“You Could Lose Protection: When you file for bankruptcy, you get something called an "automatic stay." This stops creditors from trying to collect money from you. If you miss payments, you could lose this protection.
Your Case Might Get Dismissed: In the worst case, the court could throw out your bankruptcy case. This means you'd lose all the benefits of filing for bankruptcy.
Creditors Can Start Collecting Again: If your case gets dismissed, your creditors can start asking for money again. They might even try to take your stuff or garnish your wages.”
“Deciding to surrender your car during Chapter 7 bankruptcy is not a decision to be taken lightly. It is essential to weigh the benefits and drawbacks carefully while considering your overall financial situation. Understanding what surrendering your vehicle entails, including the long-term implications for your credit and future transportation needs, is vital for making an informed decision.”
“In North Carolina, individuals filing for Chapter 7 bankruptcy can protect up to $35,000 of equity in their primary residence. This is due to the state's homestead exemption rule, which does not allow for the choice between state and federal exemptions, unlike some other states.”
“Bankruptcy can provide relief for individuals and businesses facing insurmountable debt. It is a legal process that allows borrowers to eliminate or repay their debts under the protection of the bankruptcy court. However, it's important to note that bankruptcy does not automatically eliminate administrative liens on your home. The impact of bankruptcy on administrative liens depends on the type of bankruptcy you file.”
“One of the major concerns with relying solely on Social Security is the uncertainty surrounding its future. The program faces financial challenges due to an aging population and a decrease in the number of workers supporting the system. While the government has taken steps to address these issues, such as raising the retirement age and increasing payroll taxes, there is still a level of uncertainty regarding the long-term sustainability of Social Security. Depending solely on this program for retirement income may expose individuals to the risk of reduced benefits or potential changes to the program.”
“Bankruptcy can provide relief for individuals and businesses facing insurmountable debt. It is a legal process that allows borrowers to eliminate or repay their debts under the protection of the bankruptcy court. However, it's important to note that bankruptcy does not automatically eliminate administrative liens on your home. The impact of bankruptcy on administrative liens depends on the type of bankruptcy you file.”
“In the complex landscape of financial recovery, the interaction between bankruptcy and credit cards stands out as a pivotal concern for many. Deciding to file for bankruptcy is a significant step, fraught with both relief and challenges, particularly when it comes to managing existing debts. The common misconception that individuals can selectively exclude certain credit cards from bankruptcy proceedings underscores the necessity for clear, authoritative guidance on this matter. Understanding the legal and financial ramifications of such decisions is essential for anyone considering bankruptcy as a pathway to regain financial stability.”
“Chapter 13 bankruptcy can help stop the foreclosure of your home by implementing an automatic stay, which is a court order that prevents creditors from taking any collection actions against you, including foreclosure proceedings. Once you file for Chapter 13 bankruptcy, the automatic stay goes into effect, and your mortgage lender is required to halt any foreclosure proceedings that are currently underway.”
“Life insurance is a crucial financial tool that provides protection for your loved ones in the event of your death. However, what happens to your life insurance policy if the insurance company goes bankrupt? It's a valid concern that can have a significant impact on your financial planning. In this post, we'll discuss how you can protect your life insurance policy from bankruptcy.”
“f you are filing for Chapter 7 bankruptcy, you may be wondering how to protect your 401(k) savings. In general, 401(k) accounts are protected in bankruptcy proceedings, which means that creditors cannot seize these funds to pay off your debts. However, there are some important factors to consider to ensure that your 401(k) savings are fully protected.”
“When filing for Chapter 7 bankruptcy, it can be a difficult and stressful process. One important thing to consider is how to protect your handicap van from being taken by your creditors. This can be accomplished by understanding the different ways that a creditor may attempt to seize your vehicle, as well as taking steps to ensure that any attempts are unsuccessful.”
Many of the top companies in the world are backed by teams of experienced lawyers tasked with the job of finding clever ways of circumventing the law to allow these billion-dollar corporations to avoid lawsuits.
Decreasing taxes, sidestepping finance laws, and avoiding lawsuits from customers are a few examples of situations where large corporations utilize legal loopholes in order to remain successful.
Let’s discuss five legal loopholes large corporations use to avoid lawsuits:
1. Tax Havens and Transfer Pricing
2. Punitive Damages Deduction
3. Carried Interest
4. Patent Injunctions
5. Bankruptcy
International corporations are not required to pay taxes on any profits incurred overseas unless they transfer the profits to a US bank. Transfer pricing is a practice adopted by international corporations that allow companies to transfer international profits to offshore banks so that they’re considered overseas earnings. The profits are kept in an offshore account where taxes are indefinitely deferred.
When large corporations are found to be criminally liable for an offense and are charged with punitive damages, according to the law, these expenses are considered normal business expenses. Companies are therefore able to claim the cost of this lawsuit as a business expense and significantly reduce the cost to the company.
The managers and CEOs of the world’s leading companies are able to pay significantly lower taxes on their income than the average person. The profits earned from investing in a company are known as carried interest and are taxed at the capital gains rate which is a much lower rate than income. Instead of claiming to receive a salary for working at a company, CEOs and managers refer to their earnings as carried interest in order to avoid paying higher taxes.
Patent injunctions are used when a company believes that another organization’s product is infringing on its copyrights. If a judge grants the injunction, the opposing company is prevented from selling the infringing product. Corporations have used this threat as a scare tactic to influence small companies to discontinue selling their product or pay them an exorbitant fee. This method has ensured that larger corporations have been able to dominate their industry by monopolizing sales of particular products.
Large corporations sometimes use bankruptcy to avoid lawsuits. This is a controversial legal strategy that is still used today. Large corporations establish shell companies that take on legal liability while keeping their valuable business assets separate from this new company. The shell company then files for bankruptcy which in turn freezes any lawsuits associated with the company. The goal of this tactic is to permanently block or delay any lawsuits against the parent company.
Several different clever legal strategies have been utilized by companies throughout the years to avoid any legal ramifications for their actions. Bankruptcy, tax havens and transfer pricing, patent injunctions, carried interest, and punitive damages deductions are a few of the legal loopholes utilized by multinational corporations.
If you are already filling the pinch of the recession and you need to file bankruptcy please schedule an appointment with us here at Hishaw Law LLC. We are experienced in handling Chapter 7 and Chapter 13 matters. Please complete the online bankruptcy form. To schedule a consultation with Hishaw Law LLC please contact us at 1.307.228.0407
The rate of car repossessions in the United States is on the rise and is expected to continue to do so in the coming years. In 2020, repossession rates were at the lowest they had been for six years before the pandemic. However, in 2022, repossession rates reached nearly pre-pandemic levels and in the case of low-income families, had exceeded their 2019 rates.
In 2022, Chapter 13 bankruptcy filings increased by 26.6% while business and other personal bankruptcy filings fell by 11.7%. Chapter 13 bankruptcy was established to provide debt relief to individuals who are struggling financially by giving them the grace to pay off their debts without the worry of losing their assets to creditors. In this article, we will discuss what is Chapter 13 bankruptcy and how it works as well as why there was an increase in Chapter 13 bankruptcy filings in 2022.
Veteran Asset Pension
