Credit counselors can negotiate debt management strategies with lenders on behalf of individuals with debt problems, as well as providing behavioral financial habit construction counseling. Debtors seek out credit counselors to find out what their options are to get out of debt and to get some coaching during the process. Credit counselors can be certified through several accredited institutions who are overseen by the Department of Justice in the United States, and they may be part of a non-profit organization, lending institution, or independent financial practice. Continue reading...
“Pari-passu” is a Latin phrase meaning “equal footing,” typically in reference to treatment of creditors or beneficiaries when assets are distributed. Some examples of pari-passu in practice would be bankruptcy proceedings when credits are given ‘equal access’ to assets of the company, or in a probate hearing when assets are divided equally amongst beneficiaries. Continue reading...
After a person’s death, their will is typically reviewed by probate court which will enforce the terms of the will and ensure the assets are distributed according to the wishes of the deceased. Any disputes or contest to the distribution of assets will likely be heard by probate court, and can be costly if dragged out over long stretches of time. What is the Difference Between a Will and a Trust? Do I Need a Will? Continue reading...
Probate is the legal process that takes place after a person’s death, during which legal documents (such as wills and trusts) are reviewed and enforced. A person’s will generally must be validated by the court, after which the person’s assets are distributed to the heirs accordingly. If there is no will, then the probate court will decide how to distribute the assets, which may not be consistent with the deceased’s actual wishes. Continue reading...
Yes, generally speaking any person that has assets and liabilities needs a will. In the absence of a will, a deceased person’s assets will be distributed by a court, which may not handle the assets as the deceased would have desired. Not having a will also subjects a person’s estate to legal disputes from heirs, creditors, and sometimes non-family members seeking to make a claim. The court costs to settling an estate without a will can be very high and taxing to the deceased’s immediate family and loved ones. Continue reading...
In general, a will must be signed in the presence of two witnesses, each of whom must also sign your will. Whether or not a notarized will is accepted by the court depends on the rules of the state in which you live. You should cross-reference the rules of your state and comply to them, or simply consult an estate planning attorney for the best approach. How is a Will Implemented After my Death? Do I Need Professional Help to Prepare a Will? What is Probate? Continue reading...
While online will templates may be useful for those with straightforward estate plans, they lack customization and legal guidance. To avoid the risk of creating a contested or unenforceable will, individuals should only use templates from trusted sources and consult an estate planning attorney for complex estate plans, significant assets, or unusual circumstances. Ultimately, a well-crafted will provides peace of mind and security for loved ones, and individuals should take the time to make informed decisions when creating a will. Continue reading...
Whether you need professional help depends on the size of your estate and the complexity of your wishes for how to distribute your assets. Generally speaking, however, it makes sense to hire legal help to create your last will and any related trusts, as often times the cost to doing so is less than the cost of probate court and duress to your heirs in settling the estate themselves. What is a Living Will? What is the Difference Between a Will and a Trust? How Much Does it Cost to Prepare a Will? Continue reading...
Bankruptcy court is a special judicial proceeding which determines how a debtor can settle accounts and move on. Bankruptcy courts are always federal, and not state, courts. They were established in the Constitution and given structure by the Bankruptcy Reform Act of 1978. They give debtors a means of moving beyond debts that cannot be fully repaid. There are several kinds of bankruptcy filings (found here — ‘chapter 7-15’, some for individuals, some for businesses, some involving foreign entities or persons operating in the US. Some are for absolution and the dissolution of a business entity, and other filings are requests for partial debt forgiveness and reorganization of the entity. Continue reading...
Unlock the Mysteries of Common Law 📜 Delve into the intriguing world of common law! Discover its origins in medieval England, the power of precedent (stare decisis), and how it shapes our legal system. Explore its dynamic role in marriage recognition and its influence on social change. 🏛️ #CommonLaw Continue reading...
The Securities and Exchange Commission (SEC) is a cornerstone of the U.S. financial regulatory framework, established in response to the devastating stock market crash of 1929 that led to the Great Depression. This article explores the SEC's core functions, structure, historical significance, and its role in safeguarding the integrity of the U.S. securities markets. The primary mission of the SEC is to protect investors and maintain the fair and efficient operation of the securities markets. To achieve this, the SEC enforces a set of rules and regulations that promote transparency, ensure the provision of accurate information, and combat fraudulent practices. Continue reading...
Unveil the Intricacies of Taxation: From Ancient Roots to Modern Realities Discover the profound history and significance of taxation in our civilization. Explore various tax types, their purposes, and why they're vital for governments worldwide. Delve into taxation's evolution, with the United States as a captivating case study. #TaxationEssentials Continue reading...
Unlock Success in Cryptocurrency Trading with the Best Courses of 2023! Whether you're a novice or a pro, our carefully curated list offers something for everyone. From comprehensive fundamentals to advanced strategies, discover the key to profitable trading. Don't miss this chance to thrive in the exciting world of cryptocurrencies! Continue reading...
Understanding Administrative Order-on-Consent (AOC)? Explore this essential legal tool used for environmental regulation. Learn about its structure, enforcement by bodies like the EPA, applications in damage control, and joint liability. A must-read for environmental compliance insight! 🌍✅ Continue reading...
Finance, a term often tossed around in discussions about money and investments, is more than just a buzzword; it's a crucial aspect of our daily lives. In this article, we'll delve into what finance truly means, explore its history, and understand its various types and their importance. At its core, finance revolves around the study, management, and utilization of money, investments, and financial instruments. It encompasses a wide spectrum of activities, including handling credit and debt, managing securities, and making investments based on future income streams. Continue reading...
In the world of law and governance, few concepts are as fundamental and essential as "due process." It's a phrase that often finds its way into discussions about individual rights, the rule of law, and the proper functioning of a just society. But what exactly is due process, and why is it so crucial? The roots of due process can be traced back to the 13th century, with the signing of the Magna Carta. This historic document marked a pivotal moment in history when King John of England was compelled to accept limitations on his power. Among these limitations was the commitment that "No free man shall be seized or imprisoned, or stripped of his rights or possessions, except by the lawful judgment of his equals or by the law of the land." Continue reading...
Accounting is a critical function that forms the foundation of financial management for any business. It involves recording, summarizing, and interpreting financial transactions to provide valuable insights into an organization's financial health, performance, and operational efficiency. This information is crucial for informed decision-making, compliance with regulations, and strategic planning. Continue reading...
Fraud is a deceitful act with the explicit purpose of gaining an unlawful advantage or depriving a victim of their rights. It's a term that permeates various facets of our society, and within the realm of finance, fraud takes on many forms. In this article, we'll explore the concept of fraud, its types, and the significant consequences it can unleash. Continue reading...