Businesses Need Law Like Humans Need Love

As a start-up business owner or a finance savvy young professional, you will find out soon enough that you need Law as an ally.  Be it about filing for bankruptcy, leasing, negotiating mergers and acquisitions, buying insurance and others you need someone with expertise in law to help you in sticky situations and help you avoid potential financial loss.

Humans Need Love Even Unexpected

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Unexpecting That by clappstar, on Flickr.  This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.

Below are some of the situation in which you are likely to find yourself in as you build your businesses or keep your finances in order:

Creating Intercreditor Arrangements

As a business, taking on debt is nothing new.  Most of the time businesses take loans because they need capital.  Sometimes, things go wrong and businesses are unable to pay their loans. In this situation businesses may need to seek help from a law firm to help them create arrangements with their creditors that will result in a mutually-beneficial solution for them and their creditors.

On a smaller scale, I experienced something similar.  I survived a credit card debt nightmare.  I used to lose sleep over credit card debt, needless to say the experience was horrible.  Although my self-control when it comes to spending is something I can be proud of, my self-control was not enough to keep me away from the claws of the evil credit card debt.  My advice to you is to just walk away from credit cards even if you are confident about your self-control.  Things can easily go wrong with your finances and before you know it you might find yourself staring straight into credit card debt’s evil eyes.

 Leasing

In my past article, Strange and Beautiful I talked about the rather unusual domain renting or leasing.  Domain renting is nontraditional and most likely the lease agreement for typical things that are leased will not fit domain renting like a glove.  There might be a need to add special sections in the lease.  In this situation, help from a lawyer might be advisable.  The fee paid for the lawyer will certainly be worth it, especially when the well-crafted lease agreement your lawyer helped you create saves you from a potential financial loss that can happen from a poorly-crafted lease agreement.

Filing for Bankruptcy

I know bankruptcy is the last word you will ever want from your business or finances.  Awful as bankruptcy is, sometimes there are situations where filing for bankruptcy is your best option.  Filing for bankruptcy will help you protect your credit rating from further damage and it can also relieve you of some legal obligations from your creditors.  Before you decide that filing for bankruptcy is your best option in your financial situation, you may want to consult a lawyer to help you clarify some questions you might have about the legal implications of bankruptcy.  Should you decide to file for bankruptcy, a lawyer at your side will help you make sure that you go through the process of filing for bankruptcy properly.

Jesse Fin
 

Jesse worked as a journalist for a large tv station in Korea in her past life. She now works full time at home as a blogger and loves to help her friends manage their personal budgets.

Click Here to Leave a Comment Below 6 comments
Aspiring Blogger - December 3, 2012

I agree, you definitely need the law – and in some cases – lawyers – on your side. Without solid laws the blogs that we’re spending all of our free time building could taken from us, or the content stolen without repercussions, or a myriad of other horrible situations. I don’t know about specific lawyers, but it’s always good to build relationships so that if the time comes and you need help – you’ll know where to turn!
AB

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    arnelariate - December 3, 2012

    Hi, AB. I know of a WordPress plug-in that helps prevent your blog content from being copied, it is called WP Content Copy Protection. When you install it, right-clicking on your blog won’t work. I installed it and hopefully it deters others from copying my content. Plagiarism is a real concern for us, bloggers. If our content is copied and published elsewhere, it could seriously hurt our ranking. We know that intellectual property violations can have serious consequences. It might be helpful to know that Irell and Manella, the law firm where Mr. Morgan Chu is connected with is a full-service law firm and one of its main areas of practice is intellectual property litigation.

    Reply
Jebon - December 18, 2012

When you file for bankruptcy your ateronty will do what is called a means test which will calculate your debt verses your income to see if you qualify for chapter 7. It takes about 60 days to be discharged (45 days after your hearing with your creditors) and there are 2 counseling sessions that you must complete in order to be discharged. One has to be done prior to filing and the other must be done prior to discharge and they both cost on average 45.00. It takes 10 years for the bankruptcy to come off of your credit report so think long and hard about this before you file. If it is possible to receive credit counseling to get things cleaned up, try to go that route first. An ateronty will advise you on the best thing for your situation. Most aterontys will require that their fees are paid in full prior to filing your case depending on how much debt you have. The more debt that he has to get discharged for you, the more fees you will have to pay. We just went through all this and ours should be discharged in about 10 days. good luck

Reply
    arnelariate - December 18, 2012

    Hi, Jebon. What language is ateronty? You have an interesting way of spelling words. I like it. Your comment is very informative. Thank you for sharing.

    Reply
Hyman - April 19, 2013

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    Arnel Ariate - April 22, 2013

    Hi, Hyman. I’ll be anticipating you’re return.

    Reply

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