Bankruptcy News

How to Establish Credit after a Personal Bankruptcy

noreply@blogger.com (Julie Hough) — Wed, 17 Feb 2016 02:17:00 +0000

Bankruptcy can be a stressful situation for many people. Losing a job, home, or source of income can catapult your sense of security into the unknown. Your credit score is also damaged after a bankruptcy. Luckily, bankruptcy allows people to start over with their finances. Making a fresh start with good monetary habits is important. Since credit cards are needed for many of today’s financial transactions, it’s a good idea to start rebuilding your credit after a bankruptcy.

Obtain a secured credit card from a reputable bank or credit card company. Most secured credit cards require a deposit or start up fee. In the beginning the credit limit is usually low, from $250 to $500. Be sure that the card you choose is reporting your credit to all three main credit bureaus. Your record of continued payments will help establish your new credit score as it builds over time. However, don’t apply for every secured credit card out there. Too many inquiries on your credit report can impact negatively on your credit score. Choose one that you would like to have a relationship with for a long while.
Open a new savings and checking account. If you don’t have a bank account, it’s a good idea to open a new savings account and checking account. Check the interest rates and fees of banks within a few miles of your home and/or work. Ask about the services they offer, and decide if they will be of benefit to you. Also, ask friends and family which banks they use to get some feedback on their likes and dislikes.
Obtain a gas or retail credit card. After you have a secured credit card, you can try to apply for a gas or retail credit card. This kind of card can be beneficial for your credit score because it is considered another type of credit; and various types of credit can improve your credit score. If you select a retail card, it’s important to be responsible and not splurge on unnecessary items. Sometimes a gas credit card is a smarter choice since it’s difficult to overspend (your car gas tank can only hold so much gas).
Don’t close your credit card accounts. You may feel it necessary to close a credit card if you aren’t using it. However, if you are trying to build your credit, keeping it open is beneficial. When you close an account, your credit score decreases. Instead, put the card in a safe place and focus on making smart choices with the cards that will benefit you the most.
Upgrade to an unsecured card after 12 months. If you have successfully paid your new credit cards each month with no delinquencies, you should ask your credit card company if you can upgrade to an unsecured credit card. Some credit cards may require up to 24 months of payments before allowing you to change to an unsecured card.

Your credit score is essential in large purchases such as a car or home. Responsible decisions now can help you regain what you may have lost during a bankruptcy. Every step you can make towards rebuilding your credit is important to your credit score future, which can be bright with the right choices.

Sponsored by the Hough Law Group
Marketing by Microfile

How to Establish Credit after a Personal Bankruptcy

noreply@blogger.com (Chris Salerno) — Sat, 13 Feb 2016 04:43:00 +0000

Obtain a secured credit card from a reputable bank or credit card company. Most secured credit cards require a deposit or start up fee. In the beginning the credit limit is usually low, from $250 to $500. Be sure that the card you choose is reporting your credit to all three main credit bureaus. Your record of continued payments will help establish your new credit score as it builds over time. However, don’t apply for every secured credit card out there. Too many inquiries on your credit report can impact negatively on your credit score. Choose one that you would like to have a relationship with for a long while.
Open a new savings and checking account. If you don’t have a bank account, it’s a good idea to open a new savings account and checking account. Check the interest rates and fees of banks within a few miles of your home and/or work. Ask about the services they offer, and decide if they will be of benefit to you. Also, ask friends and family which banks they use to get some feedback on their likes and dislikes.
Obtain a gas or retail credit card. After you have a secured credit card, you can try to apply for a gas or retail credit card. This kind of card can be beneficial for your credit score because it is considered another type of credit; and various types of credit can improve your credit score. If you select a retail card, it’s important to be responsible and not splurge on unnecessary items. Sometimes a gas credit card is a smarter choice since it’s difficult to overspend (your car gas tank can only hold so much gas).
Don’t close your credit card accounts. You may feel it necessary to close a credit card if you aren’t using it. However, if you are trying to build your credit, keeping it open is beneficial. When you close an account, your credit score decreases. Instead, put the card in a safe place and focus on making smart choices with the cards that will benefit you the most.
Upgrade to an unsecured card after 12 months. If you have successfully paid your new credit cards each month with no delinquencies, you should ask your credit card company if you can upgrade to an unsecured credit card. Some credit cards may require up to 24 months of payments before allowing you to change to an unsecured card.

How to Take Charge of Your Credit Card Debt after the Holidays

noreply@blogger.com (Julie Hough) — Fri, 08 Jan 2016 01:54:00 +0000

The holidays: The best time of the year. Along with the festivities come the presents. And the presents come with bills from the credit cards you used to buy all of them. You might receive your January credit card statements and let out a loud gasp as you see all the purchases you made. How can you pay all of it off? Below are a few strategies that can help you get to a zero balance sooner.

Consolidate all your cards to one low-rate credit card. This is one of the easiest ways to pay down your holiday debt. Instead of several cards with different payments, you can just make one simple payment to one credit card. Be aware that balance-transfer fees can sometimes range from 3% to 5%, so be sure to keep the extra charges in mind when using this option. In effort to pay off the entire debt, you need to make a payment that is more than the monthly minimum payment. If you can pay two or three times the monthly minimum on an ongoing basis, it will definitely get you on track to pay off your balance. Be sure to select a payment amount that you know you can achieve every month, and try not to waiver from it. If you start off with larger payments and a few months later you switch to smaller payments, you will not be able to reach your goals as quickly.
Pay off the credit card with the highest interest rate first. This method is the first choice for many people. If you pay more than the monthly minimum payment on this card first, you can then move on to the next credit card with the next highest interest rate, and so on.
Pay off the credit card with the lowest balance first. Want to start slow and work your way up? Paying off the lowest balance credit card first can help you feel a sense of accomplishment. Then you can focus on paying on the next lowest balance credit card.
Categorize your expenses, and save wherever possible. Do you know how much you spend each month on food, entertainment, housing, and transportation? Make a list of your monthly expenses, and see if there is anywhere you can cut back. If so, use that extra money to pay off your holiday credit card bills.

It may take some changes in your day-to-day routine to save extra money to put towards your payments for your holiday expenses. But finding the right method for you will help you get back on track, and hopefully peace of mind for the New Year ahead.

When are debt collectors crossing the line?

noreply@blogger.com (Microfile Internet Marketing) — Wed, 30 Dec 2015 20:56:00 +0000

Deciding to file bankruptcy can be a difficult decision. You may think to yourself, “Is this the right thing for me and my family?” All the while, creditors and debt collectors are calling and mailing you notices non-stop. Is any of this considered harassment? What can you do?

Luckily, Florida has a law that prevents creditors, debt collectors, or third party debt buyers from using abusive or misleading methods to get consumers to pay their debts. The Florida Consumer Collection Practices Act (FCCPA) is the supplement to the federal law called The Fair Debt Collection Practices Act (FDCPA). Both acts prevent abusive debt collection tactics, but the Florida law covers original creditors, too.

Some of the methods of collection that are prohibited under the FCCPA guidelines are:

•    Threatening to communicate with your employer regarding your debt (unless the dispute is with your employer already)
•    Calling you at work regarding your debt
•    Sending you documents that mimic the look of government documents or attorney letters
•    Misrepresenting themselves as attorneys, or saying that an attorney is involved when they are not
•    Using obscene or abusive language when communicating with you
•    Trying to contact you after 9:00pm or before 8:00am without your permission
•    Threatening to use violence or force
•    Mailing you documents that have embarrassing words on the envelope or on a postcard regarding your debt
•    Communicating with third parties about your debt
•    Pretending to be a police officer
•    Attempting to enforce a debt that has expired under the statute of limitations

The State of Florida requires all debt collectors to be registered under the FCCPA regulations. The following professionals are not required to register:

•    Attorneys
•    Insurance Representatives
•    Real Estate Representatives
•    Original Creditors
•    Banks
•    Financial Institutions

Unregistered debt collectors can be assessed fines by the Florida's Office of Financial Regulation of the Financial Services Commission.

If you feel you have been violated by a debt collector or creditor, you may consider consulting an attorney with debt collection and bankruptcy experience. The Hough Law Group can assess your personal situation with compassion and professionalism. You can contact them at 954-309-1960.

#bankruptcy #legal advice #commercial litigation

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Content by Microfile

Donald Trump and the Four Bankruptcies

noreply@blogger.com (Julie Hough) — Thu, 17 Dec 2015 17:09:00 +0000

In this heated presidential election cycle, opponents to Donald Trump are using the fact that he filed for bankruptcy four times in an eighteen year span as a key reason for him not being qualified for the presidency. One focus is on the moral fiber of someone who can file bankruptcy and the other is the ability of a leader to manage a large country that cannot go into bankruptcy. Some observers to the government state that the county is currently in a moral and fiscal bankruptcy.

Donald Trump with his businesses over the years filed Chapter 11 Bankruptcy which is designed for reorganization of a business and not total dissolution like a Chapter 7. A Chapter 11 bankruptcy’s main purpose is to “save” the business and not completely shut it down and walk away.

In 1991, Donald Trump filed Chapter 11 Bankruptcy for The Trump Taj Mahal which he funded over $1 billion for its construction in Atlantic City. At the time of the bankruptcy, the casino was close to $3 billion in debt with Donald Trump holding $900 million in personal liability, according to the New York Times. To save the business, Donald Trump had to give up half his personal stake in the casino and sold off his airline and yacht, according to the Washington Post.

In 1988, Donald Trump purchased the Plaza Hotel for $390 million in New York. In 1992 the hotel was over $550 million in debt, so to save the hotel; Donald Trump filed Chapter 11 Bankruptcy. To ease the terms of debt repayment, he relinquished 49% of his holdings in the Plaza to the six of the lenders, according to ABC News.

After 13 years with no improvement to the Casino Resorts in Atlantic City, Donald Trump had to file for Chapter 11 Bankruptcy again on the Trump Taj Mahal. The bankruptcy included the Trump Marina and Trump Plaza casinos in Atlantic City and a casino in Indiana. The Associated Press states that the debt was estimated at $1.8 billion.

In 2008, during the economic recession the resort and casino business was hit hard. In 2009, the Trump Entertainment Resorts was unable to pay the interest on a $53.1 million bond, according to ABC News. At this time, Donald Trump with the Trump Entertainment Resorts filed Chapter 11 Bankruptcy dropping Trumps corporate stake to 10%.

You may ask yourself if this was a case of “circumstances beyond the control” or “poor judgment”, but you should take each case into consideration. Filling for Bankruptcy should not be looked upon as a “lack of morals” on the business or business owners. The concept of capitalism and someone wanting to own a business is not to see it in ruins later. In many cases, filing for bankruptcy is the “moral” decision based on the lager picture of the situation.

Sponsored by the Hough Law Group
Content provided by Microfile
Image provided by Trump International

What key elements do attorneys look for in contracts?

noreply@blogger.com (Julie Hough) — Thu, 10 Dec 2015 23:56:00 +0000

Contracts are an important part of most businesses today. Corporate lawyers are often requested to evaluate many different types of contracts. “Will this cover me?” the business owner may ask. But, this is just a tiny part of what a lawyer has to examine with a contract. In today’s society, what do legal counselors search for when assessing contracts?

One of the main areas an attorney will check is whether the terms of the agreement are listed. A great contract will distinguish its fundamental terms. If those terms are not explicitly spelled out, the law will determine them on their behalf. A poorly written contract without clear terms can become invalidated.

Another aspect of a contract that attorneys look for is any clash with existing laws. Some regulated industries require regulatory or statutory laws which must be incorporated into their contract agreements to be legitimate and valid. Lease agreements are one of the contracts that fall in this category; specifically pertaining to the handling and use of security deposits.

Attorneys may suggest a statement of the purpose at the beginning of a part of the contract. This is sometimes helpful (or necessary) when then some of the terms or conditions are difficult to understand.

Use of definitions is another area of criteria. Unnecessary definitions, conflicting definitions that define in a way other than acceptable usage, use of partial definitions, or use of the word “must” in a definition are aspects that can mislead the reader of a contract.

Clear writing is essential when reviewing contracts. Consistent word usage, simple wording and short sentences, eliminating use of antagonistic wording, and using the present tense are just a few points your attorney can review.

Boilerplate is the legal provisions listed at the end of the contract, usually written by an attorney. Some people may argue that this is just “padding” to justify the lawyer’s services, but it actually outlines how a court can enforce the contract, and how a dispute can be resolved. It is likely without these provisions included in a contract an attorney may not want to take the case.

Finally, an obvious area of any contract is the signature block. Any contract that is not signed may be invalid.

These are just a few of the contract components that a lawyer can help you to review. If you are currently writing a contract for use in your business, you may want to consider contacting a contract lawyer who can ensure your document contains all the necessary elements it needs.

Sponsored by the Hough Law Group
Content by Microfile

Lawyer Assistance in Banking Laws

noreply@blogger.com (Julie Hough) — Wed, 02 Dec 2015 23:54:00 +0000

The average banking customer may not think about the banking laws put in place to protect their hard earned money. Luckily, there are government agencies such as the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and state regulation agencies that oversee all types of financial institutions for compliance with their laws. In an effort to adhere to these complex rules and regulations, bank directors and officers may choose to hire a law firm.

Banking laws can change often. More recently in 2010, the Frank-Dodd Act was passed in the United States which required banks and financial institutions to implement mandates and provisions not previously present. Counsel can assist financial institutions through these new changes to help create new compliance plans, evaluate staff operations, and demonstrate regulation training for staff members.

If a bank does become the subject of an investigation due to non-compliance of individuals and/or the institution, a law firm can aid to defend against untrue allegations. Many penalties can arise for violators such as civil fines, individual monetary fines, and personal criminal persecutions. An attorney may be able to assist with a settlement directly with the government or state agencies. In addition, counsel can advise the financial institution on immediate recommendations to remedy their compliance violations.

Lawyers are also an asset for banking institutions for individual transactions. For example, legal documents may be needed for lending programs, defaulting customers, or even the sale or purchase of a new branch. They may even handle general complaints and disputes from customers.

Banking laws can be complex. The Hough Law Group can assist you with your Banking Law and Commercial Litigation needs. You can reach Hough Law Group at 954-309-1960 or jhough@houghlawgroup.com.

Article written by Microfile at http://www.microfile.com for the Hough Law Group at http://www.houghlawgroup.com

#commercial #litigation #law #banking #broward #ftlauderdale

Marketing Law – Does it pertain to my business, too?

noreply@blogger.com (Microfile Internet Marketing) — Mon, 30 Nov 2015 23:06:00 +0000

Marketing Law – Does it pertain to my business, too?

Generally speaking, every consumer expects the majority of products they buy to be safe, affordable, and beneficial for their lifestyle. However, when marketing and advertising intentionally misleads the consumer to untrue or unfair claims, Marketing Law becomes relevant.

Marketing Law can be defined as the laws and guidelines to protect consumers from harm due to deceptive marketing of goods and services. The Federal Trade Commission (FTC) is the agency that governs the laws pertaining to Marketing in the United States. The areas they oversee are:

Junk Email/SPAM – The CAN-SPAM Act protects consumers by requiring all commercial emails (including those that are not SPAM) to provide the following:

It must state that it is an advertisement
It cannot have misleading subject lines
The domain name and email address from which it was sent must be accurate
It must include the business mailing address
It must provide and opt-out and comply within 10 days of receipt

Telemarketing –The FTC created the National Do Not Call Registry in 2003 which allows the consumer to limit the number of solicitation phone calls they receive. Most forms of “Robocalling” are prohibited.

Health claims – Companies selling health products and/or services must be able to support their claims with proof. Food, Weight loss products, vitamins/supplements, contact lenses, and over-the-counter drugs are some of the most common.

Advertising to children – Since children cannot make as educated decisions as adults, advertisers must not misrepresent their products when advertising to minors. The COPPA Act (Children’s Online Privacy Protection Act) allows parents to restrict the information websites are able to obtain from children under the age of 13.

Made in the USA labeling – A certain percentage of a product must be produced in the United States to carry this label. Certain categories of products must also disclose when they use USA components.

Environmental marketing – Companies cannot make generalized statements about their product or service being “Eco-friendly” or “Green” because they are difficult to prove. If the product is compostable, non-toxic, or can claim carbon offsets, scientific evidence must be provided. Recycled content products must state the percentage of which is recycled.

Product endorsements – Any person endorsing a product on any kind of media (television, print, or online) must be clear to disclose when they are being compensated to give their opinion about it. Whether celebrity or regular person, the reviewer must have actually tried and/or used the product, and must not give a false endorsement.

Internet Marketing and Advertising – Business online is regulated just as brick and mortar companies; truth in advertising is a must. Guarantees, warranties, business opportunities (such as multi-level marketing businesses), subscription plans, 900 numbers, and protecting consumer privacy are just a few.

The FTC is especially strict regarding the marketing of medicine, medical devices, financial services, and food products. Civil lawsuits and enforcement actions could occur if marketing techniques don’t comply with the law. In some cases, fines of up to $16,000 per violation are possible.

The Hough Law Group can assist with your Marketing Law and Commercial Litigation needs. Please contact us at 954-309-1960 or jhough@houghlawgroup.com.

#legal #commercial #litigation #marketing #attorney #broward #lauderdale

Florida Advertising Disclaimer: The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.

Caesars Palace getting $75 million update despite bankruptcy

noreply@blogger.com (Microfile Internet Marketing) — Fri, 20 Nov 2015 01:34:00 +0000

A rendering by KNA Design of a king guest room in the renovated Julius Tower at Caesars Palace in Las Vegas.

Caesars Palace on the Las Vegas Strip is getting a $75 million upgrade for its 50th birthday despite facing a complicated bankruptcy reorganization and millions of dollars in fines.

Parent company Caesars Entertainment Corp. announced Friday that it's overhauling the hotel's original Roman Tower of rooms, last redone in 2001. The iconic Roman-themed property is the only Strip casino owned and operated by a Caesars subsidiary that is trying to shed $10 billion of its $18.4 billion in debt by restructuring.

Caesars Palace was recently fined $9.5 million by federal and state regulators for failing to take steps to prevent money laundering in the casino.

Chris Jones, a gambling industry analyst with Union Gaming, said it would be difficult for anyone involved in the bankruptcy case, including Caesars' creditors, to argue that a capital investment to improve the nearly 15-year-old rooms would be a bad call.

He said it doesn't help anyone if the tower, closed for construction since mid-September, isn't making money. The 567-room tower will get 20 additional rooms and a new name: the Julius Tower.

"It's a renovation that has to happen, considering how old the room product is," Jones said.

Caesars Palace, which opened on Aug. 5, 1966, and became a Hollywood favorite in movies such as "Rain Man" and "The Hangover," has grown to about 3,960 rooms spread across six towers.

"We continue to reinvent Rome . and Las Vegas" Caesars Palace regional president Gary Selesner said in a statement.

Renovated rooms are expected to be ready for overnight guests starting Jan. 1 and go for $149 a night on average — about $20 to $30 more than before.

The subsidiary, Caesars Entertainment Operating Co., which owns and operates 38 of the parent company's 50 casino-hotels worldwide, filed for Chapter 11 bankruptcy in January after being bogged down by a debt-heavy buyout in 2008 just as the recession took hold.

Other Caesars Entertainment Corp. subsidiaries that aren't directly affected by the bankruptcy, own the company's other Las Vegas properties, including a single hotel tower within Caesars Palace called Octavius Tower.

It was not clear if the spending to renovate Caesars Palace had been approved by the bankruptcy court in Chicago where the case is being heard or if it needed to be.

By Kimberly Pierceall, Associated Press
Published Friday, Oct. 23, 2015 | 8:21 a.m.
Updated Friday, Oct. 23, 2015 | 2:41 p.m.
Original post online at the Las Vegas Sun: http://lasvegassun.com/news/2015/oct/23/caesars-palace-turning-50-getting-75-million-upgra/
Sponsored by the Hough Law Group, P.A.: http://www.houghlawgroup.com
Marketing by Microfile: http://www.microfile.com

When the Fine Print becomes a Legal issue in Advertising

noreply@blogger.com (Microfile Internet Marketing) — Tue, 17 Nov 2015 00:57:00 +0000

Almost every business uses advertising to attract new customers and develop name recognition. Many businesses are not aware that there are state and federal laws and regulations governing advertising. Businesses violating advertising laws can face actions brought by the California Attorney General's Office, District Attorney's Offices and private parties for false advertising and unlawful business practices. Penalties for violations can include civil and criminal penalties, restitution and injunctive relief. Moreover, the bad publicity a business can face due to an enforcement action being brought can often be as damaging as the penalties themselves.

Below are several basic advertising concepts that can help businesses steer clear of advertising problems:

Make sure the advertisements are not false or misleading.

It is unlawful for an advertisement to be false or misleading. An advertisement is false or misleading if the public is likely to be deceived. Examples of false or misleading advertisements include making unsubstantiated claims (e.g., claiming your product is cheaper than competitors without any evidence) or failing to include relevant details of an offer (e.g., failing to include key limitations/restrictions or additional fees related to an offer). The fact that an advertisement is literally true will not prevent it from being deceptive if the advertisement is misleading when read as a whole. Finally, the overall visual image and placement of words and text can make an otherwise innocent advertisement deceptive.

Use disclaimers when necessary.

When further explanations are required, disclaimers (i.e., the "fine" print at the bottom of a print ad or at the end of a radio ad) can be used to clarify statements or claims made in an advertisement. For example, a disclaimer should list the requirements to qualify for an offer or the restrictions on the availability of an offer. Disclaimers must be clear and conspicuous. While disclaimers can help explain offers, a disclaimer cannot correct inaccurate or false information in an advertisement (and even with a disclaimer, such ads will still be false or misleading).

Avoid "bait and switch" advertising.

It is illegal to advertise a product and not intend to sell the product at the price stated, but instead intend to sell something else, usually at a higher price. This illegal practice is called "bait and switch" advertising.

Be careful with testimonials and claims.

All factual claims made in advertisements (e.g., "I lost 15 pounds") must be true and capable of being substantiated. When, for example, weight loss claims are made, a disclaimer must state "Results not typical and may vary per individual." When using celebrity or other product endorsements or testimonials, the advertiser must be certain that the celebrity or other endorser actually uses the product and his/her statement is accurate and truthful. Moreover, an ad must disclose if the endorser is being paid to make the endorsement.

Use "free" properly.

Enforcement agencies are always on the lookout for ads improperly using the word "free." Therefore, care must be taken in advertisements that state a customer can receive a product for "free" with the purchase of another product. In such circumstances, the product required to be purchased must be sold for the regular price and the advertiser cannot increase the price to directly and immediately recover the cost of the free product. The "regular price" must be an amount at which the advertiser has recently, openly and actively sold the product.

Avoid "illegal lotteries" when conducting enter-to-win contests.

Sweepstakes or "enter to win" contests (i.e., where a winner is determined by chance) are permitted provided entrants are not required to pay money or purchase a product and other requirements are met. Therefore, to avoid an "illegal lottery," sponsors cannot require consideration and should state on entry forms and in contest rules: "NO PURCHASE NECESSARY." Although seemingly simple, advertising requirements are often subtle and contain pitfalls for the unwary—so, the next time you develop a catchy new ad, remember the fine print.

If you have been defrauded or feel that you have been mislead by false advertising, you may have a legal case. Always seek the advice of an attorney.

Originally published in the Oakland Business Review, October 2007
Sponsored by Hough Law Group at http://www.houghlawgroup.com

What is Commercial Litigation and how can a Business Litigation Attorney help?

noreply@blogger.com (Microfile Internet Marketing) — Fri, 13 Nov 2015 01:35:00 +0000

What Is Commercial Litigation?

Commercial litigation is the process of taking legal action regarding business transactions. A business litigation lawyer is often consulted for legal representation and to help settle a dispute. Commercial litigation attorneys do not always specialize in every area of business law, so it is important to seek counsel from a lawyer who has experience dealing with a specific situation.

There are many aspects of business that are governed by commercial law, including:

advertising
marketing
banking
bankruptcy
contracts
collections
marketing
securities
trade

When two or more businesses dispute over money or other property, it is common for the businesses to seek representation from a business litigation lawyer. If the disputed transaction originated in California, then San Diego business litigation attorneys have a few options in handling the case. The lawyer may choose to file, settle, or take to trial the commercial suit.

Since commercial law is broad in scope, it is especially important that the attorney be skilled in the area of law that pertains to the dispute. Here are a few examples:

Collection of Debt: Promissory notes, guaranty agreements, and mortgages/deeds of trust
Contract Disputes/Breach of Contract: Mergers and acquisitions, purchases and sales of securities, transactions in real estate and other business assets, and agreements to provide goods or services
Misuse of Intellectual Property: Patents, copyrights, trademarks, service marks, and trade secrets
Antitrust Violations: Monopolization of a line of business, group boycotts, price discrimination, conspiracies to fix prices, allocate customers, divide territories, or otherwise prevent competition

Uniform Commercial Code (UCC) Disputes
Shareholder and Partnership Disputes
Stockholder Disputes and Securities Litigation
Breach of Fiduciary Duty Cases
Disputes over Corporate Management and Control
Disputes over Non-compete Agreements
Franchise Disputes
Antitrust and Trade Actions

The Uniform Commercial Code (UCC) is the main authority that governs commercial transactions and is applied by commercial litigation attorneys in business litigation. A lawyer who represents the litigants in a case must possess a high-level understanding of the UCC, which is divided into nine articles covering a broad spectrum of issues involved in business transactions. This includes:

sales of goods
leases
negotiable instruments
bank deposits and collections
fund transfers
letters of credit
bulk sales
documents of title
investment securities
secured transactions

How Can A Business Litigation Attorney Help?

The business litigation lawyer must also understand that many of the federal laws related to commercial business transactions are codified in title 15 of the U.S. Code. Additionally, there are a number of other laws that govern business transactions, such as federal law in the form of statutes that regulate areas like banking, bankruptcy and debt collection.

When you have a disputable commercial transaction or business relationship, you may need the counsel of The Hough Law Group who are business litigation attorneys that have experience with commercial law. Contact The Hough Law Group if have questions about commercial litigation or you are in need of their services. You can reach the firm at 954-309-1960 or online at http://www.houghlawgroup.com

Special thanks given to LRIS - Lawyer Referral and Information Service at https://www.sdcba.org for providing the above definition on Commercial Litigation.

Attorney Advertising. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Prior results do not guarantee a similar outcome.

What is Civil Litigation?

noreply@blogger.com (Microfile Internet Marketing) — Thu, 12 Nov 2015 03:16:00 +0000

Civil litigation is a legal dispute between two or more parties that seek money damages or specific performance rather than criminal sanctions. A lawyer who specializes in civil litigation is known as a “litigator” or “trial lawyer.” Lawyers who practice civil litigation represent parties in trials, hearings, arbitrations and mediations before administrative agencies, foreign tribunals and federal, state and local courts.

Types of Civil Litigation

Civil litigation encompasses a broad range of disputes. Civil litigators generally specialize in one or two specific practice areas. Several common types of civil litigation include:

Environmental Law
Landlord/Tenant
Products Liability
Personal injury
Intellectual Property
Construction
Medical Malpractice
Employment & Labor
Real Estate
Anti-Trust
Worker’s Compensation
Education Law

The Role of the Litigation Professional

The role of the civil litigation professional is challenging and diverse. Since civil litigation is an adversarial process, litigation attorneys and paralegals must be willing to assume an oppositional position and embrace conflict and controversy.

Civil litigation attorneys and paralegals often work long hours, especially during trial, and perform occasional travel.

Litigation Lifecycle

Civil litigation can be divided into seven stages: investigation, pleadings, discovery, pre-trial, trial, settlement and appeal. Not every lawsuit passes through each stage of litigation; most lawsuits are settled prior to trial and many cases that reach a trial verdict are not appealed.

The lifespan of a lawsuit can range from several months to several years. Complex civil litigation often takes years to pass from pre-suit investigation through trial/settlement.

Discovery is the longest and most labor-intensive stage of civil litigation. Contrary to the image portrayed by television, civil litigators spend little time in trial; most time is devoted to the discovery stage of litigation.

Litigation Skills

Certain skills and knowledge are essential to litigation practice. Key legal skills include:

Knowledge of substantive and procedural law
Strong written and oral advocacy skills
Analytical and logical reasoning abilities
Ability to synthesize complex legal and factual materials
Superior interpersonal skills
Knowledge of legal research techniques and software
Client development skills
Negotiation skills

Attorney Advertising. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Prior results do not guarantee a similar outcome.

When filing for Personal Bankruptcy, don’t go at it alone.

noreply@blogger.com (Microfile Internet Marketing) — Fri, 23 Oct 2015 21:49:00 +0000

Should you file “pro se?” If you are not sure what “pro se” is, trust me, and get a qualified attorney. The phrase “pro se” is Latin “for oneself” and can come with peril when trying to navigate the law when it comes to the bankruptcy courts. The United States Courts state that you can file bankruptcy on your own, but they strongly recommend having by your side.

The first step in filing for personal bankruptcy is to understand what “Chapter 7” and “Chapter 13” means and which one applies to your current situation. To file incorrectly can give totally different outcomes and can cost you more in the end. Here at the Hough Law Group, we have seen many cases get delayed by individuals filing incorrectly.

Chapter 13 bankruptcy is also known as “reorganization bankruptcy” and can filed by individuals who want to pay off their debts over a three to five year period, but need to protection of the bankruptcy court to do so. This option is good if you have a predictable income that is sufficient to reasonably pay your expenses and the ability to pay off the debt over time.

Individuals who are past the stage of any kind of reorganization may opt to file for Chapter 7 bankruptcy. This type of bankruptcy provides a liquidation of virtually all your debts. You still may be responsible for federal and state taxes, child support, and school debt.

Another need for a bankruptcy attorney is filling out all the paperwork. Required by the court is a listing of all your assets, including cars, jewelry, bank accounts and household goods. You will be asked by the Trustee about these assets and any others that you may not have thought to add or tried to hide. Not mentioning that you have a television in a four bedroom house can be suspicious to the Trustee going over your paperwork. Missed items that the Trustee discovers can set your discharge date back for a verification of assets by the court.

You will also need to include all your credit card debt, hospital bills and any other outstanding loans. Typically the Trustee will run a credit report on you and your spouse if filing together, to validate your filing paperwork. Incorrectly filling out this paperwork can place those debts outside the protection of the bankruptcy.

Finally, answering the Trustee’s questions before the court date. Quite often trustee will be in contact you multiple times to validate the information you have provided. In many cases, a visit to your home is done by the trustee or a person in behalf of the trustee. Saying or doing the wrong thing can give a negative outcome to your case. Having a bankruptcy attorney in your corner can help with any pitfalls. Think about it carefully, it is your financial future.

Filing Chapter 7 and Chapter 13 Bankruptcy

noreply@blogger.com (Chris Salerno) — Fri, 16 Oct 2015 03:48:00 +0000

Filing Chapter 7 and Chapter 13 Bankruptcy

1. How much property can I keep after filing?

Chapter 7 Bankruptcy

Every state has “exemption” laws that allow you to keep some assets, free from creditors’ claims, even if you do not pay your creditors. The idea is that it would do little good to take all of your assets because you would not have a place to live, clothes to wear or a way to get to work. Most exemptions allow you to keep clothes, household goods, a car of some limited value, tools of trade, as well as other property. Some exemptions allow you to keep some equity in a house.

In addition, bankruptcy law contains federal exemptions, which you can use when you are in bankruptcy, at least in some states. Those laws list the type and amount of property you can keep. These federal exemptions are available if you live in Arkansas, Connecticut, the District of Columbia, Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, Texas, Vermont, Washington or Wisconsin. If you live in one of these states, you can essentially choose to use either the state or the federal exemptions, based upon your particular circumstances. One scheme may be great for one person, but horrible for another. An experienced bankruptcy attorney will be able to help you choose the appropriate exemptions.

As we described above, you must give all your non-exempt assets (the ones that do not fit within the exemptions) to the bankruptcy trustee. However, many people do not have property in excess of the allowed amount of exempt property, and if that is the case, you do not need to surrender any property. Despite the exemptions, you always need to pay debts owed to secured creditors in order to keep the collateral securing the debt. Your exemptions do not affect their claims.

Chapter 13 Bankruptcy

Under chapter 13, you enter into a payment plan in exchange for keeping even non-exempt property. Again, you must still pay for secured property in order to keep it. You may not have to pay the full amount of the debt in some circumstances, however. Also, it is possible that a bankruptcy judge may not allow you to keep and pay for certain secured property, such as an unnecessary luxury good.

You may use a chapter 13 to save your home from foreclosure. The automatic stay stops the foreclosure proceeding as soon as you file bankruptcy. Chapter 13 allows you to catch up on overdue pre-petition payments over time, while keeping up with current payments.

2. What is the difference between secured creditors and unsecured creditors?

A “secured creditor” is a creditor that has a lien on property. A lien is an interest in property that a creditor can use to satisfy a debt. Some liens are voluntary, for example a mortgage or a security interest in a car. Other liens are involuntary, for example a lien on property resulting from unpaid taxes or a judgment.

An “unsecured creditor” is a creditor who has no interest in any of your particular property. Outside of bankruptcy, there are only two ways an unsecured creditor can get paid. First, you can pay the debt voluntarily. This is the way most debts are paid. The other way unsecured creditors get paid is much harder. They must sue you, get a judgment against you, and ask the sheriff to seize your particular property and sell it to satisfy the creditor’s claim.

Even in bankruptcy, the secured creditor has greater protection because its lien on your property is usually honored. The bankruptcy does not remove it.

3. Does a bankruptcy case automatically remove liens such as mortgages against my property?

No, not at all. Secured creditors get extraordinary rights in a bankruptcy case. Bankruptcy may temporarily delay secured creditors, but most voluntary liens (those granted by agreement on houses, cars and household goods) have to be satisfied one way or another.

However, you have some opportunities to remove or avoid involuntary liens and a small category of voluntary liens. “Avoid” is the term used in the Bankruptcy Code for removing liens.

Chapter 7 Bankruptcy

You can avoid some involuntary liens (except for liens securing alimony or support obligations) that are on property that you could exempt. You can also avoid some voluntary liens on property that you could exempt. For these voluntary liens, you can only remove liens on certain household goods, and professionally prescribed health aids. Moreover, the term “household goods”includes only certain types of items (for example, clothing, one radio, one television, one VCR).

Chapter 13 Bankruptcy

If you file chapter 13, you have the additional ability to remove liens by completing payments under the plan. In some cases, the plan will reduce the amount that you must pay or change the time period over which you must pay the debt. In the case of homes and cars, the ability to change the payment terms is very limited.

4. How does the automatic stay work to stop foreclosures, repossessions or other collection efforts from taking place?

Just by filing a bankruptcy petition, an “automatic stay” against all collection efforts is put in place. This is a powerful tool of bankruptcy and one of the law’s primary protections for debtors. Most creditors have to stop all efforts to collect from you. Creditors must stop making calls to you, stop sending letters, stop all lawsuits to collect, etc.

The automatic stay also stops foreclosures, repossessions or sales of property from going forward. If you don’t pay your house payments, however, the creditor will have the right to continue the foreclosure once the dust settles. Thus, the benefits of the automatic stay may be temporary when the creditor is a secured creditor.

There are a number of exceptions to the automatic stay. For example, attempts to establish or collect alimony or support obligations are not stayed, nor are criminal suits or suits by governmental agencies to protect the public.

Moreover, the automatic stay does not arise if you are filing a case within a year of filing two other bankruptcy cases that were dismissed because you did not file all the paperwork or otherwise follow through in your cases. If this happens, the stay is not automatic, but you can still request the protection of a stay.

Just remember that as to secured creditors, the automatic stay is temporary. It means only that creditors must ask the court before taking action. No bankruptcy filing allows you to keep property that is security for a loan without making payments on the loan. If you are behind on the payments and the property is of insufficient value to satisfy the debt, or there is risk of loss of the property, a secured creditor may obtain court permission to seize and sell the property.

In addition, in a chapter 7 case, as soon as the bankruptcy case is closed, the automatic stay terminates, and the creditor can proceed with foreclosure or repossession if you are behind on the payments.

If you have problems with secured debt, you may be better off filing a chapter 13 case than a chapter 7 case because the chapter 13 will allow you to pay off the past-due secured debt over time.

In chapter 13, the automatic stay also protects people other than you who are “co-debtors.” Co-debtors are people who also have an obligation to pay the same consumer debt as you do. That includes people who have guaranteed the debt for you.

5. What must I do to prevent foreclosures and repossessions?

Chapter 7 Bankruptcy

Soon after filing the petition, you must declare whether you will return the property, purchase the property or enter into a reaffirmation agreement with the creditor. However, if you do not do one of these things, the stay will terminate and the creditor may take the property.

Chapter 13 Bankruptcy

Depending upon the plan, you may be able to keep property despite secured claims. You can modify some obligations, for example by stretching out payments and reducing interest rates (where interest rates have fallen since you created the obligation).

6. How does a chapter 13 case help me with my secured debts?

Generally, in a chapter 13 you must pay in full all loans secured by your residence. The good thing is that the case gives you time to pay this off during the term of the plan, unlike a chapter 7. But, while overdue payments must be repaid over the course of the plan, regular monthly payments must still be made on time. Practically speaking, this means that if you were behind on the mortgage payment, you will be making a larger mortgage payment to make up for the past due debt.

Cars purchased for your personal use within 910 days (approximately 2½ years) prior to the filing of the bankruptcy are required to be paid in full through the bankruptcy. You also must pay in full the debt for any other secured property of value that you purchased in the year before filing. However, you still may be able to reduce the interest rate on these secured debts.

7. What happens if I fall behind in payments after filing a chapter 13 case?

The terms of a confirmed plan bind you and each creditor. If you have an unexpected financial problem during your chapter 13 case, you should immediately consult with your attorney. It is often possible to deal with changed circumstances by amending the chapter 13 plan. Also, it is sometimes possible to add debts that you incurred after filing chapter 13 to the plan, so that they will be discharged with other debts at the completion of the plan.

8. What is a reaffirmation agreement and how does it work?

A reaffirmation agreement is an agreement providing that you will pay a creditor’s debt even though the debt would otherwise be discharged in bankruptcy. In theory, the debt can be renegotiated, but most reaffirmation agreements simply require you to pay the debt as originally agreed.

While unsecured debts can be reaffirmed, this is usually not a good idea. Thus, most reaffirmation agreements deal with secured debts, and debtors enter them to keep the creditor from repossessing or foreclosing on the property securing the debt. A valid reaffirmation agreement puts you under a legal obligation to repay the otherwise dischargeable debt. If you default on the payments required under the reaffirmation agreement, the creditor can repossess or foreclose on the property and seek a personal judgment against you.

In order for a reaffirmation to be valid, the parties must sign the agreement and file it with the court before you receive a discharge. In addition, either your attorney or the court must determine that the agreement does not impose an “undue hardship” on your family. There are other requirements as well, including extensive disclosures to you.

If the parties do not comply with all the requirements for a reaffirmation, the agreement may not be binding. In that event, you would have no personal obligation to make payments under the agreement.

As a rule, you should think very carefully about whether to reaffirm debt, as this limits your bankruptcy discharge.

9. Can I make payments on a discharged debt without a reaffirmation agreement?

Yes. You can make a voluntary payment of the debt. This often happens, for example, with debts to family members or friends. However, the key to this kind of payment is that it must be entirely voluntary; you have no legal obligation to pay a discharged debt, and the creditors can take no action to pressure or persuade you into making the payments.

10. Can I obtain bankruptcy protection again if I have filed a bankruptcy in the past and am now falling behind in payments again?

You may not be able file a bankruptcy petition if a prior case was dismissed because of your failure to abide by a court order. In addition, you cannot file again if, within the last six months, you requested dismissal of the prior case after a creditor sought relief from the automatic stay. The law in effect after October 17, 2005 also imposes the following rules if you have filed prior bankruptcy cases:

Chapter 7 Bankruptcy

You can file another chapter 7 case, but there might not be a right to discharge. If the prior bankruptcy was in chapter 7 and you filed the case less than eight years ago (six years before October 17, 2005) and obtained a discharge, you cannot obtain a discharge in a case filed today.

Finally, having filed a recent previous bankruptcy may affect the automatic stay. This is true in some situations where the prior case had been dismissed or a creditor had obtained relief from the automatic stay.

Chapter 13 Bankruptcy

You can file another chapter 13 case, but there might not be a right to discharge. On or after October 17, 2005, if the prior bankruptcy was in chapter 7 and you filed less than four years ago and obtained a discharge, you cannot obtain a discharge in a chapter 13 filed today. If the prior bankruptcy was in chapter 13 and you filed the petition less than two years ago and obtained a discharge, you cannot obtain a discharge in a chapter 13 filed today.

Bankruptcy Procedures

noreply@blogger.com (Chris Salerno) — Tue, 22 Sep 2015 01:58:00 +0000

Bankruptcy Procedures

1. If I decide to file for bankruptcy, what do I have to do before I file?

Today, you simply need to consider carefully whether bankruptcy is the right choice for you, and then gather the paperwork we talk about later in these FAQs.

In order to be eligible to file bankruptcy, you must receive credit counseling within the 180 days prior to filing. Specifically, the law requires you to receive, from an approved agency, a briefing outlining the opportunities for credit counseling and help with a budget analysis. You may do this alone or in a group, and in person, on the phone, or even on the Internet. If, due to an emergency, you are unable to obtain credit counseling services from an approved agency during a 5-day period, the court may excuse the requirement temporarily but you still must fulfill it within 30 days (or in some instances 45 days) after filing. If you use a bankruptcy attorney, he/she will most likely be able to help you complete this requirement.

You can find a list of approved non-profit budget and credit counseling agencies at the office of the United States Trustee or Bankruptcy Administrator, at the bankruptcy court Clerk’s office, or online at the links we provide under Resources.

2. What documents do I need to file in a chapter 7 case?

You need to file these forms, all of which are best prepared by an attorney:

The bankruptcy petition;

A list of creditors;

A schedule of assets and liabilities;

A schedule of current income and current expenditures;

A statement of your financial affairs;

A certificate from the attorney or bankruptcy petition preparer (if there is one) indicating that you received a notice describing the different bankruptcy chapters and the services available from the credit counseling agencies as well as a statement specifying that anyone who knowingly or fraudulently conceals assets or makes a false statement under oath is subject to fine, imprisonment or both (if no one assisted you, then you must file a certificate that such notice was received from the court and read by you);

Copies of all pay stubs received by you within 60 days before filing;

A statement of your monthly net income itemized to show how it is calculated;

A statement disclosing a reasonably anticipated increase in income or expenditures over the following 12 months;

If you have property that secures a debt, such as a car or home, a statement of intention with respect to treatment of the property in bankruptcy;

A certificate from the approved non-profit budget and credit counseling agency that describes the services provided to you and a copy of the debt repayment plan, if any, developed by that agency;

A record of any interest that you have in an individual retirement account; and

An analysis of the means test.

If you fail to file all information noted above, with the exception of the last four, within 45 days of filing the petition, the case will be automatically dismissed.

Your attorney will need certain information from you to file these documents with the court, which is listed below.

Information to Take With You When Consulting a Bankruptcy Attorney

A copy of every bill or letter you have received from a collection agency;

A copy of any lawsuit or pleading you have received in a case in which you are involved;

Two pay stubs representing an average pay period (include pay stubs for your spouse, even if he/she is not filing bankruptcy with you);

Deeds to real estate in which you have any (even a partial) interest (including real estate you are purchasing or that you already own);

The original or memorandum title for any cars, trucks, trailers, boats, motorcycles, mobile or motor homes you own or are purchasing, or other documents showing the value of your assets;

Appraisals of your home, jewelry, etc., if you have them;

Any policies of life insurance you have on your life, and/or the life of your spouse or children (where possible, you should contact the agent who sold you the policy and find out if the policy has any “cash surrender value.” If your policy has “cash surrender value,” please provide your attorney with that value); and

Income Tax Returns filed in the previous two years.

3. What will happen in my chapter 7 case after I file all these documents?

Chapter 7 cases are pretty simple for the most part. In most cases, you will attend one creditors’ meeting and just wait for your discharge notice to come in the mail.

The bankruptcy trustee runs the creditors’ meeting, which is also called a 341 meeting (named after the section of the bankruptcy law that requires the meeting), and will question you under oath about all the information contained in your bankruptcy documents.

If you and your spouse file a joint petition, you must both attend the creditors' meeting and answer questions. It is important to cooperate with the trustee and to provide any records or documents requested.

In a simple case, the meeting will usually last just five minutes or so. While all creditors may attend, very few actually do. Be sure to bring a form of identification to the meeting, as well as proof of your Social Security number (usually your Social Security card). The trustee may ask you to provide additional documentation during the meeting and give you a few days to produce it.

The discharge notice will arrive in the mail about 60 days after you attend the creditors’ meeting. This piece of paper is proof that most of your debts have been discharged. You should keep it in a safe place.

4. Are there additional documents and other requirements in a chapter 13 case? What is required in the chapter 13 plan?

If you are filing a chapter 13 case, rather than a chapter 7, in addition to the documents mentioned above, you must file a plan that describes how much you will pay your creditors and over what time period. Your plan must provide that you pay creditors at least what they could have received in chapter 7 liquidation case, which basically means creditors must receive payments equal to the value of your non-exempt assets.

In addition, the plan must provide that you contribute all your “disposable income” to the plan. Disposable income is the income above what is necessary for the support of you and your family. However, in many cases the means test formula determines that amount. The means test is a very complicated test, but essentially requires that you average your income over the past six months (from any source including regular gifts from family members), then deduct a series of allowed expenses, and see what is left to pay creditors. You will most likely need an attorney to complete this analysis.

The chapter 13 plan lasts either until you pay your debts in full or until the end of a three- to five-year period. For certain low income debtors the maximum plan period without court approval is three years. For other debtors, creditors may be able to insist that the debtor pay a five-year plan.

Within 30 days of filing your petition, you must begin making payments under your plan. You make the payments to a trustee, who distributes the payments to the creditors.

Like in a chapter 7 case, after filing the bankruptcy petition, you must attend a creditors’ meeting (also known as a 341 meeting, named after the section of the bankruptcy law that requires the meeting). The chapter 13 trustee will conduct the meeting and will question you under oath about the paperwork you filed in your case. This creditors’ meeting will last longer than a meeting in a chapter 7 case. The trustee will likely question you about your income and your expenses, and may also require additional documentation at the meeting.

After the meeting of creditors, you, the chapter 13 trustee, and those creditors who wish to attend will come to court for a hearing on your chapter 13 plan. If there are no problems, the court will approve (“confirm”) your plan.

After completing payments under the plan and completing any financial counseling required, you will receive a discharge of any debts not paid under the plan.

5. Must I produce tax returns before and after my bankruptcy?

You must provide the trustee and/or any creditor with copies of any federal tax return that you filed for the year prior to filing. If you do not comply with this request, the court may dismiss your bankruptcy case.

You must also file copies of any federal tax returns filed during the case with the bankruptcy court.

Any taxing authority may request dismissal of a bankruptcy case if you fail to file all required tax returns.

6. Do I have to list all creditors on the bankruptcy schedules?

You must list all your debts, with the name and address of the creditors. This is so creditors receive notice of the bankruptcy and get their fair share of any money paid to creditors. You may think that you should omit a creditor because you want to continue to pay the debt. This would violate the law, and it is unnecessary because you can always choose to pay a debt voluntarily, even though the debt has been discharged and there is no legal obligation to make payment. However, creditors are prohibited from taking any action to collect discharged debts.

7. What should I do if I discover that I forgot to list a creditor in the bankruptcy schedules?

As soon as you realize that you have omitted a creditor, you should notify your attorney and provide him or her with all the information necessary to complete the schedule (the amount of the debt, the type and value of any collateral, and the name and address of the creditor).

In some cases, failure to list a creditor will result in harm to the creditor, such as if the creditor missed an opportunity to participate in the bankruptcy and/or receive payments. If this happens, your attorney can advise you about what additional action, if any, is necessary.

If an omitted creditor demands payment of the debt, you should inform the creditor of the bankruptcy, as discussed below.

8. What should I do if a creditor demands payment of a debt after I file my case?

Most efforts by a creditor to collect a pre-petition debt (one that you owe as of the filing of your case) or to obtain your property without the permission of the bankruptcy court are violations of the automatic stay.

The court may punish a creditor who knowingly violates the automatic stay and the creditor is liable to the debtor for harm caused. If you did not list a debt on the schedules filed with the court, the creditor may not be on notice of the bankruptcy. Therefore, you should inform the creditor of your bankruptcy and request that the creditor stop the collection efforts.

If you are represented by an attorney, you should give the creditor your attorney’s name and telephone number. If you are not represented by an attorney, you should give the creditor additional information about the case including the date of filing, the court in which the case was filed and the case number. If improper collection action continues, you should consult with an attorney, notify the trustee or seek protection from the court.

9. Is there anything I should know about the timing of my case?

Probably the most important thing you need to know is that once you have decided to file for bankruptcy, you need to stop using your credit cards. Anything that you charge knowing you will not pay the money back is fraud under the bankruptcy law and the debt may not be discharged. Also, if you charge luxury goods before the filing or take out cash advances right before your case, the debt is presumed to be non-dischargeable even if you did not know you were filing for bankruptcy when you charged the items or took out the cash advances. Consult with experienced bankruptcy counsel before deciding when to file for bankruptcy.

Individual Bankruptcy

noreply@blogger.com (Chris Salerno) — Tue, 22 Sep 2015 01:54:00 +0000

Individual Bankruptcy

One of the main purposes of Bankruptcy Law is to give individuals and families, who are burdened with insurmountable debt, a fresh start by eliminating virtually all their debts. The two filing options are Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Filing Chapter 7 Bankruptcy

Sometimes called “straight” bankruptcy, Chapter 7 wipes out debt, especially unsecured debts (credit card, medical and signature loans), allowing you to emerge with a clean slate. During this “liquidation” proceeding, all non-exempt property is turned over to the bankruptcy trustee who then converts it to cash for distribution to the creditors.

Typically, individuals receive a discharge of all dischargeable debts within four months.

Filing Chapter 13 Bankruptcy

Also known as a “reorganization” bankruptcy, Chapter 13 bankruptcy is filed by individuals who want to pay off their debts, but need a period of three to five years to manage it. This type of bankruptcy appeals to individuals who have non-exempt property they want to keep.

This option only works for individuals who have a steady income that is sufficient to pay reasonable living expenses with some left over to pay off their debts. People choose Chapter 13 bankruptcy instead of Chapter 7 bankruptcy for several reasons. Here are a few:

They feel it’s the “right thing to do.”

They have a sincere desire to repay their debts, but need the protection of the bankruptcy court to do so.

They are behind on their mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement.

They need to leave open the option of filing for Chapter 7 bankruptcy in the future.

Business Bankruptcy

noreply@blogger.com (Chris Salerno) — Tue, 22 Sep 2015 01:51:00 +0000

Business Bankruptcy

When businesses are unable to pay their employees or pay their debts as they come due, they often turn to bankruptcy for some much-needed breathing room. As bankruptcy attorneys, we can best advise clients as to the legal advantages of the three bankruptcy alternatives: Chapter 7 bankruptcy, Chapter 11 bankruptcy, and assignment for the benefits of creditors, or ABC.

Chapter 7 bankruptcy

A Chapter 7 bankruptcy is a liquidation of debts and assets. This is often the only path for companies that have no real assets and are burdened with debt. An appointed trustee ensures secured assets are sold and the proceeds are paid to the creditors.

Chapter 11 bankruptcy

A Chapter 11 bankruptcy is often a reorganization of a company’s debts and assets. A Chapter 11 bankruptcy is more involved than Chapter 7 bankruptcy because it allows a company to reorganize its debt with the goal of possibly exiting Chapter 11 bankruptcy as a healthy organization. Together, we work with your creditors in an effort to change the terms on loans such as the interest rate and dollar value of payments.

ABC

Assignment for the benefits of creditors is an insolvency proceeding governed by state law rather than federal bankruptcy law. It is designed to save time and expense by liquidating through the appointment of an assignee, similar to a trustee in bankruptcy.

ABC involves the voluntary transfer of all or most of a debtor’s property to the assignee who collects any money that is owed to the debtor, sells the debtor’s property, and applies the money received to the payment of debts.

Bankruptcy Options

noreply@blogger.com (Chris Salerno) — Tue, 22 Sep 2015 01:48:00 +0000

Bankruptcy Options

Individuals & businesses past the stage of reorganization file for Chapter 7 –– a liquidation of virtually all debts, giving person/business a fresh start.

Businesses that need to reorganize their debt (change terms, etc.) and try to re-emerge as a healthy organization, file Chapter 11, also called rehabilitation bankruptcy. Debt is not absolved, rather it is restructured. The firm continues to pay back through future earnings.

Chapter 13 is known as reorganization bankruptcy and is filed by individuals who want to pay off their debts over 3-5 year period. They have a predictable income that is sufficient to pay reasonable expenses with some $$$ left over to pay off debt. They have a sincere desire to repay their debts, but need the protection of the bankruptcy court to do so.

What are the main purposes of bankruptcy?

noreply@blogger.com (Chris Salerno) — Tue, 22 Sep 2015 01:41:00 +0000

1. What are the main purposes of bankruptcy?

Bankruptcy laws serve two main purposes. First, bankruptcy law may give creditors some payment on their debts. Second, bankruptcy law gives you a fresh start by canceling many of your debts through an order of the court called a discharge.

2. What are the different kinds of bankruptcy?

There are four types of bankruptcy available to individuals:

Chapter 7 (a liquidation-style case for individuals or businesses);
Chapter 13 (a payment plan or rehabilitation-style case for individuals with a regular source of income);
Chapter 12 (a payment plan or rehabilitation-style case for family farmers and fishermen); and
Chapter 11 (a more complex rehabilitation-style case used primarily by business debtors, but sometimes by individuals with substantial debts and assets).

The two most important types of cases for consumers are chapter 7 and chapter 13. Both provide for some possible payments to creditors, a discharge for you and supervision by a trustee. Chapter 7 involves surrendering some of your property (at least in theory) in return for a discharge of many of your debts. The trustee sells any non-exempt property and pays your creditors. In chapter 13, you keep your property but must commit to a three- to five-year repayment plan. You then obtain a discharge of most of the debts not paid in the plan.

In both types of bankruptcy, most creditors must stop efforts to collect debts after you file your case. This protection is called the “automatic stay.”In a chapter 7, this relief is often temporary since you must still pay for your secured property (usually a home and/or car) or the creditor may ask the court to remove the automatic stay.

3. What is the difference between chapter 7 and chapter 13?

Chapter 7 Bankruptcy: A Brief Overview

Chapter 7 is designed as a liquidation. Under this model, a trustee may sell certain property that you own at the time you file the bankruptcy case. The trustee uses the proceeds of the sale to pay creditors. However, the sale of assets in a typical chapter 7 case is unusual. In most cases, you will not have any assets over and above what the law allows you to keep. Thus, in most chapter 7 cases, you do not have any property that the trustee may sell.

About 90 days after you file chapter 7, most of your debts will be discharged, if yours is the typical case. This means you are no longer liable to pay the debt. Some debts are not discharged, however, and you still must pay them. Examples include past-due child support payments, some taxes and student loans. Debts for which you have pledged collateral for the loan (such as cars, homes and household goods) also do not go away in a bankruptcy.

The bankruptcy case addresses only the debts you list at the time of the bankruptcy case. You must pay debts you incur after the filing the bankruptcy case as usual. You may keep the money that you earn after filing a chapter 7 bankruptcy case, as well as most other property that you obtain after the filing.

Chapter 13 Bankruptcy: A Brief Overview

Chapter 13 is very different. If you file under chapter 13, you may keep your property and you agree to pay your debts over time from your current income, pursuant to a court-approved plan. The amount that you will repay to creditors under the plan will vary based on your particular circumstances.

The payments made to creditors under the plan must total at least as much as creditors would have received if you filed a case under chapter 7. The payments are made to a trustee, who distributes the payments to the creditors.

The plan lasts either until you pay your debts in full or until the end of a three- to five-year period. You receive a discharge at the completion of the plan.

4. Do I have to “qualify” for bankruptcy? How will I know if I am eligible?

Chapter 7 Eligibility

After October 17, 2005, access to chapter 7 is more limited than it was in the past. If you are an individual with primarily consumer debts and you want to file a case under chapter 7, you will have your finances examined to determine if you can afford to pay creditors. If you can, based on a set formula known as the “means test,” you will not be eligible to file a chapter 7. So, the court will either dismiss your bankruptcy case, or you may choose to convert your case to chapter 13.

The means test compares your excess monthly income to the amount of unsecured debt to determine how much you could repay to creditors if you were in a chapter 13. Because this calculation is hypothetical and does not necessarily reflect your true financial condition, you may appear to be able to repay the minimum portion of your debts but you, in reality, cannot. In that situation, the court may permit you to stay in chapter 7. Unfortunately, the means test is quite complicated and it is wise to seek professional assistance when choosing the chapter under which to file.

Chapter 13 Eligibility

There are two principal requirements for eligibility in a chapter 13 case. First, you must have regular income, although this need not be from a job; regular benefit payments or rental income would qualify. Second, you must not have debts over a certain amount. The debt limits are $1,010,650 in secured debt (like home mortgages and auto loans), and $336,900 in unsecured debt (like most credit card debt). These numbers go up periodically.

5. How does bankruptcy help me in the short run?

The filing of bankruptcy automatically imposes an injunction against all collection efforts by creditors, which means creditors must stop calling, sending letters or suing you over your debts. This is called the automatic stay, discussed in more detail below. (??did not have more copy)

6. What is a discharge?

If a debt is discharged, you no longer have an obligation to pay the debt, and the creditor may not make any effort to compel you to repay. However, if some other person (such as a relative or friend) also has an obligation to pay, his/her obligation is not discharged. In addition, if you have property that is collateral for a loan, the creditor may still be able to repossess that collateral.

7. Do all debts get discharged?

No, not all debts will be discharged through the bankruptcy, even if you have satisfactorily performed all your duties in your case. First, a bankruptcy case only discharges debts that you owed and scheduled at the time you filed the case, not those you incurred after filing the case.

8. How much does it cost to file bankruptcy?

The current filing fee for a chapter 7 case is $299 and for a chapter 13 case is $274. Some courts also impose an additional administrative fee. You may pay the filing fee in installments. The court may waive the filing fee in a chapter 7 case if your income is below specified levels and the court finds that you cannot pay the filing fee in installments.

You will probably find it necessary to hire an attorney to assist you with filing bankruptcy. Attorneys usually charge a fixed fee for certain services in a bankruptcy case and the fees typically differ depending on the chapter under which you file.

Should I file for bankruptcy?

noreply@blogger.com (Chris Salerno) — Mon, 21 Sep 2015 03:22:00 +0000

Should I file for bankruptcy?

Whether to file for bankruptcy is a very personal decision. Some people do not have any assets over and above what the law allows them to keep, even if they do not pay their creditors. If this is true of you, then you may not need a bankruptcy in order to protect your assets.

Some people find it helpful to file a bankruptcy case anyway because their financial situation is causing them emotional distress or depression, or because they would like to free themselves of debt now, if legally allowed, and have their income and assets to themselves in the future. Also, some people may find that a bankruptcy is worth filing even if they do lose some of their assets.

Throughout this section of the Consumer Bankruptcy Center, we try to help you decide if bankruptcy is for you.

Considering Bankruptcy Checklist

If several of the following apply in your situation, you might consider bankruptcy:

• Your wages have been garnished or your bank account has been attached

• Most of your debts are unsecured debts like credit card bills, hospital or doctor’s bills, etc.

• Your total debt, not including your car or house loan, is more than you could pay, even over five or more years

• Collection agencies are calling you at home and/or at work

• Your payments are more than 30 days behind on more than one bill

• There are lawsuits pending against you

• You have high medical bills not covered by insurance

• You owe income taxes that you are currently unable to pay

• You have few assets

• You have little or no savings

• You have had property repossessed (such as a vehicle)

People who have had their wages garnished can especially benefit from a bankruptcy because the bankruptcy will stop the garnishment and could potentially help you get some of the garnished money back.

A law passed in 2005 makes it more complicated to file for bankruptcy and to be freed of past debts.

You should seek advice of competent bankruptcy counsel before deciding whether to file for bankruptcy

Source: American Bankruptcy Institute, Should I File for Bankruptcy, 12/29/09 [http://consumer.abiworld.org/?q=node/9]

For more information: http://www.houghlawgroup.com

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

11 U.S.C. § 528(a)(4)

The hiring of a lawyer is an important decision that should not be based solely upon advertisements.

Is Typography Science, Art, Philosophy or Craft?

noreply@blogger.com (Chris Salerno) — Mon, 13 Jul 2015 17:56:00 +0000

As with any medium as widely used as typography, it can fit into many categories. Typography is a part of all of our lives, so let’s analyze it for a minute. Merriam-Webster defines typography at 1) letterpress printing, and 2) the style, arrangement, or appearance of typeset matter. Modern terms may refer to it as a branch of graphic design, however.

Like with most areas of design, there are certainly elements of science, art, philosophy, and craft. When looking to typography as a means to give us something for the human eye to see clearly – something that is coherent – then the science is put to use. For example in the 1929 published journal by D. G. Paterson and M. A. Tinker titled “Studies of Typographical Factors Influencing Speed of Reading: II. Size of Type”, they found that 10-point type yields the fastest reading.

Typography as art has an even wider spectrum, as we can look at everything from calligraphy to graffiti. It can be argued that such examples conjure up individual connotations and feelings, which are unique in their own way. As with art, these emotive attributes are distinctive to each individual who views them.
Graffiti, for example, is traditionally closely linked to hip-hop culture. A majority of those far removed from that lifestyle might hold a negative viewpoint, and compare it to vandalism or even thug culture. Whereas the complete opposite will no doubt argue its value; such as the significance of a ‘tag’ and how that in itself can be just as important as the image.

The above example of graffiti art is solely made up of words that have been arranged in a way that makes it appear pictorial.

Additionally, every computer word processing program comes with endless fonts in all colors and sizes. Depending on what the user is producing with such a program, they will use a specific typeface based on their own interpretation of what that typeface means to them.

The much disliked Comic Sans font, for example, might be likened to what might be used in a playschool environment, whereas the standard Times New Roman, and other Sans Serif styles, tend to be associated with more professional use.

Then in the graphic or web design industry, professionals in that field create their own typefaces, as well as editing the placement, arrangement and spacing of the letters; all of these factors of which are similar to graffiti or calligraphy. As with all art, there are endless mediums to create typography. Ink on paper, paint on wood, welded steel, wood and nails, you name it.

Interested in the philosophy of Typography? Is there such a thing? Check out “The Philosophy of Typography” by Steven Acres. He states that “The title page sets the mood for the rest of the book, thus it should mirror the properties of the text.” There is no denying that certain texts can mean different things. For example, when you see ‘READ THIS NOW‘ it conjures a different feeling compared to ‘read this now.’

More urgency perhaps. Why does it feel like you’re being yelled at when someone emails you in upper case? Also, if that were written in red, its message would appear more alarming, compared to if it were written in pink.

Soft scripted fonts are extremely formal and feminine, while more hand-drawn looking fonts can feel almost comical, like in the Sunday paper funnies.

Furthermore, and as previously mentioned, the difference between how Comic Sans and Times New Roman is used is worlds apart. The roundness of Comic Sans might be associated with amateur design, or a style that is, arguably, childlike and playful. Times New Roman, on the other hand, has a more obvious formality about it.

The creation of typography is an art and a craft in itself. Someone out there had drawn all those fonts we love so much.

Whether it’s like back in the old days when a rubber stamp was carved out for the news printing machine or today when drawings are scanned and processed into the computer. Lucky for us there are folks out there, and maybe you, with an intense passion for typography.

We will continue to watch the popular styles of type change as each decade passes by as well. Just look at advertising typography in the ’60’s verses today. The letters make us feel a different way.
We can study it with science, analyse it with philosophy, enjoy it with art and create it with craft. Don’t you just love type!

Original Article: http://speckyboy.com/2015/07/12/is-typography-science-art-philosophy-or-craft/ by Paul Andrew

Columnist Brian Massey believes Google may be doing businesses a disservice by recommending a responsive Web design to improve the mobile experience.

noreply@blogger.com (Chris Salerno) — Fri, 26 Jun 2015 16:55:00 +0000

Columnist Brian Massey believes Google may be doing businesses a disservice by recommending a responsive Web design to improve the mobile experience.

Is Google’s Mobilegeddon Scaring Website Owners Into Bad Design Decisions?

“We aren’t worrying about our mobile traffic right now.”

At my company Conversion Sciences, this is what we’ve heard from many — if not most — of our website optimization clients over the past three years. Businesses are just getting their heads around their big-screen websites. Mobile traffic is often small by comparison, and it converts terribly for my clients, often at half to one-third the conversion rate.

But the decision to ignore it may be short-sighted.

Mobile traffic is likely one of your fastest-growing segments. Have you done the calculations to see how quickly your mobile traffic is growing? In the example below, the red dotted line in the graph represents the percentage of mobile traffic visiting a site. Would you be surprised that 90 percent of its customers are over the age of 60?

This website isn’t serving youngsters, and yet mobile traffic volume has tripled in one year, now making up a quarter of all visits. We aren’t surprised. We have more than one client that now has a higher conversion rate for mobile visitors than for desktop visitors.

Mobile is a force to be reckoned with, and apparently Google agrees. In April, Google bullied us all into paying attention to our mobile Web strategy with its “Mobilegeddon” algorithm change. This change will no doubt fuel one of the biggest website redesign trends the Web has seen.

Google’s Webmaster’s Mobile Guide recommends responsive Web design, or RWD.

One of the benefits of RWD is that you’ll only need to maintain one

version of your site instead of two (i.e., you won’t need to maintain the

desktop site at www.example.com and the mobile version at m.example.com)

If businesses take Google’s threat and advice seriously, will we have a better worldwide Web? Our experience says, “No.”

We don’t do website design, so we don’t have a dog in the hunt for redesigns. Here’s why we think Google may be doing businesses a disservice with its Mobilegeddon recommendations.

Redesigns Are Dangerous

Those businesses that are moving to a responsive website in order to improve their mobile experience may be doing so at the expense of their big-screen desktop visitors. No matter how bad you think your current website might be, a redesign is as likely to reduce your conversion rate and revenue per visit as it is to improve it.

There are a number of examples of big-name redesign disasters including FinishLine.com and Marks & Spencer. So, if you’re redesigning a perfectly good desktop site in order to make your mobile site easier to maintain, you may be robbing Peter to pay Paul.

There are really only two good reasons to redesign.

Your content management system or shopping cart isn’t letting you achieve your online goals.
You are rebranding your company or products.
If your backend just won’t support a mobile site, then you should consider redesigning. Otherwise, you should consider developing a mobile site with mobile visitors in mind.

But is RWD really the way to go?

Responsive Designs Make Bad Decisions For You

Mobile visitors expect a mobile experience. Responsive sites provide a smaller version of a desktop experience.

Here’s a form I was asked to fill out to simply register for a webinar.

It fits very nicely on my mobile screen. Thank you, responsive design! However, this whole experience should have changed with fewer fields, larger fields, and more multiple choice questions. Ironically, the title of this webinar was, “Advanced Conversion Strategies for Mobile Search.” I don’t know how it was. I didn’t register.

We call sites like this disresponsive, as in, “That site dissed me on mobile.”

Responsive Web Design Vs. Adaptive Mobile Sites

For those of you not familiar with the distinction between a responsive Web design and an adaptive mobile site, I’ll offer a brief explanation.

A responsive website grows and shrinks based primarily on the size of the browser window through which the site is being seen. The same content is being displayed on a 320×568 pixel iPhone 6 screen as is being presented to visitors coming on their 1,920×1,080 desktop monitor and everything in between. So, the template has to make a few decisions along the way in order to make this all work.

This is accomplished by shrinking some elements, such as pictures and images. Selected elements found on the desktop can be hidden from small-screen visitors. Buttons may grow in size to make them easier to thumb.

An adaptive mobile site is built on a unique template different from the desktop site. These two sites may look similar and read from the same content databases, but an adaptive site has to be designed and managed separately. It doesn’t change with the big-screen desktop site.

The responsive design holds forth the

illusion that a business is getting two

sites for the price of one.

The responsive design holds forth the illusion that a business is getting two sites for the price of one, but the responsive template often makes bad decisions. Such decisions cannot be anticipated, and many are introduced when new features are added to the site. Many of these bad decisions will cost you customers, leads and sales.

Broken Layouts

When choices are left to the whim of a template, things break. Tables, forms, buttons, and headlines are all potential breaking points. Some elements break on really small screens. Some break only on bigger screens. These breaks will reduce your conversions and revenue.

The Unclosable Popover

Popovers have become a staple of blogs, online publications, and business sites. What will your responsive template do with the popovers you ad to your site? Often nothing.

When a popover appears on a small-screen device, care must be taken that the dialog box scales with the template. Otherwise, the (X) needed to close it falls outside of the screen. Popovers typically foil scrolling until they have been closed, or the visitor gives them what they want. There’s nothing to be done but leave.

The Never-Ending Map

Maps are particularly important to mobile users, because the word “mobile” translates into “lost” in at least three languages. The desktop experience primarily focuses on “what,” “how,” and “why.” Mobile visitors add the all important, “where” with a dash of “how fast can I…”

If your responsive design handles the map on your site wrong, your mobile visitors can find themselves in the never-ending map. The map fills the small screen. Swiping up, down, left and right will move the map, but the visitor can no longer scroll the screen. This makes it impossible to do anything more than scroll and zoom around the city.

Third-Party Tools

As tool providers roll out new Web features, we can be sure that they will confuse our responsive design. The list is long and growing: exit-intent popovers, sticky trust seals, online chat, video spokespeople, popup surveys, and more. Any of these can create a smudge on the screen of your visitors’ mobile experience.

In short, there really is no way to get two websites for the price of one. You will ultimately have to make customizations to your responsive mobile site just as if you were maintaining a separate “m-dot” site.

Responsive Design Is Slow

The mobile Web seems to be more susceptible to speed issues than the desktop is. This is a problem for responsive Web designers. People are more impatient, yet less willing to wait for your hidden images to load.

Last year, Internet Retailer published a study that was critical of responsive website design for e-commerce websites. With load times averaging 18.24 seconds, Internet Retailer and Keynote came to the conclusion that responsive design was costing e-retailers millions of dollars in lost revenue.

We have used our testing tools in two situations to turn a desktop page into a mobile-friendly page. We resized elements and adjusted the layout using JavaScript. In essence, we faked a responsive website. In both cases, the responsive mobile page performed more poorly than the desktop-formatted page on mobile visitors.

There is more going on here than layout issues. Could speed be the issue? We test our client’s mobile sites on 3G and 4G connections to find issues related to slow load times. You should, too.

Mobile Must Be Addressed

Mobile visitors expect a mobile experience — I said it again. While most mobile websites convert at a rate much lower than the desktop, it doesn’t have to be that way. With the right mobile experience, tailored to your mobile visitors, you can tap into this fast-growing segment of your traffic.

Google is recommending a responsive Web design as a solution to your mobile shortcomings. This may be better than no mobile site for some businesses, but evidence indicates that your mobile conversion rates will suffer with this approach.

Do the analysis of your mobile traffic, and see if you can’t make a case for an adaptive mobile site that is designed to give mobile visitors the mobile experience they want, not a pre-shrunk desktop experience.

http://marketingland.com/google-using-mobilegeddon-scare-website-owners-bad-decisions-132873

Marvel went bankrupt before it took over the movie industry

noreply@blogger.com (Chris Salerno) — Tue, 23 Jun 2015 20:52:00 +0000

You may have heard of Marvel. The name responsible for blockbuster hits such as The Avengers, Iron Man, and Guardians of the Galaxy.

It is one of pop culture’s most iconic brands, but this wasn’t always the case.

Let’s travel back to the mid-1990s. Almost 20 years ago, amidst a struggling comic book market, and after taking some financial risks that just didn’t pan out, Marvel was in trouble, and its leadership knew it. Unable to dig itself out of a financial hole, the company declared bankruptcy, and made the difficult decision to sell off the movie rights to some of its biggest characters. Spider-Man, X-Men and the Fantastic Four all went. It seemed the company was destined to die.

Related: Marvel Comics' Stan Lee on Success, Creativity and Following Your Passion

But despite the huge setback, something happened that would set Marvel on track for unprecedented success. With the loss of iconic characters, it had to go with what it had. Instead of comics, Marvel would focus on movies instead. And it would rely on lesser-known characters to make the films a success. Marvel adjusted its strategy and assembled its team: Captain America, Iron Man, the Hulk -- and armed with a different approach, it started a comeback.

The plan proved to be a success. Marvel returned better and stronger than ever. In fact, its newest movie, Avengers: Age of Ultron had, until recently, secured a place in the record books as the second-highest domestic opening of all time.

It’s a superhero success story, and one that’s just as exciting as any that Marvel’s team could have written.

None of us are without setbacks, and we’ve all faced our share of problems.

I believe that what separates the success stories from everything else is how we view failure. More specifically, it’s how we respond after we’re knocked down. This is the case with almost every comeback story.

If you’re facing a setback, or working on picking your way up off the ground, here’s how you can kick some villain butt and make the most of adversity -- even using it to further your success.

Don’t let adversity destroy or define you.
Adversity may knock you to the ground. But guess what? You’re still here. It didn’t destroy you. Now, don’t let it define you. Too often, owners of failed businesses will spend years lamenting the loss of their companies. Instead, realize that one failed business venture doesn’t signify defeat, and that there are still plenty of new opportunities to be had. Recognize that most successful business ventures only came about after trial and error.

Read biographies on business moguls: Henry Ford, Walt Disney, Richard Branson, and you'll soon discover that they failed multiple times on their way to the top. While failure isn't always a prerequisite for success, quite often, it is.

Rally your support group.
No one can go it alone. Start building your team of supporters of friends, family and business associates. These are people who have your back, the ones that you can depend upon for sound advice and support. You’re going to need them, so start assembling your dream team.

You’ll also want to hire the people you need to make things happen, so don’t skimp on talent. When Marvel made the decision to hire renowned writer-director Joss Whedon, the move wouldn’t have been cheap, but it was one that undoubtedly contributed to the success of its movies.

Related: Thinking of Quitting Your Entrepreneurial Quest? Read This First.

Never give in to negativity.
Negativity comes in all forms, but the worst perpetrator of negativity may surprise you: it’s you. Negative thoughts can find their way in and take over, like a bad music track that just won’t end. It can play de-motivational messages on repeat: “You can’t do it. You’re not smart/successful/financially savvy enough.”

It’s easy to listen to these thoughts without realizing it, and before you know it, a year has gone by and you haven’t moved forward because you’re still paralyzed by fear and doubt. Combat these self-defeating thoughts by being aware of them, and refusing to buy into their abuse.

View setbacks as opportunities.
Setbacks are often opportunities. But they’re not fully-fledged opportunities in a box, they’re just the raw materials, the makings of success, if you will. It will require some hard work to transform them into something, and it’s up to you to do the work. Start by reevaluating your goals, and then develop a solid plan to reach them.

Focus on solving the problem.
Instead of focusing on the problem, focus on your solution. This simple shift in mindset can do wonders to inspire you on towards success.

Your ability to solve problems will determine your potential for success. Are you a natural-born problem-solver? If not, that’s OK too. Just work to develop this skill. When you view problems as formidable foes, negativity will cloud your vision, and block out potential solutions. But viewing problems for what they are can help you hone your problem-solving skills.

None of us want to face setbacks. But it’s important to remember that they’re not always what they seem. Sometimes a failing comic book business can make a heroic comeback. Out of an unsuccessful business venture, a new opportunity can arise. Getting laid off could be the catalyst that enables you to start your own business.

The point is, whether it is financial or business success, it all starts by taking control of “your” story. It’s being written right now, with or without your help. The ending is entirely up to you. New beginnings are also up to you. It’s hard to see it, but your story isn’t over yet. There’s nothing stopping you from writing the rest of it in a way that’s positive and successful.

Reevaluate the situation and take a good look at your obstacles, then direct your attention to creating the solution. A new road will open for you, but you have to be ready for it: it may be in a different direction than you originally thought.

Original Article at: http://www.entrepreneur.com/article/247231

Strategies: 9 surprises you get running a business

noreply@blogger.com (Chris Salerno) — Tue, 23 Jun 2015 02:26:00 +0000

Strategies: 9 surprises you get running a business

You dream of owning a small business and being your own boss. You read all you can about how to run a company. You take management classes.
But some lessons you can't learn until you're actually at the helm of your company. Here are nine surprises you might run into by owning a small business:

1. It's really hard to get customers. Your product or service is great — it truly leaves the competition in the dust. Your prices are just right. But just because you've created something better or cheaper doesn't mean customers will flock to your door. Whatever you have to do to reach and keep customers, you'll have to work really hard at it. And keep at it.

2. Success isn't just about your product or service. Your competitor may sell an inferior product, but still succeed more than you. They may be better at marketing, customer service, money management or managing employees. A lot goes into business success beyond the quality of the product or service. So balance your weaknesses, and hire people who can help you build a successful company, not just offer a great product or service.

3. You develop Attention Deficit Disorder.Entrepreneurs, as a rule, have lots of great ideas. And small business owners wear many hats. All those ideas and responsibilities can easily drive you crazy. If you're constantly going off in one direction after another, you'll never be able to achieve success. But you can take steps to reign in your ADD. First, define your core business so you know what pays the bills. Then, spend at least the first half of the day attending to it.

4. You can work to achieve social goals. Running a business doesn't have to be only about making money. Entrepreneurs today can make a huge difference by applying entrepreneurial thinking and approaches to problems plaguing the planet and its people and animals. Today, you can create a profitable, successful business that still involves working toward the things you care about most.

5. No one thinks you actually work. Consultants — the largest category of one-person businesses — get more respect than they did years back. Still, if you're a consultant who works from home, some people in your life feel like you've got all the time in the world to run errands in the middle of the day, take a day off, or pick up the kids from school. They don't know your day is packed, and you've been up all night finishing a project for an impossible-to-please client then had to attend a 7 a.m. networking meeting to drum up new clients.

6. You really are on your own. When you run a small business, YOU make the decisions. That includes the tough ones like firing your incompetent brother-in-law or taking on debt to expand. If you work alone, find a business buddy to bounce ideas off. Sometimes you may actually miss having a boss to tell you what to do.

7. You won't spend all your time on the things you like. You may have started your business to pursue a dream, but someone still has to take care of the mundane tasks like answering the phones, sending out invoices, filing taxes and keeping the books. If you find all you do is struggle to get out from under that pile of paperwork, it's a sign you need to hire help.

8. There aren't enough hours in the day. If you worked in a big corporation before striking out on your own, you may have had one job and one job only. Now you wear many hats — marketer, salesperson, product developer, bookkeeper, project manager, and on and on. And you still do really need to get some sleep!

9. You look forward to Monday mornings. Sure, there's too much work, too much responsibility, too little security. But no one told you that you'd fall in love with being your own boss, controlling your own destiny. Working on projects that challenge you, with people you've handpicked, making money from your own ideas and enterprise — these can all motivate you jump up out of bed Monday mornings.

Original story online at: http://www.usatoday.com/story/money/columnist/abrams/2015/06/19/small-business-columnist-abrams-surprises/28892995/

Chapter 7 Bankruptcy

noreply@blogger.com (Chris Salerno) — Thu, 18 Jun 2015 02:34:00 +0000

Your guide to a fresh start!

When you have more debt than you can possibly pay off, the bankruptcy system is there to help -- and with  How to File for Chapter 7 Bankruptcy, you'll find the clear and user-friendly information, advice and forms you need to get through the entire process.

If you're considering bankruptcy, the reliable, up-to-date information in How to File for Chapter 7 Bankruptcy will help you successfully complete your bankruptcy claim without breaking the bank.

First, you'll find out how to determine whether you qualify for Chapter 7 -- and whether it's the best way to deal with your debts. Then you'll find out how to:

• decide if bankruptcy is right for you
• complete the official bankruptcy court forms
• prepare for the meeting of creditors
• cancel as much debt as possible
• keep as much property as you can
• deal with secured debts such as car loans
• keep your home, if possible
• rebuild credit afterward

This edition has been revised to reflect changes to state exemption laws, which determine what property you'd get to keep in bankruptcy, and the latest court decisions. You'll also get up-to-date legal forms, including the line-by-line instructions you need to fill them out. Easy-to-use charts make looking up your state's laws a snap.

Please note: This book does not cover business bankruptcies, farm reorganizations or individual repayment plans (Chapter 13). For Chapter 13 bankruptcy, see Nolo's  Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time.