Sheehan & Associates, P.L.C.

Detroit Law Blog

Why more baby boomers are filing for bankruptcy than ever before

Baby boomers are largely approaching their "golden years," yet many boomers are finding themselves struggling financially. In fact, more seniors than ever are filing for bankruptcy -- and experts don't think that trend will reverse itself any time soon.

A Consumer Bankruptcy Project report indicates that the number of debtors over 65 years of age who are filing for bankruptcy is starting to snowball. Overall, the rate of seniors filing for bankruptcy has jumped 500 percent since 1991. Back then, only 2.1 percent of people filing for bankruptcy were seniors. Now, seniors make up 12 percent of filers. Since 2013 alone, the rate at which seniors have been filing bankruptcy has doubled.

Child marriages in Michigan are under fire

If you think that child marriages only happen in far-off lands, think again. They continue to happen in the United States as well.

Under the current law, children in the state of Michigan can marry at any age, so long as they have the approval of at least one parent and a judge. Between the 16 years of age and 17 years of age, minors only need the consent of one parent. Otherwise, residents have to wait until they are 18 years of age to marry on their own.

Per stirpes and per capita distributions of estates

Two terms that are important to estate planning are "per stirpes" and "per capita." Both refer to the way that assets can be divided among a deceased person's heirs.

These terms are definitely concepts you should know about when dividing up the assets in your estate.

Pets and divorce in Michigan: What you should know

If you're like a lot of people, you consider your dog or cat (or any other pet) more like a family member or child than a simple pet.

Unfortunately, the law in Michigan doesn't quite see it that way. If you're considering a divorce, here's what you should know about what will happen to your pets:

Over 65 and bankrupt? You aren't alone

Your senior years are supposed to be your "golden" years -- but many seniors these days are finding themselves unable to manage their debts and living expenses. Even though the nation is prospering economically, many seniors are being left behind due to social changes that have affected their finances.

For many seniors, bankruptcy has become an important option -- one that allows them to gain the solid financial footing they need to survive. In fact, people over age 65 are filing for bankruptcy protection in greater numbers than ever -- and there's no sign that the trend will be changing any time soon.

Put up some firm boundaries when business lawsuits erupt

In business, it pays to be tough -- and sometimes that also means being tough on yourself. When business lawsuits erupt, you have to keep your focus on the day-to-day demands of your business if you want your business to survive.

Any business lawsuit is bound to take some of your time and attention. However, it's important to sharply compartmentalize your thoughts and practices in order to keep the lawsuit from torpedoing everything you've worked so hard to achieve. No one says this is an easy trick, but there are some methods you can use to get through this difficult time period:

Ask these questions before starting a business partnership

A business partnership, somewhat like a marriage, can start out with some lofty goals and high expectations. Then reality kicks in, and you find out that your partner isn't as great as you thought.

One of the best things you can do to protect your business (and yourself) from litigation is to make certain that your partnership agreements make sense. That requires putting your enthusiasm on the back burner and your emotions in check. Ask yourself and your potential partner a few hard questions.

Designate your personal and estate representatives with caution

Have you really thought about the people you have chosen to act on your behalf in your estate plans?

When people are trying to decide who to empower with the authority to make their medical and financial decisions or direct their estates, it's probably only natural that they act out of emotion. It's a big decision, after all.

Can your neighbor claim adverse possession?

Home is a safe place. It's a haven where you relax, unwind and refuel. It's a place to host friends or raise a family. It's an investment that symbolizes your livelihood. You would protect it with everything you have. That's why adverse possession is worth knowing about. 

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Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

Toll Free: 877-600-7891
Phone: 248-218-1473
Fax: 248-650-5368
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