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Recent Blog Posts
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.
Can I Prevent Foreclosure Through Chapter 13 Bankruptcy?
If 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.
How Can Loan Modifications Help Me Avoid Foreclosure?
Any 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:
Is a Sole Proprietorship a Good Business Structure for My Company?
When 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.
Three Things You Should Know Before Filing a Medical Bankruptcy
When 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.
Common Restrictive Covenants Included in Florida Business Contracts
If 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.
What Is the Foreclosure Process in Florida?
When 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.
Questions to Ask Yourself Before Buying Your First Florida Home
It is no secret that the COVID-19 pandemic left many Americans struggling to make ends meet. Many employees saw pay cuts, a number of workers were furloughed, and some lost their jobs altogether. With economic conditions at an all-time low, many families were battening down the hatches and just trying to get by. Now that the COVID-19 vaccine is circulating the country, with more and more people getting the shot each day, things are beginning to open back up, including Americans’ desire to move on to the next chapter of their lives. For some, this involves buying their first home. Being a first-time homebuyer is an exciting experience -- you begin to imagine your life unfolding in a place that you can call your own. While every home buyer may be looking for something a bit different, it is important that the following questions are considered before finalizing your purchase.
- How Much Can I Afford? Buying a home is a long-term investment so it is important to budget appropriately for your monthly mortgage payments; after all, they will last for years to come. Begin by looking at your personal finances, such as your income, monthly expenses, and debt payments. Add up your typical monthly expenditures, including food, transportation, utilities, phone bill, insurance premiums, and more. Calculating these costs will help you determine how much you have remaining to dedicate towards your mortgage.
What is a Business Succession Plan and Why Do I Need One?
As a young business professional or recent business owner, your retirement likely seems years or decades away. Work can quickly become your main priority, especially if you are the owner of a business. Even if you are young and retirement is far in the future, it is important to have legal documents put in place that outlines what will happen with your business if you are no longer in charge. Do you want the business to be sold? Would you like your business passed down to another family member? With the help of a reputable business attorney, you can ensure that your vision for your company is met.
What is a Business Succession Plan?
In order to outline the future of your business, you should build a business succession plan in the early years of your business. A business succession plan is a legal document that guides your company through a change of ownership in the instance that you are unable to continue running things. This may be a result of retirement, death, or disability. Similar to a will, a business succession plan allows you to plan for the unexpected with the comfort of knowing that your business is in good hands. If you are passing your business down to one of your children or other close family members, the succession plan will name this individual as the new owner and list any necessary steps for this transfer of ownership. If a purchase is involved, the plan will include the sale price and purchase terms.
