As the owner of a small business, you may be in charge of everything, including paying the bills. Not only is running a small business time consuming, but it can also be difficult to manage if you do not have sufficient cash flow. When you start experiencing cash flow problems, you might start finding it hard to pay your loan payments. If you have a small business loan and cannot make the payments on it, you should seek advice and help from a business loan lawyer.
Bankruptcy is a fairly solid way of getting relief from your debts, but that benefit comes with a cost. The trustee in your case will take any non-exempt assets, sell them, and distribute the funds to your creditors. This includes any unprotected equity in your home. If your home equity balance exceeds the exemptions the law provides you, you may be forced to sell your home so the trustee can get that money.
If you are going through a divorce and the money is running out while you try to live on your own and pay for a lawyer, and you are afraid that you are going to end up broke, you want to talk with a lawyer that specializes in bankruptcy, so they can work with your divorce attorney to get you the help that you need.
When a couple has a lot of debt and they then want to divorce, it can get complicated.
If you are way over your head in debt, and you have creditors coming after you, filing for Chapter 7 bankruptcy can help protect you from legal actions. It can help protect you against litigations, wage garnishments, and foreclosures.
If a creditor has sued you in court, filing for bankruptcy is one way to protect yourself from the legal costs of fighting the creditor in court. Filing for bankruptcy will stop the court action against you and will prevent the creditor from obtaining a legal judgement against you.
Payday loans are a great source of emergency income, but there are also ways to misuse and abuse them. Here are some times when you might be looking into a payday loan, and some advice on whether a payday loan should truly be your go-to:
You Have Small, Unexpected Bills
If an unexpected bill makes up a small portion of your income, say one-third or less, it's safe to take out a payday loan.