There is sometimes this assumption about bankruptcy that it happens to people who spend recklessly and make obvious mistakes. While you can certainly find these situations, the reality is that careful people also find themselves facing financial problems and bankruptcy. It can happen to anyone.
Things people have wrong about Chapter 7 bankruptcy
Being steeped in debt makes daily life an uncertain slog. Getting out from under a mountain of debt is possible with a little help from a professional and a few clever tools. Bankruptcy is one such tool, though the thought often drives people away before they get the facts.
Business owners have an extra reason to plan estates well
It's not easy to discuss what to do with assets and properties upon a family member's death. Discussion of the end of life is always unpleasant, and descendants may have different ideas over what to do with homes and businesses. Owners of farms, people who own family businesses, farms and other major sources of revenue, however, should plan early and regularly discuss the future of their estates.
