Joint Bank Accounts
Are Joint Bank Accounts Good or Bad?
It depends!
Estate Planning
Joint bank accounts can be good from an estate planning perspective. Upon the death of one of the joint owners, the funds in the account automatically pass to the surviving account holder by operation of law.
Bankruptcy
Joint bank accounts can be a problem when it comes to filing bankruptcy. The monies in the joint account are considered fully owned by each person named on the account. Therefore, the joint account holder who files bankruptcy may be required to exempt all funds in the joint bank account, or risk losing a portion of those funds to creditors.
Note: Your specific situation may bring forth additional concerns about, and/or benefits to having a joint bank account. It is always good to get information and/or guidance pertaining to your specific situation.
Attorney in Mineola
The Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you! Call (516) 858-2620 to schedule an appointment.
Debt Settlement vs. Bankruptcy
Debt Settlement Better Than Bankruptcy?
Rarely.
There are some situations which prohibit a person from filing bankruptcy and debt settlement is really their only option to get rid of their debt. Sometimes, the amount of debt or creditors are few and it just makes more sense for the individual to settle their debts rather than file bankruptcy. However, debt settlement is rarely going to be better than filing a chapter 7 bankruptcy and obtaining a discharge of your debts. Therefore, it is important to obtain accurate information about bankruptcy and debt settlement. Both options should be thoroughly explored.
Bankruptcy Attorney in Mineola
The Law Firm of Vaughn, Weber & Prakope, PLLC, proudly assists residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings and debt negotiation/settlement.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy attorney!
Clients often ask: “What amount can you settle my debt for?”
Our answer is almost always: “It depends on several factors.”
These factors include:
- the creditor
- the type of debt
- the age of the debt
- how many times the debt has been transferred
- the hardship claimed
- how the settlement will be paid out
Secured debts (i.e. mortgages, car loans) are much harder to settle than unsecured debts (i.e. credit cards, medical bills). Some debts can be settled for as little as 10%. However, there are creditors that insist on having a much higher percentage of the debt paid back. The creditor starts high, we start low. We never know exactly where the negotiations will end. Creditors have their target settlement amount, and we have ours.
So, no one can guarantee you that they will settle your debts for a sum certain. Be wary of any company that guarantees they will save you a bunch of money. We have numerous clients who have paid at least double our fee to a debt settlement company before coming to us. Many of these companies failed to deliver any results at all, or produced dismal results at best. What’s even more shocking is that none of the individuals understood the agreements they signed. They had no idea where their money was going!
If you choose to hire someone to settle your debts, please choose wisely!
Vaughn & Weber, PLLC proudly negotiates and settles debts for residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, and Manhattan.
Call (516) 858-2620 to arrange a FREE consultation with a Debt Settlement attorney!
Cash advances taken shortly before filing bankruptcy can be problematic for the debtor. Some creditors will file an adversary proceeding if they believe the cash advance is nondischargeable. This type of adversary proceeding is basically a lawsuit against you to determine the dischargeability of the cash advance. It must be defended like any other lawsuit or a default judgment will be taken against you. This type of action is by no means a slam-dunk for the creditor. However, some cash advances are presumed nondischargeable. This basically makes it easier for the creditor to make their case. Therefore, it would be wise to mention cash advances you have taken to your bankruptcy attorney before he of she files your bankruptcy case.
We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy attorney!
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