Posted on December 00, 0000 in McHenry County Family Law Lawyer

When a baby is born, the parent of that child has the immediate authority to make decisions on behalf of that child. Formal adoption of a child will also grant the same parental ability. However, unfortunate circumstances sometimes require the child to be cared for by someone who is not a biological parent, such as the death of both parents. In these cases, a guardian is appointed to care for and make parental decisions on the child’s behalf.

What Is a Guardian?

When both parents are unable to care for their child, a guardian will be appointed to step into the parental role. A guardian does not have to be related to the child, but the guardian must be 18 years or older and a resident of the United States. A potential guardian must not have any legal disability preventing the ability to care for the child or a felony conviction that would endanger the child. In most cases, the circuit court appoints a guardian. The difference between adoption and guardianship is that guardianship ends when the child turns 18 years old.

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 Posted on December 00, 0000 in Bankruptcy

There are many ways a person can build up debt that he is unable to repay. An individual may accumulate multiple high-balance debts, such as a mortgage, auto loans, medical bills, or credit cards. Whether it is due to poor luck or decisions that did not work out as planned, when a person gets in over his head, he has the option to file for bankruptcy.

Bankruptcy allows a person to have a second chance if he no longer has the resources to repay his debts. While there are benefits to bankruptcy, such as the forgiveness of some debts, it will negatively affect a person’s credit score and his ability to borrow money in the future.

There are two common types of bankruptcy available to individuals, and each one has different requirements and regulations:

• Chapter 7 Bankruptcy: This method of bankruptcy will discharge most outstanding debts. Some debts, such as student loans or obligations to pay child support or spousal maintenance, cannot be discharged. When filing for Chapter 7, a person’s non-exempt assets will be liquidated by the bankruptcy trustee to pay off some of his debts. Some examples of assets which are exempt are tax-exempt retirement accounts, necessary clothing, educational texts, and prescribed health aids. In some cases, a filer may be able to maintain ownership of a home and/or a car that is below a certain value. This method provides a clean slate and fresh start by eliminating most debts.

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 Posted on December 00, 0000 in Bankruptcy

You may not have imagined filing for divorce on your wedding day. However, in a world where, according to the CDC, nearly 44 percent of marriages end in divorce, more and more couples will have to navigate their way through this trying time.

Divorce alone can seem overwhelming, but you may find it is not your only challenge. Couples with debt may face certain financial concerns, especially those who are considering filing for bankruptcy.

Why Filing for Bankruptcy First Is a Good Idea

If you are filing for chapter 7 or chapter 13 bankruptcy, you may want to think about jointly filing before the divorce has finalized. This way, you will have a repayment plan or possibly dismissal of certain debts, which will help you plan your post-divorce finances.

Debts incurred during the marriage are the responsibility of both partners. If your ex files for bankruptcy and you do not, you could be liable for the debt. With that said, bankruptcy will not shelter you from alimony, eliminate student loans, or stop you from having to pay child support.

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