Northern Georgia General Law Blog

American bankruptcies see a “graying” trend

Bankruptcies among seniors is growing rapidly. In 1991, bankruptcy filings for those 65 and older made up 2% of all claims while today senior bankruptcies are at 12%.

A recent research paper by Indiana Legal Studies says safety nets for older Americans have shrunk over the past two decades due to risks associated with aging, reduced income and increased health care costs.

What are my bankruptcy options as a business owner?

Businesses can suffer from the accumulation of debts relatively quickly. This is primarily because many external factors can affect a business' success. Even if a few months ago your cash flow was healthy, you may have fallen into debt fairly swiftly due to a situation that was beyond your control.

Even if the reason why you fell into debt initially was through no fault of your own, it is your responsibility to take control of your finances. You should, therefore, make sure that you look into your various options regarding bankruptcy so that you can effectively remedy the situation. The following are three options that you have as a business owner.

What are the advantages of a partnership?

When looking to create a business or grow an existing business, you would be wise to investigate the different business structures that could be used. Organizational structures form the basis of the workings of any business; therefore, it is perhaps one of the most fundamental decisions that you will make.

If you are interested in the possibility of creating a partnership business, it is a good idea to consider the advantages and disadvantages before making a committed decision. By applying this information to your unique circumstances, you will be able to make a decision that is in the best interests of your business.

Enforcing your right to a quiet home

Everyone has the right to live in a home that is free from excessive external noise. Noise can seem like only a minor consideration when deciding whether to purchase or rent a property; however, excessive noise, especially during antisocial hours, can have an extremely detrimental impact on a person's life.

Noise pollution in the home can lead to sleep deprivation and stress that can actually be a catalyst for illness. Therefore, it is important that you take action to restore the quiet of your home.

Understanding judgment liens as a creditor

As a creditor, missed payments can seriously affect your cash flow and your business. When those whom you have provided a service or a product to have not paid what they owe, you do have several options to get justice.

After going through the process of making contact with the debtor and making reasonable requests to obtain the debt, you may want to consider legal action. It is possible to initiate court proceedings, although creditors are often able to resolve the issue before reaching this stage.

These tips will help you pass on your business

Passing a business on to your children is not the same as listing out other assets in your will. You need a viable business succession plan. You need to consider the future of the company and the employees, not just your own future or your heirs' futures. It's critical that you do all of this properly if you want to see your children take over the family business.

To help you, here are a few key tips:

  1. Start early. Don't put this off. Some say that it's best to start about a decade before you want to pass the company on, though five years will work.
  2. Get the children involved. Work with them and show them the ropes. By the time they take over, they should have years or even decades of experience.
  3. Have conversations with your heirs. Ask them what they want and what they expect. Do they even want to run the company? How many heirs expect to be involved?
  4. Be realistic about their skills. Don't give too much responsibility to someone who isn't ready for it just because they're in your family. Do not set them up for failure by giving them jobs they can't handle.
  5. Remember that equality, while it sounds nice, may not be best for the company. Are you really best off to leave the company in one capable person's hands or to split the ownership up between four different heirs who are less capable?

How publishing info can actually protect intellectual property

Today’s business landscape is dynamic and competitive. Innovations are happening in every aspect of business, including in how people protect their innovations.

Every business needs to protect their intellectual property (IP)—proprietary creative works, inventions and methods. One way that businesses can accomplish this is through a method called defensive publishing.

Reasons that start-ups burn through all of their money

When you're securing funding for your new business, it feels like you'll have no problem getting everything you need. You have a lot of interested investors. You started with a dream and no capital, so everything you bring in massively expands what you think is possible.

Twelve months later, though, you're on the verge of running out of money and declaring bankruptcy. What happened? How did you burn through everything so quickly, ruining what was otherwise a good business idea?

Protect your trademark, and those of others, in business launch

It takes a long time and a lot of planning to start a business. Whether you run a company offering services or have a great product to sell, you have put a lot of time and thought into your venture.

But there are details you can't forget to take care of.

Who can benefit from a Chapter 13 bankruptcy?

Chapter 13 bankruptcy is a very popular choice for individual debtors who do not qualify for Chapter 7 bankruptcy. Chapter 7 bankruptcy tends to be a very popular option since the entire process takes around six months, and debtors benefit from debt discharges. However, debtors will only qualify for Chapter 7 bankruptcy if their income is very low in comparison to their debts. Additionally, you will almost certainly lose your home as a result of filing for Chapter 7 bankruptcy.

If you do not qualify for Chapter 7 bankruptcy, or if you want to ensure that you can keep your home, Chapter 13 bankruptcy may be the best option for you.

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