Frequently Asked Questions
At De Simone & Associates, we can answer all your legal questions pertaining to bankruptcy, trusts, wills and real estate. We've answered a few of the most common questions below.
- What is bankruptcy?
- What do I have to do to file bankruptcy?
- Will I lose my home or car if I file for bankruptcy?
- What is a trust?
- Why should I have a trust?
- What is a will?
- What if I change my mind after I make a will?
- Why should I hire a real estate lawyer?
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What is bankruptcy?
Bankruptcy is the legal process used by consumers and businesses to eliminate or repay some or all of their debts under the protection and guidance of federal bankruptcy court.
What do I have to do to file bankruptcy?
Begin by consulting with a bankruptcy attorney who will advise you on what type to file, develop a payment plan if necessary, take you through the court proceedings and get you through the process.
Will I lose my home or car if I file for bankruptcy?
In most cases, you can keep your assets because they usually fall within the exemptions allowed under the Bankruptcy Code and other New Jersey state laws. Your bankruptcy attorney can advise you on your specific situation, starting with a free consultation.
What is a trust?
A trust is a set of legal documents detailing the management of someone's assets, medical or health care.
Why should I have a trust?
A trust does not require probate. In many cases, assets held in trust could be free from estate taxes.
What is a will?
A will is a legal documented drafted to determine your division of assets, child care arrangements should you leave minor children, plan your funeral or any other details you want cared for in a certain matter, after your death.
What if I change my mind after I make a will?
You can change your will through the use of a codicil. It is a legal document subject to probate (in addition to the original will), so a knowledgeable attorney should be consulted.
Why should I hire a real estate lawyer?
Buying or selling property will probably be one of the biggest transactions you make and you don't want to make a mistake. You may also find yourself in the middle of a dispute that requires legal expertise. A real estate attorney will keep you safe during your real estate dealings.