Consult With A Legal Representative

Bankruptcy is just one option for resolving financial obligations.  It may well be the answer in some situations but experienced attorneys advise their clients to consider all the alternatives before beginning bankruptcy proceedings.

If you look at the interest rates associated with debt along with the monthly payments that must be met, it may serve the debtor well to take advantage of debt consolidation.  It puts the debt into one lump sum so that the debtor only has to deal with a single timely payment and can often lower additional charges.

If the debtor is a homeowner and has increased the value of his ownership in comparison with the home’s appraised market worth he may be eligible for a home equity loan as a means of consolidating his debt.  The equity of a home is determined by the current market value minus the total amount of money that the owner has contributed in mortgage payments.  This kind of loan is usually tax deductible and comes with a low interest rate.

Bankruptcy is not a word that creditors like to hear.  They may well consider lowering debt payments in order to avoid involving the bankruptcy court system in the reconciliation plan.  Consult with a bankruptcy attorney about the best ways to negotiate with your creditors.  You will want to be aware of all the legalities involved before you enter into arbitrations.

Default on the debt is a possible alternative for debtors who see no other way out and give up trying to make payments altogether.  Creditors are bound by the Fair Debt Collection Practices Act which prohibits them from making threatening or inappropriate phone calls in an effort to collect the debt.  If a debtor defaults on a loan he should seek counsel in order to avoid legal actions such as repossession or foreclosure.

Discuss all bankruptcy options and alternatives with an experienced bankruptcy attorney from Parker Lawyers.  Read more on the website, www.parkerlawyers.com and call the offices @ 303-841-9525 to set up a personal consultation.

A LLC Is Specific In Detail

The members of a limited liability company (LLC) are shielded from personal liability much like those of a partnership or corporation in that the business members are not held personally responsible for the debts or demands incurred by the company.  Instead of the business being taxed as a separate entity however, the profits and losses are reported on the tax returns of the individual associates and the investors are only risking the money they have put into the business, their personal assets are protected.

Just as with a corporation certain exceptions will affect the issue of liability.  The LLC must be recognized as a business separate from the owner’s other interests.  The best ways to define it as such are by establishing an independent federal ID number, a checking account that is used solely for business purposes and by using a precise ledger to record nothing but business transactions.

The business has to be able to meet expenses and obligations.  If an LLC business owner steps in to personally cover an outstanding debt he is risking the loss of protection from liability.  Each investor has a responsibility to commit to contributing his share of sufficient funds to secure the business.

It should go without saying that any associate who intentionally commits a fraudulent or criminal act puts himself in jeopardy of losing protection from any liability issues that his actions might provoke.  At the same time any associate of the business who is found to be directly responsible for accidental injury to another individual may also be open to risk.

If you are invested in a business that puts you in personal contact with clients and therefore at risk for possible harm to be done you might consider having a business insurance plan to back you up in case your limited liability is disregarded.
Before you enter into any business agreement that will put you under legal obligation consult with an experienced attorney in the field of business law.  Contact the offices of  Parker Lawyers @ 303-841-9525.

Know The Terms Of Your Agreement

When you sign a rental lease you are agreeing to the terms laid out and detailed by the landlord, or the owner of the property that you are leasing.   If you violate any of the conditions specified in the lease agreement you are giving the landlord the right to evict you from the home or apartment you are leasing from him.  

The eviction process may differ slightly in accordance with state law, but there is a basic order of business that applies.  A termination notice must be issued to the tenant pointing out the reason for the action.  If you haven’t paid your rent for instance, you will receive a “pay rent or quit” notice which means that you have been given a certain amount of time to make up the late payments or move out of the property.

If you have been found in violation of a condition of the rental agreement such as making excessive noise after a specified hour you will receive a “cure or quit” notice demanding that you mend your ways or vacate the premises.

An “unconditional quit notice” gives the renter no leeway other than to comply and vacate, but certain circumstances must apply.  There must have been repeated violations, damages to the property or illegal activities on the part of the tenant in order to dignify the notice.

A landlord does have the right to ask a tenant to leave without having to state a specific reason why.  A “notice of termination without cause” however, must allow the tenant a reasonable amount of time to vacate.  Thirty to sixty days is the average.

If after being served with a notification the tenant makes no attempt to re-compensate or make amends for his actions the landlord can proceed with the eviction process.

Any binding contract should be specific in the conditions that apply to both parties. Parker Lawyers is skilled and experience in all facets of real estate law.  Call the offices @ 303-841-9525 for a personal consultation.

Define The Terms Of Your Agreement

A contract is a legally binding agreement between two or more people.  Most of us don’t realize that when we accept a job offer or sign a purchase order we are actually entering into a contract of sorts.  If one party presents an offer and a second party accepts that offer, you have the beginnings of a legal contract.

There are certain stipulations that do apply in order for a contract to be valid however.  The parties involved must be sound of mind and aware of the obligations that they are signing on for.  They must also agree to the terms set down in the wording of the contract.

A contract may be represented by a simple oral agreement or it may be formalized in written form but state laws do regulate that some contracts be prescribed.  Preconditions can vary but as a rule any real estate dealings or negotiations that involve something of particular value will require that an official contract be drawn up.  Getting everything in writing is often a good move whether it is required by law or not.  Words that have been set down in black and white are hard to dispute.

Setbacks are common in today’s business world.  Circumstances may arise that keep one of the parties to a contract from fulfilling their promise.  This is what’s known as a “breach of contract” and can be alleged as material or immaterial depending on whether or not the lack of compliance has a seriously detrimental effect or if it merely causes an inconvenience for the injured party.

Contract disputes may be able to be ironed out privately, between the parties themselves or a mediator may be called in to help reconcile the differences.  If these options are unsuitable the alternative may mean going to court.

The best way to avoid a bad outcome is to take advantage of the experience of a knowledgeable attorney who will know how to transcribe a proper business contract.  The firm of Parker Lawyers is well acquainted with the rules of contract law.  Call 303-841-9525 for consultation.