Posts made in May, 2018

What You Need to Know About the Chapter 7 Bankruptcy

Posted by on May 22, 2018 in Blog | 0 comments

What You Need to Know About the Chapter 7 Bankruptcy If you are laden with anxiety because your business is on the verge of bankruptcy, filing for the Chapter 7 will help you reorganize your debt to avoid liquidation of your company assets. This also gets you off the hook of acquiring additional liabilities caused by charges against your monthly obligations and deflects collection calls that may hurt your business credit standing. Bankruptcy Opens Your Financial Standing to Public Inquiry When filing for the Chapter 7 law, be prepared to put your information into public scrutiny. This exposes every aspect of your financial standing including the mistakes and how your company handled your finances in the recent years. Filing for bankruptcy protection will also require you to file a huge amount of paper works which will be added on to the bankruptcy schedules. Among the things you need to present to the arbitrary court includes company assets, debts, income, recent financial activities and transactions, and expenses. You will also be required to attend several instances where you face with your creditors. Also called as a “meeting of creditors”, this can be extremely uncomfortable as you disclose your financial standing with them and the bankruptcy trustees. It Affects Your Credit Standing for Several Years It normally takes a debtor two years to start recovering from the financial burden they incurred from your business. In most instances, these creditors will not likely have business with you for the years to come following your Chapter 7 Bankruptcy filing. Working on your credit standing will help you get a better score so you can start rebuilding your finances. This will help you and your company focus on the changes that can help bring financial stability in the long run. If you are considering Chapter 7 Bankruptcy for your business, debt relief agencies like Stratton & Green, ALC can help you cross the bridge worry free. Not only will it protect your property, but also cease collection actions, and discharges all your debt balances from financial institutions you have acquired debt...

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Breach of Contract – What Now?

Posted by on May 11, 2018 in Blog | 0 comments

Breach of Contract – What Now? Business contracts are an essential aspect of the success of a company. You are expected to fulfill your obligations under the contract while the other party fulfills theirs. Unfortunately, contracts of any kind do not always work out in the way they are expected to. Rather than doing nothing when a breach of contract has occurred, it is important to remember that the contract is enforceable by law. Depending on the type of breach and the amount of money involved, lost monies may be able to be recovered in small claims court. However, the best option for you when the dollar amount of the lost finances exceeds the court’s maximum is to hire an experienced attorney. In more complex breach of contract cases, this is also the best course of action. In some cases, the amount of money and time spent going after the monies owed may not be reasonable. Of course, in cases where there was a significant loss, hiring a reputable attorney to fight for you is best. The four breach categories include: Material Breach – the most serious of breaches, and is when one party fails to fulfill their end of the contract. Fundamental Breach – the wronged party is allowed to stop performance and sue for damages. Anticipatory Breach – a breach is about to happen. Minor Breach – only a portion of the contract is breached. In all cases of contract breaches, it must be credible. The signed contract, date it was executed, date of the breach, and the amount of money lost, must be available for your lawyer to evaluate. A qualified attorney can explain what is involved in each of these breach categories and more. The attorneys at Stratton and Green, LLC can help. For more information on breach of contract, contact them...

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