Business Law

Bad Debt and Legal Assistance

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When people borrow money but are unable to pay back their lender, they are said to have a substandard loan. Borrowers who default on their loan or can’t make monthly payments have “bad debt” and can pose a big problem to their lenders. In bad debt scenarios, lenders lose money and their investment and often find themselves needing to take legal steps for financial relief. Additionally, borrowers must find a way to get their unpaid debts discharged. 

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Bad Debt and Legal Issues

Bad debt often creates complex legal issues between borrowers and lenders. As a lender, it is extremely important to have a well-defined loan agreement to have as a tool in legal proceedings. Some of the legal issues caused by bad debt include bankruptcy and tax deductions.

Bankruptcy

Often borrowers who have bad debt will file for bankruptcy in hopes of getting released from their debts. Many forms of debts are released from filing a bankruptcy claim; however, there are some forms of debt that are non-dischargeable.

Filing Taxes

Often being in a bad debt situation can affect how lenders need to file their taxes. Lenders who are out on their investments often like to use these situations to get a tax deduction; however, due to the complex nature of bad debt scenarios, it is important to be careful when filing for tax deductions as they can sometimes cause setbacks.

Legal Assistance

Bad debt can be an extremely complex situation to navigate. If you are in a bad debt situation, it can be helpful to work with a lawyer to file your claim or assist with other legal steps. Lawyers offer a great resource for obtaining financial relief and making sure you are going through the process correctly.

When loan agreements are not met, lenders and burrowers are placed into a complex situation. Seeking professional guidance is a great way to navigate bad debt legal proceedings.

Business Law

Get Your Bond Money Back

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When you post bond, you can get your money returned to you. Bail bonds are used to release you from police custody. The courts must return the money in most situations. If you are looking to get your bond money back from the courts, here are a few things you should know.

Bail Release

A bond will release a person from police custody. With a bond release, the defendant makes a guarantee to attend every court date. At the end of the case, the bond money is returned to the payee. Most jurisdictions offer immediate repayment. A federal court may hold your money for an extended time. In fact, you must file a petition with the federal courts to release your bail money. These petitions are used for both federal cash and property bonds. You will never receive the full amount of the bond back from the courts. They often deduct administration fees from your bail money.

Bail Forfeiture

If the defendant fails to appear in court, you may be facing forfeiture of the bond. Bail bonds guarantee that the defendant will show up at the assigned court date. You risk losing 100 percent of the bond by not showing up for your next court appearance.

Bail Violation and Failure to Appear

Most missed court appearances mean that you will forfeit the bail. You can always appeal this decision with the courts. If you had a medical emergency, you must file a petition for a bond reinstatement. These petitions do not guarantee that you will receive your money back from the court system.

Bail Returned from a Bail Bond Agent

If you needed the help of a bond agent, you had to pay a fee for their services. You also had to sign a contract with them as well. When all the conditions of the bond have been met, you can get your money returned from the agent. However, all their administrative fees will not be returned to you.

In most cases, your money will be returned at the conclusion of the case. If you are looking for Wayne County bail bonds, there are plenty of agents that can help you.

Business Law

Filing for Bankruptcy – What You Should Know

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If you find yourself filled with anxiety because of your towering debt, you might be considering filing for bankruptcy. For businesses and individuals, filing for bankruptcy is a last resort in salvaging whatever is left of their company or property. It is also their way out from debts that they can no longer pay.

If you are from PA and you need to be discharged from your debts, a bankruptcy law firm in Pittsburgh can help you find a relief. Before doing so, here are the things that you should know.

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It Is Not A One-Time Process

A bankruptcy case like even for individuals (Chapter 7) can take up to 6 months to conclude. Business bankruptcies takes longer and if you really want to get discharge, you have to finish this fight in court.

Your Financial Information Becomes Public

After filing for bankruptcy, you have to open your finances to public enquiry. This is not limited to your financial information because it includes your entire family’s financial information. You also have to attend inquiries where a bankruptcy trustee will ask for your financial information in the presence of your creditors. You even have to answer a bankruptcy form that comes with complex and tricky questions.

You Have to Disclose Everything

Bankruptcy courts will triple check all information you submitted upon filing for a bankruptcy. A single information that casts doubt can be a ground for your request to be declines. In the US, dishonesty in filing for bankruptcy is considered as a federal crime and a serious one.

The Result of Your Bankruptcy Case Is Personal

If your bankruptcy file gets discharge, it means that your creditors are no longer allowed to hound you to collect your debt. This will only protect you though. If you are a guarantor of a debt made by a friend, your friend still needs to pay that debt. Your bankruptcy case doesn’t discharge him from that liability.

Lastly, once you filed for bankruptcy, you might find yourself unable to take loans. It will affect your credit standing for at least two to three years. In addition, filing for bankruptcy is not cheap and it is time consuming. If you will need a bankruptcy law firm in Pittsburgh, PA, make sure to choose an experienced and known law firm in this practice.

Business Law

The Benefits And Disadvantages Of Owning A Franchise

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For those whose dream is owning a business, it can become a reality with the option of opening up a franchise. More and more corporate workers are looking at franchises as a viable career option after years of unfavorable work conditions and continued downsizing. If you want to consider the idea of a franchise business, speak with a reputable franchise lawyer like Suzanne Cummings. She can be found at www.cummingsfranchiselaw.com.

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Reasons To Open A Franchise

There are many benefits of opening a franchise instead of starting your own business from scratch. Historically, franchise businesses create jobs in cities much faster than any other type of business. This means a positive outlook on the local economy. It is a turnkey system that has already proven to be successful. You will have all of the necessary tools given to you in order to succeed. Most small business owners get little to no support trying to build their brand.

A franchise allows you the opportunity to share your ideas and challenges with other owners facing the same issues. Franchise owners are in business for themselves, but they are not by themselves. As a franchise owner, you can greatly benefit from a well-known brand that has already been established. As soon as you open, you will have customers coming through the doors.

Disadvantages Of A Franchise Business

Opening any type of business can come with risks and cons. With a franchise, you are going to have to put down a lot of money to get started. Branded franchises are costly and most entrepreneurs cannot afford the cost to get started. Every year, franchise owners are required to pay royalty payments in return for the operational support they receive and the free advertising they benefit from.

These are just some of the many pros and cons of owning a franchise business. For some, this may be their only option for owning a business. Before taking on a franchise business, it is important to fully weigh your options and be sure it is something you can handle.

Business Law

How is Important Compensation in Your Business

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An employee is injured at their workplace every seven seconds. This is the sobering statistic from the National Safety Council (NSC). Many of these are in the form of slips, trips, and falls that were preventable if the proper safety precautions were taken by the business. Unfortunately, these are not addressed in some organizations.

Workers’ Compensation

If you are harmed due to a workplace injury or, unfortunately, a family member is killed, you are entitled to workers’ compensation insurance. Companies across the United States, including Oregon, are mandated to own a policy by law. What that coverage is and its payouts depends on the number of employees the business has. Medical expenses in the form of doctor and hospital bills are covered under these policies. In addition, your company’s may also handle disability payments while you recover as well as rehabilitation and, in the worst case, death benefits.

Assistance to get the required compensation

Unfortunately, there are some situations where the company is reluctant to pay out worker’s compensation. They can claim the injury is self-inflicted or it took place in a location that was not a remote worksite. In another situation, they may pay only a small percentage of your bills and disability. When these problems occur, you need to reach out to a worker’s compensation lawyer for assistance. Firms across the state, like the law offices of Peter O. Hansen, offer services to assist you in these claims. Their goal is to provide you with 100% of the compensation you are entitled to from your injury.

How they work for you

These firms gather all of your information, including medical bills, x-rays, and reports to state and local authorities like the Occupational Health and Safety Administration (OSHA). This is presented to your management and their lawyers for an out of court solution. Should your employee be unwilling to pay any more, then the workers’ compensation lawyer will ensure you receive the best possible outcome during a trial. In the end, they want businesses to uphold the state laws and keep their integrity by supporting an injured employee. workers compensation attorney salem oregon