3 STEPS TO TAKE BEFORE YOU FILE BANKRUPTCY
Admin • March 21, 2018
Struggling to pay your bills each month and falling further and further behind is not a good place to be. Unfortunately, getting out of debt is not an easy task. If you are considering filing bankruptcy for debt-relief, here are three steps you might want to take before making your decision.
1. Scrutinize You Budget
Bankruptcy is helpful in many ways, but it is not free of consequences. Because of this, you should look at all other options before you decide to use bankruptcy for debt-relief, and a good place to start is with your budget.
You should make a list of all the debts you owe, including the total balances owed and the minimum payments. You should then compare this list to your income. Is there any way you could earn some extra cash to pay off the debts, or is there a way to cut some of your spending habits to free up cash for your debts?
If you can cut back on your spending and increase your income, you might find a way to repay the debts without any type of help. If you do this and still cannot see a way to repay your debts, you could start looking at alternative methods.
2. Look at Alternative Methods
Alternatives to bankruptcy include debt consolidation, debt settlements and credit counseling services. These options often help people get rid of debt over time without filing for bankruptcy. However, these options do not suit every situation. Here is a breakdown of what each option involves:
- Debt consolidation. If your credit is good enough to qualify for a loan, you could pay off all your debts with the loan proceeds. This could result in having only one payment, and the payment might be a lot lower than the total you are currently paying.
- Debt settlement. A debt settlement involves working out deals with your creditors that allow you to pay less than what you owe.
- Credit counseling. This is a form of debt consolidation. Essentially, it involves hiring a company to help you work out a repayment plan for your debts.
Evaluating these options could help you find a different way to get out of debt, and these methods may have fewer consequences than bankruptcy.
3. Full Understand the Consequences and Rewards of Bankruptcy
If you cannot find a different option, you should fully evaluate the bankruptcy process so you can see exactly what you will gain from it and the consequences it comes with. The main benefit Chapter 7 bankruptcy offers is forgiveness of unsecured debt. This comes in handy for people who owe a lot of money to credit card companies.
Bankruptcy offers other benefits as well, but one of the top consequences is the effects it has on your credit. After filing for Chapter 7 bankruptcy, it will remain on your credit report for the next 10 years, and there is nothing you can do about this. This filing can impede your ability to take out future lines of credit and loans.
Fully analyzing the rewards and consequences is vital when making this decision. If the rewards outweigh the consequences and you cannot find another way out of your debt issues, filing bankruptcy might be the best option you have for your situation.
If you need help managing your debt or getting rid of it, contact Melder & Melder, P.C. We can help you find a way out of debt, and we can give you advice for your own unique situation. Contact us today to learn more about our practice areas or to schedule a consultation with a qualified bankruptcy attorney.
When it comes to planning your estate, one of the most common questions we hear is, “ Do I need a trust ?” At Melder & Melder, we believe understanding what a trust is—and how it fits into your overall estate plan—is essential for making informed decisions that protect your assets and your loved ones. What Is a Trust? A trust is a legal arrangement where one person (the grantor) transfers assets to another party (the trustee) to hold and manage for the benefit of a third party (the beneficiary). Trusts are versatile tools that can serve many purposes, from managing how assets are distributed to minimizing taxes and avoiding probate. Why Consider a Trust? Avoid Probate : One of the main advantages of a trust is that it allows your estate to bypass the often lengthy and costly probate process. This means your beneficiaries can access their inheritance more quickly and with less hassle. Maintain Privacy: Unlike a will, which becomes a public record during probate, a trust is a private document. This keeps your financial affairs and the details of your estate confidential. Control Asset Distribution: Trusts provide flexibility in controlling when and how your beneficiaries receive assets. For example, you can set conditions for distributions, such as reaching a certain age or achieving milestones like graduating from college. Protect Beneficiaries: If you have minors, beneficiaries with special needs, or those who may not be financially responsible, a trust can offer protection and ensure their needs are met over time. Tax Planning: Certain types of trusts can help reduce estate and gift taxes, preserving more of your wealth for your heirs. Do You Need a Trust? A trust may be beneficial if you: Own significant assets or multiple properties Want to provide for minor children or beneficiaries with special needs Wish to avoid probate and maintain privacy Have complex family dynamics or blended families Want to plan for incapacity or long-term care However, trusts are not necessary for everyone. For individuals with simpler estates, a will combined with powers of attorney and beneficiary designations might suffice. How We Can Help? Determining whether a trust is right for you depends on your unique financial situation and goals. At Melder & Melder, our experienced estate planning attorneys will guide you through your options, helping you design a plan that provides peace of mind for you and your family. Investing time in comprehensive estate planning is one of the best ways to protect your legacy. Whether you need a trust or other estate planning tools, we’re here to help you navigate the process with confidence. Ready to discuss your estate planning needs? Contact us today for a consultation or give us a call at 248-541-3400 .
As the school year kicks off, families with shared child custody face unique challenges and opportunities. Transitioning back into a routine that balances parenting time with educational responsibilities requires thoughtful planning and clear communication. At Melder & Melder, we understand the complexities involved and are here to help families navigate this important time with confidence and care. Why the Back-to-School Season is Critical in Shared Custody Arrangements The start of school brings new schedules, homework, extracurricular activities, and social dynamics. For parents sharing custody, it’s essential to align on these changes to support your child’s stability and success. Consistency in routines and mutual cooperation between parents can make all the difference in your child’s adjustment and well-being. Tips for Managing Shared Custody During the School Year Develop a Detailed Schedule: Work together to create a custody schedule that incorporates school hours, drop-offs, pickups, and extracurricular activities. Flexibility is key, but clarity helps avoid misunderstandings. Communicate Openly and Respectfully: Keep each other informed about important school events, progress reports, and any issues your child may be facing. Use tools like shared calendars or apps designed for co-parenting to stay organized. Focus on Your Child’s Needs: Prioritize your child’s emotional and educational well-being. Keep conversations about disagreements away from your child and encourage positivity about both homes. Prepare for Changes: School schedules can change due to holidays, teacher conferences, or unforeseen events. Plan ahead and be willing to adjust arrangements as necessary. Seek Legal Guidance if Needed: If disagreements arise that you cannot resolve amicably, consulting an experienced family law attorney can provide clarity and protect your child’s best interests. How Melder & Melder Can Help At Melder & Melder, we specialize in family law and have extensive experience supporting parents through custody challenges. Whether you are establishing a custody agreement or modifying one to better fit the school year routine, our compassionate attorneys can guide you through the legal process. We focus on solutions that prioritize your child’s stability and happiness while respecting parental rights. If you have questions or need assistance with child custody arrangements as school starts, don’t hesitate to contact Melder & Melder. Call us today at 248-541-3400 or submit our contact form . Starting school again brings new routines and responsibilities for families with shared custody. With careful planning, open communication, and professional support when needed, parents can create a positive, nurturing environment that helps their child thrive all year long. Melder & Melder is here to support you every step of the way.
Divorce can be a complex and emotionally charged process for individuals in and around Royal Oaks, MI. Understanding the specific legal considerations and procedures applicable in your local area is crucial to safeguarding your rights during this challenging time. In this blog post, we will explore key aspects of divorce tailored to the Royal Oaks community, drawing insights from local legal practices and guidelines. Types of Divorce Representation at Melder & Melder: Experienced Counsel: Highlighting the expertise and knowledge of the attorneys at Melder & Melder in handling both contested and uncontested divorce cases. Personalized Approach: Discussing the firm’s commitment to providing individualized guidance and support to clients throughout the divorce process. Legal Grounds for Divorce: Michigan Divorce Laws: Exploring the grounds for divorce in Michigan and how the attorneys at Melder & Melder navigate both fault-based and no-fault divorce cases. Advocacy for Clients: Discussing how the firm advocates for clients’ rights and interests in alignment with Michigan divorce laws. Asset Division and Alimony Counsel: Equitable Distribution: Outlining how the attorneys at Melder & Melder analyze and strategize asset division to achieve fair outcomes for their clients. Alimony Determination: Detailing the firm’s approach to advocating for fair and reasonable spousal support arrangements based on Michigan guidelines. Child Custody and Support Representation: Child-Focused Approach: Highlighting the firm’s emphasis on prioritizing the well-being of children in custody and support matters. Legal Expertise: Discussing the attorneys’ in-depth knowledge of Michigan child custody laws to secure favorable outcomes for clients. Legal Procedures and Client Resources: Procedural Guidance: Providing an overview of the steps involved in the divorce process and the firm’s role in navigating clients through legal proceedings. Client Collaboration: Emphasizing the importance of open communication and collaboration between clients and the attorneys at Melder & Melder to achieve positive outcomes in divorce cases. Navigating the complexities of divorce requires a knowledgeable and dedicated legal team like Melder & Melder. With a focus on personalized service, expertise in Michigan divorce laws, and a commitment to advocating for clients’ rights, the attorneys at Melder & Melder provide valuable support and guidance throughout the divorce process. By partnering with experienced legal professionals, clients can protect their rights, make informed decisions, and embark on a positive path toward a new chapter in their lives. Call us at 248-541-3400 to schedule a consultation!
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Filing for divorce is a difficult and emotional process, but having the right attorney on your side can make it a little bit easier. When choosing an attorney to represent you in your divorce case, it’s important to ask the right questions to ensure they are the right fit for you. Here are some things to ask an attorney when filing for divorce: What is your experience with divorce cases? It’s important to choose an attorney who has experience with divorce cases and is knowledgeable about family law. Ask about their experience handling divorce cases, their success rate, and how long they have been practicing family law. What is your approach to divorce cases? Every attorney has a different approach to handling divorce cases, so it’s important to find one whose approach aligns with your goals and values. Ask about their approach to negotiations, mediation, and litigation to see if it aligns with what you are looking for. What is the likely outcome of my case? While no attorney can predict the outcome of your divorce case with certainty, they should be able to give you an idea of what to expect based on their experience and knowledge of family law. Ask about the likely outcome of your case and any potential challenges that may arise. What are your fees and billing practices? Divorce can be a costly process, so it’s important to be clear about your attorney’s fees and billing practices upfront. Ask about their hourly rate, retainer fee, and any other costs associated with your case. How will you communicate with me throughout the process? Communication is key in any legal case, so make sure you ask your attorney how they will keep you informed about the progress of your case. Ask about their preferred method of communication, how often you can expect to hear from them, and how quickly they will respond to your inquiries. Can you help me set realistic expectations for my case? Divorce can be a complex and time-consuming process, so it’s important to have realistic expectations about the outcome of your case. Ask your attorney to help you set realistic expectations about the timeline, cost, and likely outcome of your divorce case. Choosing the right attorney to represent you in your divorce case is crucial to achieving a successful outcome. The attorneys at Melder & Melder are the only local legal resource you need. No matter your situation or questions you have, we are here for you. Call us at (248) 541-3400 for a free initial phone consultation with one of our attorneys. Melder & Melder, P.C. 2304 East Eleven Mile Road Royal Oak, Michigan 48067 Telephone: (248)-541-3400 or (800)-LAW-5454 Facsimile: (248)-541-6332 info@melderandmelder.com www.melderandmelder.com
Going through a divorce is often challenging, especially when children are involved. Fortunately, at Melder & Melder, P.C., our child custody lawyers at can help. We understand the sensitivity of child custody matters including support and visitation, and that each family's situation is unique. Our skilled attorneys are committed to finding solutions that respect the rights of our clients, while still serving the best interests of the children. As our client, we will stand with you throughout the entirety of your divorce and make sure that you are protected and defended. You will always be told the truth, and we will listen to your concerns, and answer any questions that you may have regarding your matter. Thought the process we explain how the system works, and recommend strategies and approaches to the issue at hand. Call the Law Office of Melder & Melder, P.C., and let our experience, knowledge, and skill, assist you in the toughest of circumstances. Melder & Melder, P.C. 2304 East Eleven Mile Road Royal Oak, Michigan 48067 Telephone: (248)-541-3400 or (800)-LAW-5454 Facsimile: (248)-541-6332 aric@melderandmelder.com www.melderandmelder.com
Kids home for the holidays from college, have a power of attorney and patient advocate designation prepared.
