For many Californians, their most significant asset is a personal home or residence. Just a little more than a year ago, the State of California enacted legislation to assist homeowners with the expeditious disposition of this important asset upon death. The result of this legislation is a functional estate planning tool that allows residential homeowners to name one or more beneficiaries to receive real property. In January of 2016, the California legislature enacted a law that...
Bankruptcy allows the discharge of tax debt. Three rules must be understood to determine whether or not tax debt may be discharged in a bankruptcy case. Bankruptcy has a pronounced effect on a person's financial state but typically provides a necessary fresh start for individuals with financial problems who have difficulty repaying debts. An experienced and qualified bankruptcy attorney may help reduce stress and uncertainty by providing valuable assistance throughout the entire bankruptcy process. The 3-Year...
A qualified bankruptcy attorney may provide valuable assistance throughout the entire bankruptcy process when an individual's financial circumstances necessitate the filing of a Chapter 7 or Chapter 13 bankruptcy case. When filing for bankruptcy, it’s important for all Northern California consumers to be aware that under some circumstances, taxes may, in fact, be dischargeable in a bankruptcy case. The determination of whether back taxes are dischargeable requires the assistance of a tax or bankruptcy professional. A bankruptcy discharge...
There are many important, terms in real estate contracts. The following terms are neither legal nor complete definitions and are for general guidance purposes only. As a knowledgeable real estate attorney, Alberto Montefalcon may assist any individual who needs help with any real estate transaction. Here is part four of an extensive summary of some common, important terms in real estate contracts. Good Faith Estimate An estimate of the fees required for payment at closing by...
When an offer is formally made on a home, a prospective buyer will complete a long list of documentation and paperwork just to specify the terms of the offer. There are many obvious terms in a real estate contract such as the address and purchase price of the subject real property, here are some other key terms that may be found in a real estate purchase contract. Here is part three of an extensive summary of some...
There are many important, terms in real estate contracts. Some are straightforward. Some are a bit confusing. Here is the second part of an extensive summary of some common, important terms in real estate contracts. Capital Improvement These improvements add value to a parcel of real property while adapting the property to new uses or prolonging the life of the property. Note that maintenance is an example of something that is not a capital improvement. Cash Reserve With a...
There are many important, terms in real estate contracts. Here is an extensive summary of some common, important terms in real estate contracts. The following terms are neither legal nor complete definitions and are for general guidance purposes only. As a knowledgeable real estate attorney, Alberto Montefalcon may assist any individual who needs help with any real estate transaction. Acceleration Upon one party's breach of the real estate contract, the other party may immediately demand or...
Alberto Montefalcon is here to assist anyone who may need to consider filing a bankruptcy case under Chapter 7 or 13. Please schedule a consultation today at any of our three conveniently located offices. Once a bankruptcy case has been filed and before a discharge order is issued, a bankruptcy debtor must complete a consumer debt management course, or "providers or personal financial management instructional courses." Once this U.S. Trustee-approved counseling and education program is completed,...
When consumers consider filing a bankruptcy case, it’s important to be aware of some basic information about the types of bankruptcies available. A knowledgeable bankruptcy attorney may further elaborate on the following information about the types of bankruptcies and answer any questions. *Chapter 7 A Chapter 7 bankruptcy, or simply known as a "Chapter 7," is typically a “liquidation” of any of a debtor's non-exempt assets to pay general unsecured creditors. In this type of case, a debtor may...
Bankruptcy does have an effect on a person's financial state. Despite this, filing bankruptcy often provides a necessary fresh start for individuals experiencing financial problems and difficulty repaying debts. An experienced and qualified bankruptcy attorney may help reduce stress and uncertainty by providing valuable assistance throughout the entire bankruptcy process. Prospective bankruptcy debtors should be aware of the primary effects of a bankruptcy filing. Here is a brief summary: *Not All Types of Debts May Be...