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The Many Benefits of Chapter 7 Bankruptcy

Among the worst effects of the Great Recession of 2008-09 were mass lay-offs, underemployment, prolonged unemployment and reduced pay. These resulted to financial crisis to millions of Americans and forced majority of those affected to live a more moderate or modest lifestyle.

Doing away with whatever little extravagance millions of individuals enjoyed was not all these people had to let go, however. Due to the mounting bills and debts that they are no longer able to pay, such as mortgage payments, car loans, personal loans, credit card loans, etc., thousands also faced (and actually) lost their home or car because of repossession, while thousands of others suffered stress as they worried about their debts, and the hounding and humiliating tactics employed by collecting agencies to make them pay their debts.

There is a way, though, for debtors to pay and free themselves from debts and have a brand new start at their financial life: Chapter 7 Bankruptcy.

Chapter 7 is just one of the many chapters in the Bankruptcy Code, a law that the U.S. Congress passed in 1978. Otherwise known as Liquidation Bankruptcy, Chapter 7, as explained in detail in the Ryan J. Ruehle Attorney at Law, LLC website “offers the near-total liquidation of all debts that an individual may hold, giving those who pursue this option the ability to start their financial life anew.”

The immediate benefit of Chapter 7 Bankruptcy, once it is filed in court, is the cessation of all forms of harassing tactics used by collecting agencies (including phone calls, text messages, emails, letters, etc.). This benefit is called the “automatic stay,” “an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code, the stay begins at the moment the bankruptcy petition is filed.” https://en.wikipedia.org/wiki/Automatic_stay

An automatic stay also protects debtors against creditors who may: try to obtain a debtor’s property through a court injunction; request the court to issue a wage garnishment and/or bank account levy order; or, begin or continue any judicial proceedings against the debtor.

Through Chapter 7 Bankruptcy, a court may totally free a person from all of his or her unsecured debts, which includes personal loans, credit card debts, medical bills, past due utility bills, repossession deficiency balances, business debts, personal loans (from friends, family, and employers), student loans (under certain circumstances), money owed under lease agreements (including past due rent), tax penalties and unpaid taxes (due dates of these should be more than 3 years), and collection agency accounts.

There are also debts which cannot be discharged. In fact, unless due to totally reasonable circumstances, these debts will have to be paid even after Chapter 7 bankruptcy has been declared. These debts include spousal and/or child support, taxes, debts owed to tax-advantaged retirement plans, and student loans (with some exceptions).

While Chapter 7 may truly be beneficial, a person will first have to pass a test in order to get protection from this bankruptcy chapter. The Means Test, which is an evaluation method based on an applicant’s personal income, will determine if a person is eligible to file for this chapter. A bankruptcy lawyer may be able to help anyone thinking of filing for bankruptcy; he or she would also be able to help a person know which bankruptcy chapter is appropriate for his or her unique financial situation.

Drowsy Driving And Dangers Of Wrongful Death

Everyone knows that driving under the influence of alcohol or other narcotics is dangerous and can lead to serious accidents, sometimes involving death. However, many people don’t know that another form of negligent driving is a big factor in wrongful death car accidents also drowsy driving. Driving a vehicle when a person is fatigued or very drowsy can be just as dangerous as operating that vehicle under the influence of a narcotic or alcohol. Both cases involve distraction, and the inability to focus on driving and other tasks at hand. Drowsy driving kills thousands every year in the U.S., and could be prevented if people were more careful about when they decide to operate their vehicles.

Sometimes people think that they are not too tired and that they can safely operate their vehicles, when really, they are putting themselves and others at a serious risk for an accident by getting behind the wheel when drowsy. Many incidents of wrongful death car accidents are caused through drowsy driving behaviors, which might include:

Veering into oncoming traffic
Swerving into neighboring lanes
Coasting through stop signs or red lights
Failure to use appropriate speeds
Falling asleep at the wheel

All of these behaviors are extremely unsafe. They might even, sadly, result in the wrongful death of another innocent driver. The wrongfully deceased person’s family will have to cope with this loss, both emotionally and financially, all because of the negligence of the drowsy driver. Some costs that a family has may include things like memorial and funeral costs, burial costs, and emotional grief counseling.

Facing the wrongful death of a loved one is extremely difficult, especially when your family cannot pay for the costs associated with laying to rest your loved one. However, families of people who are wrongfully killed by drowsy drivers may have recourse to legal action to help them cope financially with their situation. If your loved one has been killed by a drowsy driver, contact a qualified legal representative to discuss filing a wrongful death claim today.

Many Different Business Contracts

Beginning a business can be extremely exciting, especially if you have been thinking about your project for a long time and have finally been able to get started. While this time can be exciting, its also extremely important for budding business owners to be aware of the fine print of starting a business. For instance, creating the right contracts for various business endeavors is one aspect of business growth that many owners fail to account for, in regards to the time and effort it will take to finish the job. Drafting contracts for a business, for both present and future needs, can take a lot of time and can be frustrating and complicated. It is, however, an essential part of every business to protect a business owner legally and financially.

According to the website of the contract preparation lawyers of Arenson Law Group, PC, there are many different contracts that a business owner might need, depending on the specifics of his or her business. It is therefore important for a business owner to be familiar with some of the most important types. For instance, a list of potential contracts might include:

  • Employment Contracts
  • Shareholder Agreements
  • Merger Contracts
  • Joint Venture Agreements
  • Operator Agreements
  • Acquisition Agreements
  • Partnership Contracts
  • Confidentiality Agreements
  • Licensing Contracts
  • Distribution Contracts
  • Franchise Agreements
  • Trademark, Copyright Agreements
  • Professional Service Contracts
  • Non-Disclosure Agreements
  • Premises and Equipment Leases

These are all potential contracts that a business owner might need when constructing his or her business, or that he or she may need in the future of the business, should it grow and need more workers. While this list (not comprehensive) might be daunting for some, there are many outlets for legal help that a business owner can turn to, when facing the beginning paperwork of starting a business. In addition, contracts may be drawn up between property owners or property management companies to handle real estate rentals, management of property, and other arrangements.

If you or someone you care about is getting his or her business started and needs legal advice and assistance with drafting contracts, contact an experienced business attorney today to discuss this process. Contracts are complicated and can cover a vast array of situations. They should be succinct, yet cover all of the bases they need to cover.

What If You’re Partially At Fault In A Car Accident?

In many cases, a person in a car accident may at least partially share a portion of responsibility for the accident. If this is the case when a person files a compensation claim against the other individual, the lawsuit will eventually need to establish what portion of fault each party owned. Depending on who was more at fault, a person may be entitled to sue for compensation up to a relative amount according to Wisconsin’s negligence system.

Determining Who Can Sue

Before a case is allowed to move forward in earnest, the claimant needs to first establish that the other party was mostly at fault for the accident. In Wisconsin, mostly at fault is defined by at least 51 percent of the fault for an accident. If a collision wasn’t primarily caused by the defendant’s action or inaction, the case cannot proceed. If it was, the claimant’s case may move forward.

The Cost of Claimant Mistakes

According to Wisconsin’s negligence system, a claimant can only sue for compensation for the amount of fault they were not personally responsible for. This means that a claimant who make a serious error during an accident may not sue for whatever percent of the accident that mistake counts as. For example, if an accident was 10 percent caused by a claimant’s failure to brake at a reasonable time, that claimant may lose the chance to recover that 10 percent of their compensation.

Moving Forward with a Compensation Case

If you’ve been injured in an accident mostly caused by another person’s negligence, you may want to consider consulting with a legal advisor regarding your options in moving forward with a compensation claim. For more information about your options after an injury on the road, contact a Stevens Point car accident lawyer.