Posts Tagged ‘financial difficulties’

Home Business Creating Financial Difficulties

Sunday, February 6th, 2011

Consumers may be driven into declaring bankruptcy by many different types of financial difficulties.  One of these difficulties may be stuck with a home business that does not earn sufficient income to warrant the time and expense to run it.  A home business can be a drain on a person’s resource.  Before starting a home business it is important to do a thorough cost benefit analysis of it.  It is also important to keep in mind that there are unscrupulous entities that take advantage of potential home business owners by offering financial traps under the false guise of a business opportunity.  This type of deceptive home business program often promises for the home business owner to make huge profits working just part-time.   Carefully investigate before buying a business program the seller’s credibility, the success rate in the past of people buying the business plan, complaints that have been filed against the seller, how much money it will cost to get started, what the potential exposure to claims against the home business owner if the program is not as represented, how much time will need to be invested weekly to do business, how much time it will take monthly to run the business, what the monthly cost will be to do the program, what are your expected monthly earnings from the business, what insurance costs there may be to run the business, what licenses may be required, what bookkeeping is required, what legal requirements must be met, legal expenses and what paperwork will be required to sign to start this business.  If a consumer is already stuck with a home business program that is a huge drain he or she should contact a Minnesota attorney to evaluate the situation to see what can be done to address the problem.  An experienced Minnesota attorney may be of assistance in a number of ways including the potential for civil litigation or debt relief.   If the consumer has been a victim of fraud or breach of contract and has moved within applicable time limits he or she may be able to pursue a claim against the seller.  There may also be another type of legal help available for a home business program that is a financial drain through bankruptcy if the debtor is eligible under prevailing law.  It is a sound idea to consult with a Minnesota lawyer to find out what legal assistance may be available to help when faced with business and/or debt related problems.

This blog is not intended to give legal advice and does not do so.  Reading this blog does not establish an attorney-client relationship nor is it a substitute for consulting with a licensed lawyer.

We are a debt relief agency.  We help file for bankruptcy relief under the bankruptcy code.

Ways Of Handling Money That Can Lead To Bankruptcy

Sunday, January 9th, 2011

There are ways of handling money that can lead to a need for debt relief.  These financial approaches by consumers are common causes of personal bankruptcy.  The following ways of handling money can lead to serious financial problems including the need to declare bankruptcy:
•    Making purchases based on what you want rather than what you need.
•    Making large purchases that are beyond your current ability to pay for them.
•    Purchasing things under payment arrangements that call for high interest rates.
•    Purchasing items with a credit card that you cannot afford to pay for with cash.
•    Utilizing a credit card to pay on a bill and/or bills due on other credit cards
•    Inattention to the interest rate that a credit card carries with it.
•    Spending beyond the credit limit set by an account and incurring charges for being over the limit.
•    Being late on paying your credit card causing late fees to be charged.
•    Paying only the minimum payment due on a credit card.
•    Failing to keep have savings funds to cover a financial emergency
•    Not making mortgage payments on time
•    Failure to make timely motor vehicle payments
•    Not following a monthly budget for regular expected expenses.
•    Spending more money yearly than income that is received.
•    Procrastinating on try to improve and/or eliminate debt problems

Some people put off attending to money problems with the idea that things will get better over time.  This approach may lead to even more serious financial problems as time goes on.  Money problems should be promptly attended to by a consumer.  Procrastination on attending to money problems can lead to judgments against a consumer, garnishment, repossession and foreclosure. If a consumer finds that his or her resources are insufficient to deal with the problem then professional legal assistance should be sought to deal with the situation.  Consumers who are considering bankruptcy can contact a Twin Cities law firm that has a bankruptcy service.  The law office can set up a meeting for the consumer to discuss bankruptcy with a Minneapolis bankruptcy attorney or St. Paul bankruptcy.   A meeting with a Twin Cities bankruptcy attorney can be useful in determining potential avenues of relief.  At a meeting with a bankruptcy lawyer there can be a discussion of bankruptcy alternatives.  A consumer can at a meeting with a Minnesota bankruptcy attorney to  explore potential legal help including relief under Chapter 7 or Chapter 13 of the federal bankruptcy law or, if a consumer is a Wisconsin resident under Wisconsin Chapter 128. People who face serious debt problems should not procrastinate, but rather move promptly to find a way to improve the situation.

This blog is not intended to give legal advice and does not do so.  The reading of the blog does not establish an attorney-client relationship.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.