Wills and Estates

No matter what the size of the estate, it is prudent for each individual and family to have a will. A will allows an individual to control the estate. Without it, costly delays in the distribution are inevitable and state law will dictate how the assets are divided. State laws usually distribute assets to natural or adopted relatives while leaving nothing to charities or friends. If there are no relatives remaining, the estate goes to the state.

Personal Bankruptcy

Chapter 7 bankruptcy is often referred to as liquidation because a bankruptcy trustee can liquidate your non-exempt assets to pay part of your outstanding bills. The term liquidation is rather misleading, though, since most people who file for Chapter 7 bankruptcy do not have any non-exempt assets, and thus there is no actual liquidation.