The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Boca Raton
3101 N. Federal Hwy., Suite 609,
Fort Lauderdale, Florida 33306
Our Lawyers are Licensed and Providing Representation in the Following Locations:
Florida, Washington D.C., England, and Wales
Fort Lauderdale
754-332-2101
Boca Raton
561-832-8288
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Recent Blog Posts
Issues to Consider When Filing for Bankruptcy
If you are struggling financially, you may be wondering whether or not filing for bankruptcy is the right solution for your situation. While you are considering that option, there are steps you can take to help protect your assets from creditors. The following is a brief overview of those steps. For more specific information about your situation, consider speaking with a Fort Lauderdale bankruptcy attorney from Elliot Legal Group.
Bank Accounts and Credit Cards
Many of our clients find that debt can be a vicious cycle. Borrowing money creates debt and then situations arise that force people to have to borrow more money to try to get ahead of the debt. The more you borrow (or charge on credit cards), the worse your financial situation gets, and creditors are now calling on a weekly basis looking for their money.
If you are at the point where you are seriously thinking about bankruptcy, you want to stop borrowing money, whether through lines of credit or credit cards. Do not purchase any large ticket items – such as a car or jewelry – or otherwise try to run up credit cards any more than they are right now.
How to Keep Your Home If You File Chapter 7 Bankruptcy in Florida
While it is true that bankruptcy may not be for everyone, the two types of consumer bankruptcy do allow for plenty of options within them. People who cannot afford a payment plan for a Chapter 13 bankruptcy are usually afraid to file a Chapter 7 bankruptcy because they worry that foreclosure might result if they own a house. However, depending on your circumstances, you might be able to get the clean slate of a Chapter 7 bankruptcy without losing your home to foreclosure. In Florida, it is possible to keep your house even if you file for a Chapter 7 discharge of all consumer debts.
Chapter 7 Versus Chapter 13: Keeping Your House
Most bankruptcy attorneys will advise you to file for Chapter 13 bankruptcy if you meet the following criteria:
Looking to Grow Your Florida Business? Consider Collaborating
As a business owner, you are undoubtedly protective of the company that you have built and maintain a certain level of privacy when it comes to your business. Every business is bound to have secrets that only the owner, management, and your business lawyer are privy to. While the inner workings of your company should remain confidential to a certain extent, it is important to avoid being completely insular. Building your network and collaborating with other business owners is a simple way to grow your business and make it more successful. In fact, there are a number of benefits that business collaboration has to offer.
New Inspiration
The best way to discover new ideas is by seeing how other successful businesses are doing things. Ideas can quickly come to a standstill in a workplace that never looks outside of its current way of doing business. While maintaining a routine is important in any workplace, never straying from this routine can make you miss out on new opportunities, techniques, or tools that can help you be more efficient both in time and money. Seeing how other businesses use certain techniques can also act as a “test drive” before you take on this new strategy.
4 Ways to Settle Business Partner Disputes in Florida
Years ago when you and your partner started your business, you were likely both on the same page. Perhaps you are family, best friends, or simply co-workers who came up with a brilliant business idea together. Whatever your outside relationship may be, when it comes to running a business, you must maintain a sense of professionalism, especially when arguments arise. Rarely do business partners agree on every decision being made, but some disagreements can become more contentious than others. There are four ways in which you and your business partner can settle a dispute, some of which can be done on your own while others require outside help.
1. Referring to Your Management Agreement
Those going into business together should always plan for future disagreements that are inevitable when it comes to business partnerships. It is impossible for you and your partner to completely agree on every detail of your work, which is why business partners are advised to create a management agreement before going into business together. If you have both been in business together for years, you likely created a management agreement and may not remember the exact details. Before taking steps forward, refer to your management agreement to see how you and your partner should be handling things. Perhaps you included a clause that required you to go to mediation or maybe one partner has veto power over the other. If you have a management agreement, this should be your first place to turn. If you do not have one, you can choose any of the following options.
Am I Eligible to Refinance My Florida Home?
If you have recently had a change in your financial circumstances--perhaps you lost your job, received a pay cut, or have taken on additional costs--the mortgage that has been affordable over the past decade may no longer be feasible. You may be concerned that because your mortgage exceeds your income, you will soon be on the path to losing your home. Without taking any additional action, foreclosure could soon be on the horizon. However, there are a number of actions that you can take before getting to this point, including refinancing your home.
What Is Refinancing?
Refinancing your home means replacing your current home loan with a new one. There are a number of benefits that refinancing has to offer, such as reducing your interest rate, cutting monthly payments, or tapping into your home’s equity when needed. Refinancing can also allow you to pay off your loan quicker or switch from an adjustable-rate to a fixed-rate loan. Refinancing your home may seem like the perfect solution to your financial difficulties; however, there are certain requirements that must be met in order to qualify.
What Should I Consider When Selecting My Business Structure?
Starting a business is an exciting endeavor. You have likely spent years considering a business idea in your head and are finally in the process of getting things off the ground. Having a good business idea is only the first step in creating a successful company. While this may be the foundation of your work, there are other things that are required during these initial stages. One of the most important aspects of building a business is choosing the right legal structure, also known as a business entity. This single decision impacts how your business will be run moving forward. But how do you know the difference between your options and determine which is the right one for you?
Choosing a Business Entity
There are four types of business entities that one can choose from: sole proprietorship, partnership, corporation, and limited liability company (LLC). It is best to consult with a business attorney to fully understand the differences between these options, but be sure to keep the following considerations in mind when choosing one business entity over another.
Do I Need Title Insurance When Buying a Home in Florida?
Buying a home is likely the most expensive purchase that you will make in your lifetime. The moment you receive your keys may give you a surge of pride, but the path to get there can sometimes give you a headache. Without a professional guiding you through the process, it can quickly become overwhelming and you may feel as if you are paying for unnecessary additions, such as title insurance. This type of insurance incurs a one-time charge included in your closing costs and it protects the lender. But what about owner’s title insurance? Should you spend the extra money for the additional protection in Florida?
What Is Title Insurance?
Before your home closes, your mortgage lender will require a title search, which searches public records for any title defects related to your home. For instance, the title search may bring the following issues to light:
Eliminating the Confusion: What Can Bankruptcy Really Do for Me?
The thought of filing for bankruptcy typically only comes to mind when it is your only option. Rarely do people fully understand what filing for bankruptcy entails and what this financial decision can actually do for you. Filing for bankruptcy is much more common than you think, and contrary to popular belief, it does not leave you financially destitute. Before you make a decision regarding your financial situation, it is important to have a true understanding of what this legal process will do for you and be aware of the common misconceptions associated with bankruptcy.
The Types of Bankruptcy
You have two different options when filing for bankruptcy, known as Chapter 7 and Chapter 13, and depending on your financial situation, you will qualify for one or the other. Chapter 7 bankruptcy is also known as “liquidation bankruptcy” because some of the filer’s assets can be sold to repay their outstanding debts. Once this is complete, the remaining debts will be discharged. This form of bankruptcy is reserved for those who earn less than the median income for the state of Florida. Those above this financial level will file for Chapter 13 bankruptcy. In Chapter 13 bankruptcy, the filer will propose a repayment plan to pay off their debts within a three- to five-year period. It is always advisable to turn to a bankruptcy attorney before beginning the filing process to ensure that you do indeed qualify for that particular chapter.
4 Steps to Finding the Right Business Attorney for You
Most business owners may hold off on hiring a business attorney until they have a legal problem arise. This is especially true for small business owners. When starting your business, it can be easy to get caught up in all of the decisions that need to be made. As your business grows, the busyness of your daily workday can keep you from taking the time to find an attorney, and before you know it, you have a legal problem arise with no one at your disposal to help you navigate the legal process. Whether you are in the early stages of starting a business or have yet to hire general counsel, there is no time like the present to get your business on solid footing by finding the right attorney for you.
1. Understand Why You Need an Attorney
Understanding why you need a business attorney, either now or in the future, is an important first step in selecting the right lawyer. Startups and small businesses may need a business attorney for a number of reasons including choosing a business entity, raising money through venture capital and selling equity to investors, drafting founder agreements, reviewing contracts, and handling employment issues. These issues can pop up at any time so it is important to have an attorney on hand before the problems arise.
Are Employment Contracts Necessary for Small Businesses?
Running a small business and running a large business are two separate beasts. Some may think that managing a small company is a much easier endeavor, and in some ways it is, but it is important that your business upholds a certain standard of professionalism regardless of its size. Small business owners often have a more personal relationship with their employees since they work in closer proximity to all of their hired employees. While this can create a more comfortable, personalized work environment, it can also blur the lines between professional relationships and friendships. In order to avoid this gray area, you should consider creating employment contracts to ensure that both you and your employees are maintaining your duties within your position.
