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Earp Law Firm, P.C.
We Don't Just Handle Cases, We Handle Your ConcernsPRELIMINARY INFORMATION FOR ESTATE PLANNING & MORE 25 Jan 2025, 1:43 am
Everyone’s station in life is unique and the way that our probate, estate tax and income tax systems handles each person’s individual situation is different. For these reasons, we have a preliminary information sheet for estate planning clients. The information provided in this sheet needs to be as specific and accurate as possible, so that we can provide the best representation of your legal interests and provide you with the best legal services possible. This includes up-to-date and accurate information concerning you, your family and your finances.
Below is a link to view the form. This form would be used during a scheduled consultation to discuss and decide upon an estate plan that best suits your needs and future desires.
Preliminary Information for Estate Planning, Will, Trusts and Family Limited Partnerships
Are you ready to take the next step? Complete the information sheet and contact one of our offices to schedule a consultation: Bowie (940-872-8500); Decatur (940) 627-1460
CHAPTER 7 VS. CHAPTER 13 BANKRUPTCY 13 Jan 2025, 1:48 am
We get this frequently asked question in regards to bankruptcy, so we wanted to address it in this post.
Chapter 7 bankruptcy is commonly called “straight” bankruptcy or just “bankruptcy”.
In a Chapter 7 bankruptcy, the objective is to cancel or discharge all of your unsecured debt and thereby give a fresh start to a struggling debtor. In a Chapter 7 bankruptcy, a debtor must turn over any nonexempt property, if such exists, to the Trustee, who then liquidates the property for cash and uses the cash to pay the debtor’s creditors. Once such is completed the debtor receives a discharge of the remainder of his/her unsecured debt.
A Chapter 13 bankruptcy is commonly call a “reorganization”. In this type of bankruptcy, a debtor attempts to repay his creditor some portion of what they may be owed over an extended period of time. Chapter 13 bankruptcy allows for the protection of certain assets and requires a steady income on which to base a repayment plan. Upon completion of the plan a debtor who has filed a Chapter 13 bankruptcy receives a discharge (similar to that in a Chapter 7 bankruptcy) of any remaining unpaid debts, not fully paid through the Chapter 13 repayment plan.