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Bankruptcy

Alternatives to Bankruptcy

Bankruptcy can be an effective way to eliminate significant debt. At the same time, the process is time-consuming and often results in a debtor losing ownership of some amount of property. It will also hurt your credit and you will not be able to file again for at least 2-8 years (depending on the type of bankruptcy you filed).

For these reasons, you might want to consider other options first. These include: debt settlement, restructuring and consolidating your debt, selling property, and evaluating your income and expenses.

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Bankruptcy

What Happens to Secured Debts After Filing for Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy is a great option if you are looking to get out from under the weight of significant debt. Through this process, many of your debts will be effectively discharged and you will have a “fresh start”.

However, it’s important to note that different rules apply to debts that are “secured”. Here, while the underlying debt may be canceled, the creditor is often entitled to take back the property that was involved in the transaction (referred to as collateral). 

If you are in this situation, you do have a few options. You may relinquish the property to the creditor, redeem the property, reaffirm the underlying debt, or retain the collateral and pay the money you owe.

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Bankruptcy

Chapter 7 Bankruptcy & The Automatic Stay

If you feel overwhelmed by debt, know that there are always options. One course of action to consider is a Chapter 7 bankruptcy. There are many benefits to this legal process, including what is known as the automatic stay. The stay effectively stops most collection actions and lawsuits against you.

However, keep in mind that there are certain actions that will not be paused by the stay. Further, creditors do have the option of asking the court to “lift” the stay, which allows a collection activity or lawsuit to move forward during the bankruptcy.

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Bankruptcy

What Debts are Dischargeable in a Chapter 7 Bankruptcy?

Most people that file for bankruptcy do so to cancel their debts and have a fresh start. This is referred to in the law as debt “discharge” and is perhaps the most important feature of a Chapter 7 bankruptcy. However, bear in mind that not every type of debt is dischargeable. A non-dischargeable debt means that you would still be on the hook to pay back the money owed once the bankruptcy process is complete.

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Bankruptcy

Am I Eligible for Chapter 7 Bankruptcy in California: The Means Test

Filing for bankruptcy can help you relieve the pressure of mounting debt. Many individuals faced with these liabilities choose to pursue what is known as a Chapter 7 bankruptcy. However, not everyone is eligible for this type of filing.

If you happen to earn enough income and are able to pay your financial obligations, you will not be eligible for Chapter 7. Instead, you would file under Chapter 13. To determine whether you qualify for Chapter 7, the court will use what is known as the “Means Test.” 

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Small Business

Legal Steps for Starting an Airbnb Business in Joshua Tree (with COVID-19 Update)

People from all over the world flock to Joshua Tree to enjoy its picturesque landscape and bask in the tranquility of the high-desert. Because of this, in recent years, those offering short-term rentals have been able to earn extra cash through sites like Airbnb, FlipKey, and VRBO. 

However, there are certain steps that all property owners need to take before opening the doors to potential guests. Part of this process involves complying with local regulations, which are always subject to change. For that reason, it’s important to stay on top of these rules in order to help ensure that your Joshua Tree rental business flourishes for years to come. 

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Trademarks

Reviving a Dead Trademark (with COVID-19 Update)

Having your federal trademark application approved is reason to celebrate. This is because registration affords you protection at the national level. Also, generally speaking, registered status can last indefinitely.

But, keep in mind that you need to take certain steps to maintain your registration or you could risk the mark falling into “dead” or “abandoned” status. That said, there are instances where you can successfully revive a dead trademark.

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Nonprofits

What Are Nonprofit Bylaws?

Bylaws play an integral role in nonprofit organizations. Simply put, the bylaws are the internal manual for how the nonprofit will run. For proper functioning of the organization, it is important that everyone on the board understands and follows these rules. The document is not filed with the state, but rather maintained within the nonprofit.

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Trademarks

How Do I Choose the Correct Trademark Class?

Deciding on a trademark is an important part of successful branding. Many companies then register the mark for protection at the federal level. Part of this process requires considering how the trademark should be classified.

Keep in mind that on your application you must select from one or more of the available categories, which are based on the goods or services you offer. The USTPO provides 45 classes to choose from and, once selected, your trademark protection is limited to that specific area. Further, if you select the incorrect class, your application may be denied.

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Small Business

What is a Pass-Through Entity?

Selecting a business type is a lot like buying a car. There are pros and cons to consider with every vehicle and some will be more suited to your individual needs than others. The same is true when setting up a business. That said, tax treatment is one of the major issues that could lead you to choose one type over another. 

With that in mind, the term “pass-through” entity comes up a lot in the literature on business formation. Simply put, a pass-through entity is a company that does not pay corporate tax. Instead, the income “passes through” to the owner, meaning the tax obligation is paid only once on his or her personal return. As you can imagine, this feature can be a major advantage.

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