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Recent Blog Posts
What Types of Remedies Are Available in Breach of Contract Litigation?
Businesses 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
Proposed Bill May Allow Student Loans to Be Discharged Through Bankruptcy
Student 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.
New CFPB Rule Provides Options to Help Prevent Foreclosure
Many 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
Should I Structure My Florida Business as a PLLC?
Business 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:
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Doctors, surgeons, and other medical providers
Can I Refinance My Home to Prevent Foreclosure?
There 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.
How Do I Know if I Qualify for Chapter 7 Bankruptcy?
If 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:
How Are Second Mortgages Handled During a Chapter 13 Bankruptcy?
There 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
What Should Be Included in a Business Partnership Agreement?
Of 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
What Types of Debts Cannot Be Eliminated Through Bankruptcy?
Most 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:
What Business Owners Need to Know When Hiring Independent Contractors
In 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.
