Ask Our Experts – SCV’s Trusted Legal Advisers
Taylor Williams, Partner
Donahoe & Young LLP
Q: What are the main differences between Chapter 7 and Chapter 13 bankruptcy?
A: Chapter 7 has a four to six month duration. A trustee sells assets not protected by an exemption, and pays creditors pro rata. The debtor gets a “discharge” (legal relief) from most debts – but not from spousal/child support or taxes. Chapter 13 has a three to five year duration. The debtor proposes a plan to pay creditors at least as much as they would get in Chapter 7, from future income. If the plan is confirmed and completed, the remaining debt is discharged.
Edward O’Hare, Lawyer
Group One Legal
Q: What are the differences between living trusts and wills?
A: Living trusts and wills both allow you to name beneficiaries who will receive your money or house upon your death. Beyond that, it is important to know the differences between these documents. With a will, if you have assets greater than $150,000, your loved ones will need to go through the costly, time consuming and public court process of probate to settle your estate. A trust, alternatively, will allow your heirs to avoid probate and to settle your estate privately with no court involvement. After meeting with clients most decide a trust is best for them.
Comments
ADVERTISE WITH US
The Creamy Comfort of Classic Risotto
Risotto is a classic Italian dish made by cooking rice for an extended period of time. This is typically done with chicken broth and white wine. Onions or shallots are typically included and the dish is often finished with parmesan cheese. The end result is a creamy...
Wine Chillers – For Your Home
There are so many options for wine storage in your home. Most people make their decisions based on the number of bottles in their collection. If we are talking about less than two dozen or over 500, it’s the number that makes the main difference in chillers. After...
The Life and Legacy of Rick Pratt – “The Man, the Myth, the Legend.”
It’s a phrase that could easily sum up Rickey Nolan Pratt—and one that would have surely made him laugh. For those who knew Rick, it was more than just a lighthearted saying. It was the truth. He lived life fully, loved deeply, and gave generously, leaving behind a...