The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

3101 N. Federal Hwy., Suite 609,
Oakland Park, Florida 33306

*Licensed in England and Wales, Florida and Washington D.C.

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754-332-2101

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305-399-3832

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Oakland Park Business Law AttorneyWhen operating a business, owners and partners will want to take whatever steps are necessary to protect their financial interests. In many cases, this means maintaining certain types of trade secrets that will allow them to provide value to their customers and remain competitive in the marketplace. Unfortunately, there are many situations where these trade secrets may be stolen or misappropriated and used by a company’s competitors to gain an unfair advantage. In these cases, a company may be able to pursue litigation against the parties who have stolen or trafficked in trade secrets and engaged in anti-competitive practices, while also ensuring that this information can remain confidential.

Defense of Trade Secrets in Florida

For companies in Florida, the state’s Trade Secrets Act provides a number of protections against the misappropriation or misuse of trade secrets. A company may pursue litigation against a person or company that disclosed or acquired a trade secret through methods such as theft or bribery, as well as methods of espionage such as hacking into protected computer systems or illegally accessing a company’s premises. In addition to taking legal action against a person who stole a trade secret, such as a former employee, a company may pursue litigation against another company that acquired a trade secret that they knew or had reason to know was stolen or obtained without their express consent.

The statute of limitations for litigation involving misappropriation of trade secrets is three years. A company must pursue litigation within three years after discovering that trade secrets were misappropriated or within three years after a misappropriation should have been discovered through the exercise of reasonable diligence. During litigation, a company will need to prove that actual or potential value can be derived from the trade secrets in question and that it took reasonable efforts to maintain secrecy. A company may seek remedies including:

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Hollywood, FL Business Law AttorneyOperating a business will involve interactions with a variety of other parties, including customers, vendors, other companies, and employees. There are many situations where disputes involving these or other parties may arise. Business litigation may be necessary to resolve these issues and address losses that a company may have experienced because of other parties’ actions. If disputes related to non-compete agreements become an issue, business owners will need to understand how the law applies to these situations and how they can enforce the terms of these agreements.

Enforcing Restrictive Covenants in Florida

Non-compete agreements are often used in employment contracts or severance agreements, and they are meant to ensure that a former employee will not directly compete with their employer and use their knowledge of a company’s operations or customers in a way that negatively affects the company’s business interests. They may also be used in other situations, such as a joint venture agreement between two companies. Non-compete agreements are known as restrictive covenants because they restrict a person from working for a competitor or engaging in certain types of business activities.

If disputes involving non-compete agreements arise, Florida law details the requirements that must be met for an agreement to be enforceable. These include:

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Oakland Park, FL Business Law AttorneyEmbarking on a business partnership can leave one feeling optimistic and excited about the future. Unfortunately, not all business relationships live up to this initial hopefulness. If your partner relationship has taken a negative turn, you may have questions about your legal rights. You may wonder, “Can I sue my business partner?”

Breach of Partnership Agreement

When a partner damages the business by breaching the partnership agreement, the remaining partners may have cause for legal action against the breaching party. Breach of contract involving a partnership agreement occurs when:

  • The partner has violated one or more terms of the contract

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Oakland Park, FL Business litigation lawyerThere are multiple different types of disputes that may be addressed through business litigation. When disputes arise between business partners or the shareholders of a corporation, these cases will often involve claims that a party has committed a breach of fiduciary duty. Those who are involved in these types of disputes will need to understand their rights and obligations. By working with a skilled business law attorney, a business partner or shareholder can make sure they are taking the correct steps to resolve these issues effectively.

Understanding Breach of Fiduciary Duty

Certain parties have an obligation to act in a way that will benefit someone else. This is known as fiduciary duty, and the party who has this duty is known as a fiduciary, while the party to whom the duty is owed is known as a principal or beneficiary. Business partners have a fiduciary duty toward other partners, and a corporation’s majority shareholder has a fiduciary duty toward the other shareholders. 

A fiduciary may be accused of committing a breach of fiduciary duty if they acted in a way that benefited their own interests or the interests of a third party instead of benefiting the company. These cases may involve the claims that a fiduciary has failed to uphold one or more of the following types of obligations:

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Contract Litigation Attorney Oakland Park, FLBusinesses often rely on contracts to protect their rights and financial interests. A legally binding contract will ensure that both parties will meet their obligations, which may include making payments by a certain date, performing certain types of services, or following restrictions such as the non-disclosure of sensitive information. If one party fails to follow the terms of a contract, this can cause problems for the other party, including financial losses or the disruption of business operations. In these cases, a business may pursue litigation to address a breach of contract, and if they can show that the other party did not meet their contractual obligations, the court may award certain types of remedies.

Options for Resolving Breach of Contract Issues

When considering an alleged breach of contract, a court will look at factors such as the nature of the breach and the harm caused to one party by the other party’s failure to meet their obligations. A material breach of contract will involve a substantial failure by one party to abide by the terms of the contract, and in these cases, the other party may be released from their contractual obligations, and the breaching party may be required to take certain actions. A partial or minor breach of contract will usually involve a less significant violation of the contract’s terms, and the non-breaching party may still be required to meet their obligations, but the other party may be required to address the non-breaching party’s losses or damages.

The remedies that may be ordered by a court in a breach of contract case may include:

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Bankruptcy Attorney Oakland Park, FLStudent loans make up a significant percentage of the debt carried by people in the United States. In fact, student loan debts are second only to mortgage loans in the categories of consumer debts, and they total more than $1.7 trillion. These debts can place a significant burden on many people, and due to interest charges, collection fees, or other costs, they can last throughout a person’s entire life. Unlike many other types of debt, student loans cannot currently be discharged through bankruptcy in most cases. However, this may soon change due to a new bill that was introduced in the U.S. Senate.

The FRESH START Through Bankruptcy Act of 2021

On August 3, 2021, Senator Dick Durbin (D-IL) and Senator John Cornyn (R-TX) introduced a bill that would allow debtors to discharge student loan debts through bankruptcy in certain cases. This bill would restore an option that was available to borrowers before bankruptcy laws were changed in 1998. Under this provision, federal student loan debts would become eligible to be discharged in a bankruptcy proceeding 10 years after the due date of the first loan payment. 

For student loans that have been due for under 10 years, or for private student loans made by non-governmental institutions, debts would be handled the same way they are currently, and they may only be discharged through bankruptcy if a borrower can demonstrate undue hardship. Proving undue hardship can be a difficult process, and borrowers will usually need to initiate a legal case known as an “adversary proceeding.” In these cases, borrowers will be required to provide extensive and invasive details about their finances to show that the requirement to pay student loans has caused significant financial difficulties and affected their ability to provide for their ongoing needs.

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Foreclosure Defense Attorney Oakland Park, FLMany homeowners have suffered financial setbacks during the COVID-19 pandemic, and this may have caused them to be unable to make mortgage payments. Government programs have helped protect people who have been affected by COVID-19, including allowing them to receive forbearance on mortgage payments. A moratorium on foreclosures has ensured that those who have defaulted on their mortgage will not be forced out of their homes during this emergency. However, these programs and protections are coming to an end, and lenders may soon begin initiating foreclosure proceedings for those who are delinquent on mortgage payments. To address this issue, the Consumer Financial Protection Bureau (CFPB) recently implemented a temporary rule to ensure that homeowners have options for avoiding foreclosure.

Loss Mitigation Options for Borrowers

While the moratorium on foreclosures for federally-backed mortgages expired on July 31, 2021, the CFPB’s rule has generally prohibited lenders from initiating foreclosures until January 1, 2022. Foreclosures can only be initiated prior to this date if a borrower is not eligible for loss mitigation, if the property has been abandoned, or if a borrower does not respond to communications from a lender regarding loss mitigation.

Borrowers who have been affected by COVID-19 may have qualified for forbearance plans which allowed them to temporarily pause mortgage payments. However, these plans do not pause any delinquency for payments that had not been made prior to entering into a forbearance plan. Because of this, when a forbearance plan ends, lenders may be able to initiate foreclosure proceedings immediately. To address this issue, the CFPB is requiring lenders to contact borrowers between 10 and 45 days before the end of a forbearance plan and advise them of their loss mitigation options. This requirement will remain in effect until October 1, 2022.

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Business Attorney Oakland Park, FLBusiness owners have multiple options for structuring their company. During the business formation process, the selection of a business entity can ensure that a business will be able to operate correctly while providing owners or partners with protection from liability. Establishing a business as a limited liability company (LLC) can offer many advantages, including flexibility and the ability to utilize pass-through taxation. In Florida, certain types of professionals can create a professional limited liability company (PLLC), which will provide them with many of the advantages of a standard LLC.

Advantages of a PLLC

Professional services providers who require professional licenses or other forms of legal certification or authorization can establish a PLLC. These providers include:

  • Doctors, surgeons, and other medical providers

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FT. Lauderdale Foreclosure Defense Attorney MiamiThere are many reasons that families may encounter financial difficulties, and homeowners who have struggled to make mortgage payments while covering other ongoing expenses may be concerned about the possibility of foreclosure. Fortunately, there are multiple forms of relief that may allow a family to save their home, and in some cases, a homeowner may be able to do so by refinancing their mortgage.

Options for Mortgage Refinancing

A lender may begin the process of foreclosure if a homeowner has defaulted on their mortgage. A homeowner will be considered to have defaulted if they are at least 30 days past due on a mortgage payment. When this occurs, the lender will usually contact a homeowner, and they may be able to make arrangements to make up missed payments, along with any applicable late fees. In some cases, a homeowner may be able to address these issues by refinancing their home through a new mortgage loan.

When refinancing their home, a homeowner will obtain a new loan that will allow them to pay off their existing mortgage. The new loan may be created through their current mortgage lender or from a different lender. Unlike loan modifications, in which changes are made to an existing mortgage, refinancing a home will require the homeowner to pay closing costs and fees related to the creation of a new mortgage. 

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Surfside, FL Chapter 7 Bankruptcy AttorneyIf you have significant debts, bankruptcy can offer a way out of this difficult situation. Chapter 7 bankruptcy may be the ideal choice for you, since it will allow you to complete the bankruptcy process quickly, usually within a few months. You may be required to surrender certain non-exempt assets, which will be liquidated to repay some of the debts you owe. Once the bankruptcy process is completed, any debts included in the bankruptcy will be discharged, and you will no longer be required to pay them, giving you the fresh financial start you need. However, to qualify for Chapter 7 bankruptcy, you must meet certain requirements, which are known as the “means test.”

Understanding the Chapter 7 Means Test

As the name of the means test implies, it is meant to determine whether you have the financial means to pay back some of the debts you owe. The means test has two parts, and you will need to fill out a separate form for each part:

  • Form 122A-1: Statement of Your Current Monthly Income - On this form, you will list the average monthly income you earned from all sources over the past six months. In addition to the wages you earned through employment, including tips, commissions, bonuses, and overtime pay, you will also include any alimony or spousal support payments you receive, interest from savings, dividends from investments, royalties, income from a business or rental property that you own, unemployment benefits, and income from a pension or retirement savings account. If you are married, you will also need to list your spouse’s income, even if they will not be filing for bankruptcy with you. After totaling all forms of income, you will compare this amount with the median income in your state for the number of people in your household. In Florida, the median income for one person for 2021 is $53,182. If your income is less than the median income, you will qualify for Chapter 7 bankruptcy. Otherwise, you will need to complete the second part of the means test.

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Ft. Lauderdale Chapter 13 Bankruptcy AttorneyThere are many types of situations where a homeowner may find themselves struggling to make their ongoing mortgage payments, and in these cases, they may be concerned that they may lose their home through foreclosure. Financial difficulties may arise because of medical debts or other unexpected costs, or the loss of a job may affect a person’s ability to pay debts and other expenses. Homeowners in these situations may consider bankruptcy as a way to eliminate their debts and regain financial stability, but they will want to be sure to understand whether they will be able to avoid the loss of their home. Chapter 13 bankruptcy is often the best option in these cases, and one benefit that it may provide is the ability to eliminate a second or third mortgage on a home.

Lien Stripping in Chapter 13 Bankruptcy

The way debts are handled during a Chapter 13 bankruptcy will depend on whether they are secured or unsecured. Secured debts involve collateral that can be repossessed if a debtor defaults on their debts and these include most mortgages. However, if a homeowner owes more on their mortgage than their home is worth, any subsequent mortgages or a home equity line of credit may be considered unsecured debts.

In a Chapter 13 bankruptcy, a payment plan will be created in which the debtor will pay off as much of their unsecured debts as possible over a period of three to five years. The amount of the payments that the debtor will make during the plan will be based on their disposable income, meaning the amount that is left over after they pay their regular living expenses, as well as payments on a mortgage or any other debts that are not included in the repayment plan. Homeowners will be able to avoid the foreclosure of their home if they continue to make their mortgage payments, while also making all of the required payments in the Chapter 13 repayment plan. 

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FT. Lauderdale business contract formation attorneyOf the various different types of contracts that affect a business, partnership agreements are among the most important. These types of agreements can be especially beneficial for startup companies, but they may also be used for many other types of businesses as well, including new or expanded business ventures or existing businesses that will be adding new partners or shareholders. When drafting a partnership agreement, a company’s partners will need to work with a business law attorney who can ensure that they understand their rights and the best ways to protect themselves and ensure that their business will be able to operate successfully for years to come.

Terms to Include in a Partnership Agreement

A good partnership agreement will fully detail all issues related to how the business will operate and how partners will work together to manage the company. Issues that a partnership agreement will need to address include:

  • Percentage of ownership - Each partner’s ownership stake in the business will often depend on their contribution to the company, including by investing money or other assets. 

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Ft. Lauderdale Bankruptcy Law AttorneyMost Americans have some form of debt. This may include credit card debts, auto loans, the mortgage on a home, or other amounts owed to a creditor. For those who are able to make ongoing payments, debts can be troublesome but manageable. However, families who experience financial difficulties may end up with too much debt to handle, and this can lead to ongoing issues such as harassment from creditors, a lower credit score, or the foreclosure of a home. Fortunately, bankruptcy can provide relief for people who are in these situations, and it may allow for the elimination of certain debts. Debtors will need to understand what types of debts can and cannot be discharged.

Non-Dischargeable Debts

Depending on a family’s financial situation and the assets they own, Chapter 7 bankruptcy may allow for the discharge of most debts after certain assets are liquidated, or Chapter 13 bankruptcy may allow debts to be consolidated into a repayment plan, with any remaining debts being discharged after the plan has been completed. However, even after completing the bankruptcy process, a debtor may be required to repay certain debts, including:

  • Student loans - Most of the time, student loans provided through a government lender such as Sallie Mae, as well as private student loans that are backed by the federal government, cannot be discharged through bankruptcy. In some cases, a person may be able to have these loans eliminated by showing that repaying them would cause undue hardship, but few people are able to meet this requirement. Those who are unable to make student loan payments may be able to negotiate affordable repayment plans with creditors.

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FT. Lauderdale business law attorney independent contractorsIn today’s “gig economy,” more and more companies are working with independent contractors. This can provide a number of benefits, including allowing employers to meet certain types of temporary needs and offering workers the flexibility to decide when and how they will complete work. However, business owners should be aware of legal issues that may affect them when they use independent contractors, and by working with a business law attorney, they can protect themselves from liability and ensure they are meeting all of their legal requirements.

Classification of Workers as Employees or Independent Contractors

Employees are guaranteed certain rights that may not be available to independent contractors. These include the right to receive minimum wage and overtime pay, eligibility for workers’ compensation and unemployment benefits, and the ability to receive benefits through their employer. A business may prefer to use independent contractors for certain types of work in order to cut down on costs, but misclassifying workers as independent contractors when they should be considered employees can lead to a variety of legal issues.

In the state of Florida, a set of “common-law rules” are used to determine a worker’s classification. These rules look at:

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Ft. Lauderdale Chapter 13 AttorneyIf you have experienced financial difficulties and are struggling to pay the debts you owe while also covering your ongoing bills and expenses, it may seem like there is no end in sight to this situation. Extensive debts can be especially problematic if you are a homeowner, and if you have gotten behind on your mortgage payments, you may be facing the foreclosure of your home. However, it is important to understand that you have options that may allow you to avoid the loss of your home, including filing for bankruptcy. For many homeowners, Chapter 13 bankruptcy is the best option for debt relief, and by understanding how this process works, they can ensure that they will be able to continue to own their home.

Addressing Mortgage Payments and Other Debts in a Chapter 13 Bankruptcy

One of the key things to note about bankruptcy is that when a debtor files a bankruptcy petition, this will create an automatic stay that will require creditors to cease all collection activities. If a lender has initiated the foreclosure process, the automatic stay will put a stop to these actions, ensuring that a homeowner will not be forced out of their home. This can create “breathing room” for a debtor as they determine how to address their debts.

When a person files for Chapter 13 bankruptcy, they will propose a repayment plan in which they will pay off some of the debts they owe. This plan will last between three and five years, and once it is completed, any remaining unsecured debts that were included in the plan will be discharged, and the debtor will no longer be required to pay the amount owed.

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FL foreclosure lawyerAny homeowner who is facing foreclosure will be understandably worried about the prospect of losing their home. This issue has become a major concern during the COVID-19 crisis since many families have experienced job losses or other financial difficulties that have caused them to struggle to make their ongoing mortgage payments. While a moratorium has been placed on foreclosures for federally-backed loans, many homeowners may still face the potential loss of their homes if they cannot become current on mortgage payments once the moratorium ends. Fortunately, some homeowners may be able to avoid foreclosure by negotiating loan modifications with their lender.

Types of Mortgage Loan Modifications

The foreclosure process can result in financial losses for a lender. To avoid this, lenders are often open to negotiating with borrowers to find solutions that will ensure that they can continue owning their homes and making mortgage payments. The types of loan modifications available to homeowners may include:

  • Forbearance - A borrower who is experiencing temporary financial hardship may ask for mortgage payments to be postponed or reduced for a certain amount of time. These payments will eventually need to be paid. In many cases, missed payments will be added to the end of the term of the loan. However, other arrangements may also be made, such as the agreement to temporarily increase the amount a person will pay each month once they resume making payments.
  • Interest rate reduction or modifications - Mortgages with adjustable interest rates may sometimes cause financial hardship if the amount of a person’s monthly payments increases. A borrower may be able to convert their loan to a fixed interest rate to ensure that payments will remain at the same amount. A homeowner may also be able to negotiate a reduced interest rate, lowering the amount that they will be required to pay each month.
  • Extension of the loan’s term - A re-amortization will allow a homeowner to add more years to the length of their loan. Paying off the same amount over a longer period of time will result in a reduction in the amount of monthly payments, although it will also result in more interest being paid over the full term of the loan.
  • Principal reduction - The lender may agree to reduce the total amount owed in a loan, essentially forgiving a portion of the borrower’s debt. This type of modification is fairly rare, and lenders will usually prefer other options that allow them to reduce their potential financial losses.

Contact Our Fort Lauderdale Foreclosure Defense Attorney

If financial difficulties have affected your ability to make mortgage payments, or if you have defaulted on your mortgage, you will want to understand what you can do to avoid foreclosure. Elliot Legal Group can advise you of your options, and we will provide you with representation when negotiating loan modifications. We can also help you determine whether bankruptcy may allow you to avoid the loss of your home. Contact our Broward County foreclosure defense lawyer today by calling 754-332-2101.

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FL business lawyerWhen starting a business, there are many decisions to be made and likely a lot on your mind. Many people focus on what they are going to name the business or what their logo is going to look like and do not always think about what type of business structure they are going to use. Even though it is not the most glamorous topic to explore, it can be one of the most important. Your business structure affects the way you report income and claim taxes. For many people, a sole proprietorship is the easiest way to form their business. However, a sole proprietorship is not the right choice for everyone, which is why you should do your research before you make a decision.

Forming a Sole Proprietorship

Many people forming a business tend to lean towards sole proprietorship because it is one of the easiest ways to form a business. In fact, a sole proprietorship is formed without any formal action, unlike with other business structures. If you are the only one who owns the business, you are automatically given the sole proprietorship designation.

Benefits of a Sole Proprietorship

There are many reasons why people choose to operate as a sole proprietorship. The biggest reason is because of how easy and inexpensive it is to form. The only legal costs you obtain with a sole proprietorship are usually the costs of any licenses or permits you must obtain to do business. Another large benefit is having complete control over the company. Since you are the only owner (and many times, the only employee) you can retain power over your business and run it the way you want to. Sole proprietorships are also simple when it comes time to file taxes. Since you and your business are not separate legal entities, your business is not taxed separately from your own income. This means that when you report your profits and losses for the year, they are factored into your personal tax return.

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FL bankruptcy lawyerWhen you or a family member is sick, the only thing on your mind is getting the help that you need to feel better. Unfortunately, in the United States, costs for medical care are exorbitant. Not only do you have to pay monthly premiums for health insurance, but then you are also typically responsible for a portion of the cost of the services you receive, in addition to any co-pays or out-of-pocket costs you may incur, such as prescription medications or other medical supplies. This can leave many people in tens of thousands of dollars in medical debt, which can be extremely difficult to pay for some families, especially on top of any other debts they may already be paying. Filing bankruptcy for medical debts is not uncommon, but there are a few things you should know before you pull the trigger:

  • There is actually no such thing as a “medical bankruptcy.” Even though you can discharge medical debt through bankruptcy, there is actually no such thing as a “medical bankruptcy.” To discharge medical debt, you would have to file either a Chapter 7 or a Chapter 3 bankruptcy to have your medical debts discharged. Medical debt is considered unsecured debt, so it would be dealt with in the same way as credit card debt.
  • You should explore other options before you file for bankruptcy. When it comes to medical bills, there are also other options to explore before you jump to bankruptcy. If your medical debt is the only thing causing you distress, you may want to consider setting up a payment plan through your provider. Most of the time, medical providers are willing to allow you to make payments if you cannot pay in full.
  • Filing for bankruptcy would also discharge other debts. As previously mentioned, medical bankruptcy does not exist, so you would have to choose between a Chapter 7 or Chapter 13 bankruptcy to discharge medical debt. However, when you file bankruptcy, you must include all of your debts, which would then be discharged at the end of the bankruptcy. This means you would no longer be responsible for paying those debts, but it also means that you would have to give up any assets that were not included in Florida’s exemptions.

Our Broward County Bankruptcy Attorney is Here to Help

Bankruptcy can be a breath of relief for many people, especially if they are drowning in debt. However, bankruptcy can also affect areas of your life, which is why you speak with an experienced Ft. Lauderdale, FL bankruptcy lawyer. The Elliot Legal Group has helped a multitude of clients through the bankruptcy process for both Chapter 7 and Chapter 13 bankruptcies. To schedule a consultation to discuss your situation, call our office today at 754-332-2101.

 

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IL business lawyerIf you are in the business field, you know how important it is to read your documents before you sign them, but many people simply skim the text before signing. In some cases, this may be OK, but when there is a possibility that you could get into trouble because of that document, the stakes can be high. In certain contracts, there are often clauses imposing restrictions on what actions an employee or business can take. These are called restrictive covenants and are a common part of many contracts, especially business and employment contracts. Understanding what these restrictive covenants entail is essential before you sign the document.

Non-Compete Agreements

Most of the time, non-compete agreements are found in employment contracts and sometimes in business sales agreements. If an employee’s contract contains a non-compete section, the employee is typically barred from working in a similar business or line of work after their employment with the business has ended. In these agreements, a period of time during which the agreement is in effect must be specified, as well as a specified radius from the location of the business in which the agreement is in effect.

Non-Solicitation Agreements

If you sign a non-solicitation agreement or a contract that has a non-solicitation clause in it, you may be subject to two different types of restrictions. A non-solicitation clause could include restrictions on recruiting customers or employees from your employer once you are no longer an employee of that business. This means you would not be able to employ any former coworkers or encourage former customers to come to your business if you were to start one.

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FL foreclosure lawyerWhen you buy your first home, you likely see the rest of your life right in front of you—the family meals you will make in your kitchen, the time you will spend decorating each room, and the memories you will make with your family each year. While you are imagining all of these happy times, the thought of financial difficulties and the possibility of foreclosure is probably the last thing on your mind. Buying and owning a home is exciting, but making mortgage payments during a financial recession can be terrifying. If you are struggling to make ends meet, it is important to understand what the foreclosure process entails so that you can avoid losing your home.

A Florida Foreclosure

The foreclosure process is hardly immediate and you do have options to avoid foreclosure if you take the appropriate steps. If, however, you wait to take action, you can find yourself losing everything. In order to avoid waiting too long and diminishing your home-saving options, it is important to know the timeline and steps of the foreclosure process.

  • First month missed payment - Your lender will immediately begin to contact you after you miss your first monthly mortgage payment. This contact will be over the phone or through a letter, explaining that your payment is missing.
  • Second month missed payment - After two months have passed, your lender will take more direct action to get in contact with you to ask about why you have been missing your mortgage payments. While you may wish to avoid these phone calls, it is important to take initiative and explain why the payments have been missed. If you show that you are trying to resolve the situation, your lender may be more likely to give some leniency, such as allowing you to provide one month’s payment at the time and create a new payment plan.
  • Third month missed payment - Three months of missing payments will result in an official letter from your lender stating the amount that you owe and providing a 30-day deadline to provide the money. Known as a “Demand Letter” or “Notice to Accelerate,” this letter will require a certain amount to be paid, typically the mortgage amount in full, or the lender will begin the foreclosure proceedings. If you promptly respond to this letter, you are likely still able to work something out with your lender, such as paying a minimum or creating a payment plan.
  • Fourth month missed payment - At this point, the 30 days will have expired from the Demand Letter or Notice to Accelerate that you received last month. If you have not paid the required amount in full, you will be referred to your lender’s attorneys to begin the foreclosure process. You will also be required to pay these attorney fees as part of the foreclosure.
  • Public trustee’s sale - The attorney involved in your foreclosure will schedule a public sale of your property. You will be notified of the date by mail and the sale will be advertised in your local paper. Once you receive this notice, you have until the date of the sale to make payment arrangements with your lender. After this deadline, the foreclosure will be completed and you will be required to move out of your home and find alternative living arrangements.

Contact a Broward County Foreclosure Attorney

Whether you are about to miss your first mortgage payment or have had months pass without paying your mortgage, it is important that you turn to a foreclosure attorney for help. By working with a reputable real estate lawyer, you can determine the most financially beneficial way to save your home. Our firm is dedicated to helping those who are facing financial difficulties come out of foreclosure and get started on the right foot. If foreclosure is on the horizon, contact our Fort Lauderdale real estate lawyer at 754-332-2101 today.

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