Cumberland County, North Carolina, Legal Blog

If you are putting off the important work of creating an estate plan, you are not alone. Most people come to the end of their lives with no provisions for their loved ones or their assets, leaving others to make critical decisions. Often, these decisions are nothing like what the deceased would have made if he or she had taken the time to make an estate plan.

Some people may have more urgent reasons to make a will or establish a trust, such as having a loved one with special needs or needing to protect a family business. If you do not relate to these situations, you may need to understand some more common reasons why having an estate plan, sooner rather than later, is a wise idea.

One of the biggest fears that North Carolina residents have regarding bankruptcy is the thought of losing personal property. There are a lot of misconceptions about consumer bankruptcy, and one of the main concerns is how non-financial assets will be dealt with by the courts. In reality, it is quite possible you will be able to keep most of the things that are important to you.

Chapter 7, the most popular option for consumer bankruptcy, is liquidation bankruptcy. This process requires the liquidation of certain assets in order to pay off debts. If you file for Chapter 7, it is true you may have to surrender some of your property, but it does not necessarily mean you will have to give up everything. There are certain exemptions that may be available to you.

Serious car accidents can often result in considerable damage to your vehicle. Though many larger vehicles may offer substantial protection from such events, severe impacts could result in your suffering injuries. These injuries could range in severity, but in many cases, a crash could cause you to need medical treatment, rehabilitation or other attention in order to recover.

Any injuries to your extremities could cause you to experience considerable hindrances in your everyday life. If you suffer an injury to your leg, you may even lose the ability to walk or have your ability considerably impaired for a certain amount of time. In such cases, you may find that you cannot perform work duties or manage daily tasks without assistance.

One of the most frightening experiences you can have is realizing you can no longer survive financially in your current state. You may have found that your liabilities exceed your assets, through no fault of your own - for instance, perhaps the state of the economy or of your particular industry has negatively impacted your sales. Filing for Chapter 13 bankruptcy is a viable option for addressing your financial challenges in North Carolina.