Karen Ann Ulmer, P.C.

The answer depends on each debtor's circumstances. If you are struggling to pay back your debts and your creditors are unwilling to work with you, you might be a good candidate for bankruptcy. But whether bankruptcy is in your best interest also depends on the types of debt you have and the amount of property you own. The tipping point for most people is when debt collectors or creditors become a constant source of stress, collection lawsuits are filed, wages are garnished, or there is a threat of foreclosure. If you are facing any serious issues caused by unpaid debt, then it's a good idea to talk to a bankruptcy attorney to discuss your options.

Bankruptcy won't affect your current employment or future employment options, but there are exceptions. If you're in the military or require a security clearance, financial instability can affect your employment or clearance. Learn more about bankruptcy and your job.

There is no age limit for people who file for bankruptcy, though in some states debtors may have to be at least 18 years old

All banks have their own threshold for how much money they can release from an account without a grant of probate. The value of the estate or what assets the deceased person owned will determine whether probate is needed. You will also need to find out how these assets were held.

You won't be able to sell the home until probate has been granted. Although you may put the property on the market, contracts can't be exchanged – so your buyer will need to be prepared to wait. It usually takes six to eight weeks for probate to come through, although it can take longer in more complex cases.

If the person who died left a valid will, this will name one or more executors, and it is their responsibility to apply for probate. If there isn't a will, then inheritance rules called the rules of intestacy will determine whose responsibility it is to get probate.

When Assets Go Through Probate. As the name suggests, probate assets must go through a court-supervised probate process after the owner dies, because probate is the only way to get the asset out of the deceased owner's name and into the names of the beneficiaries.

Probate is the entire process of administering a dead person's estate. This involves organising their money, assets and possessions and distributing them as inheritance – after paying any taxes and debts. If the deceased has left a Will, it will name someone that they've chosen to administer their estate.

A probate attorney handles the process of estate administration after a person dies. They may even serve as an executor or administrator of an estate if the person has no one else to designate. An estate planning attorney works with living clients to draft wills, trusts, living trusts, and powers of attorney.

People use estate planning attorneys to help them plan for how their assets will be distributed after they die. To do this, an estate planning attorney drafts documents like wills, trusts, and powers of attorney. These documents can reduce or even eliminate any questions about how an estate should be dispensed.