Individuals in South Carolina and throughout the country may use their 401(k) balance to pay down debt instead of filing for bankruptcy. However, that may be a mistake as funds in a 401(k) are protected in a bankruptcy filing. The same is generally true of any money kept in an IRA. Furthermore, a person could run the risk of accumulating new debt and eventually having to seek protection from creditors anyway.
Reasons to avoid liquidating savings accounts to pay off debt
Handling a high-asset divorce
The divorce of Jeff and MacKenzie Bezos was a headline-grabbing event throughout South Carolina and around the nation. There were a number of salacious details that made their way onto the news, which added to the intrigue surrounding this divorce. However, the primary reason why this divorce garnered so much attention is because of the unbelievable wealth of Amazon CEO, Jeff Bezos.
Deciding what to do with a joint mortgage after divorce
For a couple in South Carolina going through the divorce process, one of the biggest challenges they may face is determining what they will do with the family home. It is likely that, along with their pension and maybe some larger investments, the family home is the largest asset they have. In many divorces, one spouse is given control over the family home. Then, they have to decide what they're going to do with this asset.
Questions to ask before agreeing to be a personal representative
Managing the financial and legal affairs of a loved one who has passed away requires plenty of free time, patience and organizational skills. Gathering assets, settling business matters, paying debts, filing tax returns and distributing assets are complex. It is vital for you to be ready for this role.
