For some of us, procrastination has been a constant throughout school, work, at-home responsibilities — everything. For others, it just happens on occasion — when we’re feeling really overwhelmed.
No matter which category you fall into, you’re probably procrastinating while reading this. If you need an extra push to finally start digging yourself out of financial ruin, here it is. Those who need to file for bankruptcy should do it now for these three reasons.
Some of the most basic estate plans contain just a last will and testament. However, over half of Americans do not even have that. There are many reasons people put off estate planning, but most adults should at least have a will.
What can a will do?
Frequently I get the question, when should I file my bankruptcy petition? Sometimes that is an easy question at other times it requires a little more thought.
Once an individual or couple realize that bankruptcy is the only option to deal with their financial situation, they must then decide whether to choose Chapter 7 or Chapter 13. For most people, Chapter 7 is the preferred alternative. A Chapter 7 can generally be completed in roughly 4 months. By contrast a Chapter 13 normally will run a minimum of 36 months and could extend to 60 months. A Chapter 7 does not involve a payment plan and generally does not require the individual to surrender assets to trustee. By contrast, a Chapter 13 requires a regular payment to a trustee for the full term of the plan.
The Law Office of David Carl Hill
2472 Bethel Road SE
Suite A
Port Orchard,
WA
98366
Phone:
360-329-6223
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