors to pay beneficiaries, but other deadlines can affect the timeline.

How Long Does the Executor Have to Pay the Beneficiaries? - NerdWallet There’s no standard deadline for paying beneficiaries of a will, but the probate process averages six to nine months. Many states have no deadlines at all.

Historically, about 1 in 1,000 student-loan discharges have been successful in bankruptcy court. Last year, the Justice Department released new guidance for federal lawyers meant to streamline the process and, theoretically, lead to more discharges. In November of 2023, the department said roughly 630 cases had been filed in 10 months using the new system, and that the “vast majority” of those borrowers received full or partial discharges. But whether a borrower can actually have their student loans discharged still depends on which federal lawyer is assigned to the case and in which jurisdiction their case is filed.

Biden promised to make student loan forgiveness in bankruptcy court easier. But has he? For years, erasing student loans through bankruptcy court has been a long, often unsuccessful process. Biden promised to make it easier, but has he?

It’s not always enough to have one person responsible for your future health

Beach Boys’ Brian Wilson’s conservatorship case highlights an important — and sometimes necessary — estate-planning tip It’s not always enough to have one person responsible for your future health.

Americans now owe $1.13 trillion on their credit cards, the Federal Reserve Bank of New York reported. Balances jumped 10% from a year ago, according to a separate quarterly credit industry insights report from TransUnion, with the average balance per consumer hitting $6,360, also a historic record.

Americans owe a record $1.1 trillion in credit card debt, straining budgets Credit card debt hit a record $1.13 trillion at the end of 2023, while delinquencies have surged more than 50% from a year ago.

The federal estate tax ranges from rates of 18% to 40% and generally only applies to assets over $13.61 million in 2024. But several states and the District of Columbia have their own estate tax, with lower asset thresholds than the federal government. A few states have an inheritance tax, which is paid by inheritors upon receiving the inherited assets.

Guide to Estate Tax: Definition, What to Know - NerdWallet The federal estate tax is a tax that's levied on your assets after you die. Most estates don't require filing an estate tax return unless the assets are over $12.92 million in 2023 or $13.61 million in 2024.

The United States Bankruptcy Code contains several provisions that safeguard job applicants and employees from discrimination. The Fair Credit Reporting Act also offers some protection by limiting how employers can use credit screenings.

How Bankruptcy Affects Your Job Bankruptcy may affect your job if a potential or current employer completes a credit check, but you’re often protected from discrimination in that case.

A living trust involves transferring your assets into the trust, often appointing yourself as trustee. Making a living trust part of your estate plan has advantages and disadvantages. If you're considering using a trust, it's highly advisable to work with an experienced estate attorney who can guide you through the process.

3 Reasons to Seriously Consider Using a Living Trust to Pass Inheritance to Your Family | The Motley Fool How a living trust can help secure your legacy seamlessly and quietly.

Both Chapter 7 and Chapter 13 bankruptcy include provisions through which you may be able to keep a car that you purchased with a secured loan.

How to file for bankruptcy and keep your car: Chapter 7 and 13 You may not have to surrender your vehicle when you file for bankruptcy. Learn how to avoid it — and when it’s best to just turn the car in.

Estate planning is a powerful phrase with a simple aim: To create a plan to protect yourself and your loved ones in the event of sickness, accidents or death.

Estate Planning: Create Your Legacy Estate planning is not only for the wealthy, it's for everyone. Here's how you can get started.

Bankruptcy laws can give people and businesses a fresh start, financially. An experienced bankruptcy attorney can walk you through the filing process.

How Does Filing for Bankruptcy Affect Businesses? - businessnewsdaily.com Bankruptcy helps people and businesses get a fresh start financially. Learn what filing for bankruptcy entails, as well as its benefits and disadvantages.

For business owners, estate planning takes on added significance. And as in other aspects of business, communication is one of the most powerful tools in planning your estate.

What Is the Best Estate Planning Tool for Entrepreneurs? Just as in other aspects of business, conversation wins out in planning for the future.

While some necessary spending is permitted, making frivolous or luxurious purchases before filing for Chapter 7 bankruptcy could be viewed with suspicion by the court.

Don't Spend Money Before Chapter 7 Bankruptcy | Bankrate Spending large sums of money before or after you file for Chapter 7 bankruptcy could jeopardize your case.

An estate plan specifies how your assets should be handled at your death or when you’re incapacitated. When done properly, it can save your family a lot of stress.

10 Things You Should Know About Estate Planning Estate planning is all about taking charge of your legacy.

It is possible to get a personal loan after bankruptcy, but the process can be challenging, and you may receive less favorable loan terms than you would have before.

Can I Get a Personal Loan After Bankruptcy? (February 2024 Guide) Explore your options for a personal loan after bankruptcy. Discover the best way to rebuild your financial path with post-bankruptcy loan solutions.

Americans' combined credit card balances topped $1 trillion dollars last year, according to the Federal Reserve Bank of New York.

Credit card debt reaches record high in US Americans' combined credit card balances topped a trillion dollars last year, and experts say more people are struggling to pay their monthly bills.

The means test assesses your ability to repay debts to determine eligibility for Chapter 7 bankruptcy.

What is the means test in bankruptcy? A bankruptcy means test determines if you're eligible for Chapter 7 bankruptcy. See how means tests are calculated and if you pass the means test.

Though preparing an end-of-life plan may sound like an uncomfortable experience, it can alleviate confusion and stress for your loved ones.

End-of-Life Planning: A Complete Guide Read on to learn about how to start end-of-life planning.

Depending on your financial goals and planning needs, a trust may be one tool in your estate planning toolbox. Consider consulting with an attorney to determine the most beneficial estate plan for your objectives.

2 Key Benefits Of Living Trusts Avoiding probate and retaining control over the distribution of your assets are two key benefits of using a living trust as part of your estate plan.

The decision to file for bankruptcy is a serious one. Consider consulting with an attorney before filing. You'll benefit from the opinion of an expert sworn to protect your best interests.

Here's What Happens When You File For Bankruptcy You can declare bankruptcy to eliminate credit card or mortgage debt. Find out what happens to you before and after you file.

Whether bankruptcy is a fit for your situation depends on whether or not you can pay off your debt in a reasonable amount of time. If you're not able to do so after exploring other alternatives, bankruptcy may be your best option.

How much debt is worth filing for bankruptcy? It may be worth filing for bankruptcy, regardless of how much money you owe, if you can't afford to pay it back.

Having an estate plan will spare your loved ones the pain and expense of determining how to allocate your money and property while they’re grieving your loss. But some mistakes can upend your best efforts to protect your family's finances after death.

Common Estate Planning Mistakes Have you managed to avoid the eight most common estate planning mistakes? Your family will thank you.

When someone dies, their outstanding debts are typically paid through their estate.

What happens to credit card debt when you die? When you die, your credit card debt is usually settled from your estate. If there are not enough assets in the estate the credit card company will write off the debt.

There are several kinds of bankruptcy as established by the United States Courts. Chapter 7 and Chapter 13 are the most commonly filed types of bankruptcy, likely because these are available to individual consumers.

The 5 Most Common Types of Bankruptcy | Bankrate Learn which of the five most common types of bankruptcy let you decrease or erase your debt — and which debts you can’t discharge in bankruptcy.