Categories
Probate

Understanding the Process of Probate and Distribution of Estate

When a loved one passes away, it is your responsibility to seek a probate attorney to assist you in wrapping the deceased assets. If you are listed as the appointed executor of a will, the court typically appoints an attorney who is paid by the state to act on behalf of the estate. The individual is also required to register with the state as a representative of the estate. If you are not appointed an executor, the court will appoint an “expert” to perform the duties of an executor.

If you are not a member of an estate in a will, you will have to choose a probate law firm. There are many firms to select from and they advertise online and offline. When choosing a probate lawyer, you will want to find one that is experienced in all types of probate laws. Many people feel overwhelmed when it comes to choosing an attorney, and may end up hiring the first lawyer they meet. There is nothing wrong with contacting several lawyers in order to get an affordable price quote.

 

Most people find that hiring an “expert” who is not licensed to practice law is an easy process. There are many websites that list “probate lawyers” along with their contact information. You should also check out your local phone book under “probate lawyers” to find a list of qualified probate lawyers in your area. Once you have narrowed down your list of possible attorneys, you should interview each of them. This will give you a chance to discuss the job responsibilities and the work expectations of each.

 

Interviewing potential lawyers gives you the opportunity to get to know them and find out if they are willing to put in the same amount of time as you will put in to help your loved one. You may want to ask if they have ever handled cases similar to the one you need help with. You may also want to ask them about their success rate. You will also want to find out how long they have been practicing law. A good probate law firm has a minimum practice law and a minimum time frame in which they must serve on a case.

 

MiamiProbateAttorneys.netThe next thing you will want to do when choosing a probate lawyer is find out what type of payment arrangements you can make. Many people hire “transactional” probate lawyers to handle the probate process. These types of lawyers are usually paid by commission. If you need extra help with the financial matters, then you may want to consider choosing an “in person” or “short term” lawyer. If you choose one of the in person probate lawyers, then they will act as your representative during the entire probate process.

 

One last thing to consider when choosing a probate lawyer is the amount of time it will take for them to complete the entire process, explained MiamiProbateAttorneys.net. It is very important that you make sure your executor is selected quickly. The longer the process goes, the less money your family will receive. Many times the person who is responsible for paying the bills ends up owing more money than the person who is actually living in the home. This is why probate lawyers work quickly!

 

Categories
Bankruptcy

Saving Business Assets by Filing Bankruptcy

When a debtor files for bankruptcy protection, they are indicating that they can no longer pay their creditors. To start the bankruptcy process, a creditor will send a Notice of Bankruptcy to the debtor. This is the first step toward filing for bankruptcy protection. At the first meeting with the trustee, the debtor and their attorneys will discuss how to divide up the debt amongst the two.

 

Once the official bankruptcy forms have been filed, it is important to remember that a discharge in bankruptcy does not absolve the debtor of their debts. Discharge only gives the power of payment to the discharged individual. Creditors are still responsible for collecting the outstanding debts, as well as the late fees and penalties. When a discharge is filed, most creditors will cease collection activities and refer the matter to the Office of the Superintendent of Bankruptcy. When this occurs, collection activities cease as well.

 

The next step involves the petition. This is where the information provided by the debtor and their attorneys is used to gather the necessary information to file the petition. The petition must be filed in the appropriate court where the bankruptcy has been filed. Most counties will have a special county office for this purpose. The clerk who receives the petition must then enter the petition information on the appropriate forms and then send it to the court.

 

After receiving the petition, the judge will then give the petitioner a chance to respond to the complaint. If the petitioner objects to some aspect of the bankruptcy, they must do so in writing. However, if the complaint relates to minor mistakes, the judge may choose to ignore the objection and allow the proceeding to continue. On the other hand, if the petitioner agrees to a settlement, the case will move forward.

 

FloridaBankruptcyAttorneys.NetOnce all of the paperwork has been filed with the court, an official hearing on the bankruptcy petition will take place. At this time, a trustee will attend the hearing and explain the entire proceedings of the case. Generally, the judge will then make his decision and either approve or deny the petition. If the debtor and their attorneys are agreeable to the terms of the agreement reached, a temporary name will be given to the debtor and they can begin rebuilding their lives.

 

If an involuntary bankruptcy petition filing has been done, the results can and will be different than expected, said FloridaBankruptcyAttorneys.Net. Depending on the type of bankruptcy involved, the outcomes can vary greatly. Creditors are generally opposed to voluntarily petition filing as they feel that the original debts should be paid in full. However, if a lender is convinced that the debtor has suffered substantial damage and the only option left open is bankruptcy, he may end up allowing the debtor to file for protection from the creditors.