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How Can Bankruptcy Help My Business?

How Can Bankruptcy Help My Business?

Sometimes running a business means making some tough choices. One of those potentially incredibly difficult choices is whether or not to file for bankruptcy protection. It can feel daunting, but you need to remember the laws surrounding bankruptcy. They were created specifically to protect entrepreneurs, businesses, and those who operate businesses.

Just because you are filing bankruptcy doesn’t mean that your business is going to be confiscated, liquidated, and eliminated. There are some types of filings that will offer protection to the business. This will allow them to continue their operations while solving some of their seemingly insurmountable debt problems.

This is the case with many larger companies that comprise significant portions of industries, like airlines and large banks. Businesses like this, and many others, will often use a bankruptcy filing as a strategic maneuver. These business use it to reduce or eliminate debt, while legitimately restructuring their business. This can result in a more efficient business operation overall. This will lead to an increase in profitability even without new revenue streams.

The Types Of Bankruptcy Filings

There are three main types of bankruptcy that may be applicable to your business. They are chapter 7, chapter 11, and chapter 13. Make sure that before you make any decisions, you speak with the legal counsel for your business.

If you do not have legal counsel, it may be worth it to pay for an evaluation or a la carte bankruptcy preparation from a local bankruptcy lawyer. Let’s take a look at each type of filing, and what it might entail for your business.

Chapter 7

Chapter 7 bankruptcy consists of having a court-appointed agent, called a trustee. They will sell your assets and use the proceeds to pay your creditors. By filing for chapter 7, the structure of your business will determine if you will be able to keep it operational. Sole proprietorships may benefit the most here, while legally separate entities like LLCs or corporations may want to file on behalf of the business.

Chapter 11

Chapter 11 is where your business will be allowed to keep its assets while setting up and maintaining a repayment plan with all of the creditors. These can be notoriously complex, but filing for chapter 11 is the only way to let corporations, LLCs, and even partnerships reorganize and continue their business operations. Filing Chapter 11 may also let sole proprietors restructure and continue operations, but do not meet the debt limits for Chapter 13.

Chapter 13 Bankruptcy

Chapter 13 filings are only available to businesses that are owned and operated by sole proprietors. With this filing, the business gets to keep all of its assets and is assigned a repayment plan with its creditors. There are some stringent debt limits that apply for those seeking Chapter 13 protection. However, using Chapter 13 as part of your business bankruptcy strategy can let sole proprietors include business debt as well as personal debt. This makes it a great option.

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Bankruptcy Legal

Bankruptcy: The Ultimate Guide

The Ultimate Guide to Bankruptcy

When disaster strikes and you suddenly find yourself unable to meet your financial obligations, there may be ways to alleviate some of the pain. Of course, they won’t be painless in themselves, but they might just be a better decision than choosing to trudge onward with your current obligations. Bankruptcy is one of those ways.

Bankruptcy is a way for people who can’t meet their obligations to start to dig themselves out of the circumstances they find themselves in. It’s not a beneficial move in itself, and it certainly won’t feel good, but plenty of people find it to be their next best option.

So, how do you go about filing bankruptcy? When should you do it? In this article, we’ll talk all about how you should approach bankruptcy- a difficult topic indeed.

When to File

If you’re considering bankruptcy, but don’t know if your circumstances are dire enough to file, consider just a few recommendations.

Those considering bankruptcy should be unable to mee their financial obligations. When you can’t meet your debt, you may start to fall behind. This could put you in a hole you might not be able to find a way out of.

Some of these debts might be unsecured debts, which may mean that your home is in danger. Bankruptcy may help you maintain the equity you have placed in your home.

Bankruptcy is for times when finances go into a tailspin. If you see any semblance of a way out, it might not be so good to go the bankruptcy route. Keep in mind- many times average people’s judgements aren’t so finely tuned for financial matters. You should consult a professional if your circumstances are in such dire straits.

Possible Penalties

Unfortunately, the penalties for bankruptcy are significant, and should be considered closely before any commitment is made. Bankruptcy is not a thing you enter into lightly.

If you declare bankruptcy, that stain with stick with you for at least a good ten years- or one eighth of the average person’s entire life! The information on your bankruptcy will go to credit bureaus and will be taken into account for future dealings.

Not only will your bankruptcy reflect in your credit score when you attempt to pick up new debt, but you will also not be able to file bankruptcy for another 8 years. This means that whatever deals you make, you’re going to be stuck with.

Recovering From Bankruptcy

If you’ve had to file bankruptcy and suffer the penalties, there are ways to recover. For one, make sure you listen to any advice you receive in credit counseling sessions. These institutions are in place for a reason, and you can learn a lot about getting back on your feet.

You should also get your financial life in line. It’s a hard pill to swallow, but going credit-free and establishing money management strategies will put you far ahead of the game and could even put you on the path to as much of a financial recovery as you can make.

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Bankruptcy Legal

Why Should I Hire a Bankruptcy Lawyer?

Why Should I Hire a Bankruptcy Lawyer?

When you’re facing bankruptcy, you’re likely going to have more than a few doubts about the situation. How do you do it? Are there any other options? Is it just a matter of filing and getting on with life, or is the process continual?

But for all of your doubts, you still might be on the fence about getting a bankruptcy lawyer. This is understandable, especially considering the reputation lawyers usually have for being expensive. In a time like this, you’re going to want to pinch all the pennies you can. But can you really afford to skimp here?

In this article, we’ll talk all about what kinds of benefits may compel you to hire a bankruptcy lawyer, as well as what kind of investment a bankruptcy lawyer is and why it might just pay off in the long run.

Think About Your Options

The funny thing about considering bankruptcy is that about 50% of the process is about considering other options. Bankruptcy is a big- no- possibly the biggest financial decision a person can make, and people make it pretty regularly. That’s why you want to have everything in line and understand all your options.

For normal people, this can get a little complicated. Is there a way out that doesn’t involve bankruptcy? How can you tell its for real and feasible? What if you decide to go another route an it doesn’t work out? All these questions might be plaguing you.

Since the internet can only take us so far, it’s good to have a base of professional knowledge. And since we can only absorb so much of this professional knowledge, it’s even better to have dedicated professionals who can help us figure out the specifics of how this information applies to our situation.

Bankruptcy lawyers are just these professionals. They help you figure out what type of bankruptcy to file, whether or not you need to file bankruptcy in the first place, and what you need to do to prepare to file for bankruptcy. Having all these things handled and out of the way will bring greater peace of mind in a stressful time.

Bankruptcy lawyers have been working in their fields for years, and will have encountered hundreds of different bankruptcy situations. Your specific situation will be easily understood by a lawyer with such broad experience. This isn’t a the lawyer’s first rodeo.

Why Make the Investment in a Bankruptcy Lawyer?

An investment is a big ask when you’re filing bankruptcy. Considering the way things have been going financially, you might be tempted to put down the checkbook and start handling things yourself. This, however, may be one of the most beneficial things you do during the whole process.

Bankruptcy lawyers will notice if things go wrong during the process, and will be able to handle bumps in the road quickly and efficiently. Navigating this rocky sea yourself may take you for a pretty confusing ride. It’s good to have a professional on your side.

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Legal Social Security Disability

Social Security Disability Law: A Beginner’s Guide

Social Security Disability Law A Beginners Guide

The Social Security program, along with disability benefits, has been the subject of an increasing focus in the media. People often have questions about the law concerning Social Security, and how it and its associated benefits operate. This is due in no small part to how confusing the laws are surrounding disability and benefit plans.

Many people have pointed out how frustratingly ironic it is. That while the Social Security Disability Law was initially created to improve the lives of the disabled, but the seemingly endless red tape and bureaucratic processes that must be followed make the application incredibly challenging.

What Exactly Is The Social Security Disability Law

The Social Security Disability Law is a federal law that lays out the rules that dictate who can receive disability benefits from the federal government. If you are determined to meet the requirements, you are then eligible to receive the benefits. So, the state in which you live is obligated to meet the requirements needed for your comfort and quality of life.

One of the challenges lies with pursuing the correct benefits, as the criteria for each are different. Failing to meet them will result in rejection or denial of benefits. The two types of benefits are:

  • Social Security Disability Insurance: These benefits require the applicant to prove they have a disability, and that before that they paid into the Social Security System.
  • Social Security Income Program: These benefits require that the applicant is over the age of 65, or be blind, or have a disability, and have low income. These benefits do not require that the applicant prove they paid into the Social Security System prior.

The next hurdle that often poses a significant challenge for some people, is proving the disability. Proving disability is often where people need to work with a disability lawyer. They can help you establish your disability in a legally tangible way. This way you can get the benefits you deserve.

Applications And Appeals

When considering an application for benefits there is a basic process that must be followed, as well as for disputing a decision you find unfavorable.

First, you’ll submit your initial application to the Social Security Administration. This can be done in several ways including by phone, in person, or online. This is a long procedure that involves submitting much of the documentation needed to establish eligibility. Only about 30% of applicants are approved in this manner. If your case is among the 70% of denials, then you can dispute the decision.

This dispute process has four distinct stages, which are:

  • 1 – This is an initial reconsideration that requires you to submit more documentation to support your case, if denied you advance to Stage 2.
  • 2 – Hearing with an Administrative Law Judge, if denied you advance to Stage 3.
  • 3 – Appeal to the appeals council, if denied you advance to Stage 4.
  • 4 – Bring your case before a federal court for a final determination.
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Legal Mass Tort

Mass Tort vs. Class Action Lawsuit

Differences between Mass Tort vs. Class Action Lawsuit

Most people have heard of or even been part of, a class-action lawsuit, but it is rarer to find people that are familiar with a mass tort. While each type of action can result in a similar judgment or outcome, they are not interchangeable and are handled differently in court.

It is not uncommon for lawsuits to be brought against a company or organization by multiple individuals seeking to recover compensation for damages. In the case of a mass tort and a class-action lawsuit, the plaintiff is a large group of people who all have the same complaint against the defendant.

This complaint alleges significant harm that was caused by the action or inaction of the defendant. In both scenarios, multiple suits are compiled into a single legal action instead of separate lawsuits for each defendant. The aim of both is to reduce the number of cases in the court system.

Primary Differences Between Mass Tort and Class Action Lawsuits

Mass Tort

They are also usually smaller in scale than class-action suits. Mass tort actions are often comprised of individuals from a similar region or geographic area, which is why they are frequently smaller than class-action suits. Despite plaintiffs in mass torts being grouped together, they are treated as individuals with regard to proof. The means each person must prove the facts of their case, such as injuries, damages, and so on.

Class-Action Lawsuits

In a class-action suit, the plaintiffs are consolidated into a “class”. They are represented by a single person known as the class representative. They will represent the entire class and are will be treated as one singular plaintiff.

How Do I Know Which Case Might Apply To Me?

Mass Tort

A mass tort is frequently used when one or more of the criteria needed to file a class-action suit is not able to be met. This can happen when the plaintiffs each have some degree of variance in their claim or injury. This variance may be too different and can offset the issues more central to the lawsuit.

Class Action Lawsuits

When a class-action lawsuit is initiated, all members of the class must be advised of their inclusion in the suit. They must also have the chance to either use their own attorney or to opt-out entirely. The first step to creating a class-action lawsuit is to find a representative for the class and file a motion declaring their intent to act as the plaintiff on behalf of the class. The following requirements must be met in order to qualify for a class-action:

  • The number of potential plaintiffs in the class makes a joinder or mass tort impractical or impossible.
  • The case contains questions of law that are common to the entire class.
  • The claims made in the lawsuit are the same or highly typical for the entire class.
  • The party designated as the representative will be able to adequately and fairly protect the class’s interests.
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Legal Personal Injury

Personal Injury Law: Learning the basics

personal injury law

If you are injured in an accident, and the accident was not your fault, you may be able to file a personal injury lawsuit. Personal injury law, also known as tort law, is the branch of law that helps injured parties seek compensation for their injuries and damages. The overall goal of these claims are to help the injured party recover financially after suffering harm that resulted from negligent or reckless behavior.

Common Types Of Personal Injury Cases

Accidents

If someone acts with negligence, and subsequently causes injury to another party, like in car crashes, slip and fall accidents, or even cases of medical malpractice, then personal injury laws may apply.

Defective Products

If someone suffers an injury from a defective medical device, consumer product, prescribed drug, vehicle part or component, they may be able to file a lawsuit against the product creator, designer, manufacturer, or distributor.

Defamation

Personal injury laws may apply if someone causes injury and damages by making defamatory statements about another party.

Intentional Acts

If someone intentionally harms or causes harm to come to another person, they may face a personal injury lawsuit. This even includes violent crimes like assault.

How Do Personal Injury Cases Progress?

While no two cases are going to be identical, they will often have many commonalities. There are standard steps and processes that personal injury cases generally follow, and they will often include:

  • Plaintiff is injured by defendant: This can consist of nearly any act or inaction on behalf of the defendant that causes injury to come to the plaintiff.
  • Plaintiff identifies breach of duty: The duty of the defendant will often vary depending on the situation. Drivers have a duty to drive safely and follow the rules of the road. Medical professionals have a standard of care to adhere to. Management of a retail business has a duty to keep the premises clean and safe.
  • Settlement talks: This is where most cases end. If all parties agree that there was a breach of duty, the insurer of the defendant may make a settlement offer. This can often require negotiations. However, all parties are often able to reach an agreement where they are able to settle without proceeding to litigation. Settlements often include stipulations that the plaintiff cannot open further lawsuits for the same matter.

How Are Personal Injury Laws Created?

The majority of personal injury and tort laws have a history that goes back to common law. Common law is law that is created not by legislators but by judges. Frequently this happens by precedent, meaning that when a judge rules on a case, that ruling then becomes the basis for other courts to follow.

This is often seen in lower courts following the ruling of a higher court. This is not to say that common law is the only source of laws dealing with personal injury. Many legislators and states have passed laws dealing with personal injury and workers’ compensation.

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Legal Personal Injury

What is Motor Vehicle Accident Law?

motor vehicle law

Motor vehicle law is an area of law that is often seen as a blend of personal injury law and traffic law. While the personal injury component is important, it often relies heavily on the traffic law component to show fault and determine liability.

After an accident, the police officer on the scene will take statements from the drivers and passengers involved. They will also take pictures, speak with anyone who may have witnessed the incident. After all of this, they will create the official accident report. This will show how they believe the accident happened, and who the officer believes is at fault.

The accident report is frequently not the “last word” in liability for an accident. However, it does go a long way toward showing who may have acted with a higher degree of negligence. This negligence will ultimately be the primary factor that determines which driver is considered at fault for the accident.

If the injuries and damages that result from the accident are serious enough, the plaintiff, may file a personal injury lawsuit against the driver considered to be at fault, the defendant. In most cases, the defendant’s insurer will shoulder the cost of the defense and any awarded damages.

Motor Vehicle Accident Terminology

  • Negligence – Either the action or inaction that caused the accident initially.
  • Comparative Negligence – This is a fault determination method used in some areas that will decrease a personal injury award by the degree to which the plaintiff’s negligence contributed.
  • Comprehensive Coverage – This is car insurance that even provides coverage for damages that don’t happen in an accident.
  • Collision Coverage – Insurance that covers damages that happen in an auto collision.
  • Uninsured/Underinsured Driver Coverage – This is an insurance product that helps those who are in an accident with another driver who lacks insurance, or whose insurance cannot cover the full damages.
  • No-Fault State – Some states are “no-fault” states. This means that any driver injured in an accident needs only to see compensation for their damages from their own insurer and do not rely on proof of negligence. This cuts down on costly litigation as most claims are settled quickly.

Why Working With A Lawyer Is Important

The insurance companies are fully staffed with attorneys retained for the specific purpose of defending against insurance claims. This means that filing a personal injury claim puts a victim against vicious defense lawyers. These lawyers will try everything to minimize or deny their claim for fair compensation.

Accident victims, however, can leverage legal assistance of their own. They can hire attorneys that are specially trained in motor vehicle law. These attorneys will help to fight the insurer in order to get compensation for their damages. Lawyers who practice motor vehicle law are also known as car accident attorneys or personal injury lawyers. If you think you may have a claim under motor vehicle accident law, speak to a lawyer today.

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Legal Personal Injury

Personal Injury Examples: Do You Have A Case?

Personal Injury

Many people hear about personal injury cases and wonder if they may have a claim that qualifies. There are many different types of accidents that may precipitate a personal injury lawsuit, such as auto accidents, slip and falls, and many others. If you were injured in an accident that was not your fault, then you may be able to file a personal injury claim against the responsible party.

Personal injury cases nearly always stem from an accident that was caused by someone else’s negligence. This can be negligence by way of action or inaction. Simply put, the accident can be caused by someone doing something they should not do, or not doing something that they should do. This negligence causes a breach of care, which can make that party liable for any damages that result.

Common Types Of Personal Injury Cases

Personal injury law is a very broad area of legal practice that includes a wide variety of situations and potential injuries. While there are a large number of potential causes, some of the most commonly encountered claims will include:

Car Crash

Being injured in an auto accident that is not your fault can lead to severe injuries, massive damages and losses, and even the possibility of permanent disability or disfigurement. The plaintiff will need to show documentation proving the injuries, insurance, and a police report that details the events of the accident.

Product Liability

If you are using a product in its normal and intended manner, and the product was defective, causing you injury, you may be able to seek compensation for those damages. Provided the injury did not occur while using anything that could be considered “unavoidably dangerous” you may be able to file an injury claim.

Slip And Fall Incidents

Slipping and falling, whether inside a business or on an outdoor property, the resulting injuries can be devastating. There can be broken bones, dislocated joints, or any number of soft tissue injuries. These cases can vary significantly depending on the circumstances under which the injury occurred.

Medical Malpractice

You may have a claim for medical malpractice if you have suffered an injury due to the negligence, recklessness, or inappropriate treatment, of a doctor or other medical professional. Often the basis for these cases rests on being able to prove the doctor or other medical professional’s deviation from acceptable standards of care or otherwise taken incorrect or negligent actions while administering treatment.

Wrongful Death

A wrongful death claim can be pursued if a family member died as a result of the negligence of another party. This is often the type of claim you would file if your loved one died in an accident at work, or when filing civil charges against someone to inflicted intentional harm serious enough to cause death. Examples of a wrongful death lawsuit would include an unmarked construction site, employer OSHA violations resulting in a fatal accident, or recovering damages from an assault or battery event.

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Legal Mass Tort

Mass Tort & Everything You Need To Know About It

Mass Tort Law

What is Mass Tort? There are times when organizations, businesses, or companies breach the duty of care they have to the public. These situations requiring legal remedy can be either intentional or unintentional. These breaches can cause injury and even wrongful death. Often these situations need to be litigated in order to receive a remedy and to prevent similar breaches and harm in the future.

Mass Tort law is an incredibly important aspect of practicing law, and it helps keep businesses in check and ensures that personal injury results in fair compensation via either litigation or settlement. This is why it is important to know the difference between a mass tort action, and a class-action lawsuit, even when you are working with an experienced law firm and are acting as a plaintiff in the litigation. There are also different variations of mass tort cases that may complicate things.

How Do Mass Tort Lawsuits And Class Action Lawsuits Differ?

While the terms are frequently used interchangeably by those who are uninformed on the differences, there are stark contrasts between the two.

Class Action

Class action suits are generally quite similar to mass tort cases, with the difference being that the pool of plaintiffs who were injured in the same way is often much larger. This means there is only one lawsuit, rather than several, however, there is only one person who acts as the representative for the class.

For example. If there were an herbicide that caused frequent users to develop cancers that were largely similar, that could become the basis for a class-action lawsuit. This group, or class of people, can get together and leverage their numbers in a class action case that will be heard in civil court.

Mass Tort

A mass tort is where a party referred to as the “tortfeasor”, who is the party liable for the injuries of several people, faces litigation from the people combined into a group. In mass tort litigation, each person is treated as an individual with regard to their complaint. One notable difference is that while each person has been harmed by the tortfeasor, the injuries may differ to an extent. These lawsuits have only been common for approximately the last 40-50 years.

For instance, if a local company dumped dangerous waste chemicals into a local waterway, which is where the drinking water of a nearby town is sourced. Dumping it was simply less expensive than properly disposing of it. This action results in many people in the town getting sick with different diseases caused by exposure or consumption.

Elements Of A Mass Tort

  • Duty of care – You must prove that the company owed you a duty of care
  • Breach of duty – You must prove that the duty of care was breached by the business
  • Clear causation proven by the plaintiff – You must prove that the breach is what caused your injuries
  • Documented injuries – You must prove that your injuries are real, often with medical records
Categories
Legal Social Security Disability

The Difference Between SSDI and SSI Explained

SSDI vs. SSI: Difference Explained

Both the SSI and SSDI programs offer benefits for qualified disabled individuals. However, the requirements and income limitations for each are quite different. Not only are the limitations and prerequisites different, but applying for the wrong one or missing the qualifications can result in significant amounts of frustration and wasted time.

Social Security Disability Insurance (SSDI) & Supplemental Security Income (SSI)

One of the primary differences between SSDI and SSI is that SSDI is only available to workers that have not only become disabled after working but who have also built up enough work credits to qualify. Supplemental Security Income is available as a disability benefit to those who have either never worked, or who are low to no income individuals who have not and will not earn enough credits for Social Security Disability Insurance.

Often people do not distinguish between SSDI and SSI when talking about Social Security disability benefits. However, they do need differentiation since they are two entirely different government programs. They are both administered and managed by the SSA, and they both use the same guidelines in determining eligibility on a medical level. But there are some important differences to note.

Social Security Disability Insurance, SSDI

Social Security Disability Insurance is the Social Security insurance that is deducted from your paycheck via federal payroll taxes. It can offer benefits to eligible recipients because they have worked and contributed to the program in a meaningful way. The contributions are made via the FICA taxes. An SSDI recipient must be younger than 65. They also must have contributed a predetermined number of “work credits” to the program before they can be considered “insured”.

The spouse and minor dependents of the disabled person can receive partial benefits based on the disabled person’s earnings record, just as the benefits for the disabled are calculated. However, there is a five-month waiting period from the date of disability until the benefits kick in. After two years on SSDI, the recipient can also qualify for medicare. Approval rates for SSDI claims tend to be higher than for SSI claims, on average.

Supplemental Security Income, SSI

Supplemental Security Income is a need-based program that is funded by a general tax fund, and not from the trust. SSI is referred to as a means-tested program so that it is not based on work history. Instead it is based on strict financial need. SSI applicants will need to demonstrate that they possess less than $2,000 in assets for an individual, or $3,000 for a couple. They will also need to show that they have a limited income. In general, if the applicant qualifies for SSI, they will also qualify for food stamps. Depending on the location and the state benefits, they may also qualify for state-aid like cash assistance. Qualified applicants will receive an amount dependent on their location and their regular income paid on the first of the month.