“Many US companies have operations in Germany, and a recession in Germany will impact their operations. The decline in demand for goods and services in Germany will lead to a decrease in revenue for US companies operating in Germany. This will result in a decline in profits, which will have a negative impact on the US economy.”
Will I lose my car if I file bankruptcy in Mecklenburg County, North Carolina?
What happens to my 401k when I file Chapter 7 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.”
Are you a farmer and owe a tax debt to the IRS? Chapter 12 is the filing you need to protect your land and equipment.
What is the homestead exemption and how much is it in Mecklenburg County, North Carolina
“In Mecklenburg County, North Carolina, the homestead exemption protects a portion of the equity in your primary residence from being seized by creditors in the event of bankruptcy or other legal actions. The homestead exemption amount in Mecklenburg County changes periodically and is currently $35,000 per individual or $70,000 per married couple filing jointly.”
I am disabled, will I lose my disabled van if I file bankruptcy?
“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.”
Why Most Americans Die Without an Estate Plan
What US Cities Will Be Most Impacted by The Recession?
How Large Affluent Companies Avoid Bankruptcy
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
Tax Havens and Transfer Pricing
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.
Punitive Damages Deduction
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.
Carried Interest
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
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.
Bankruptcy
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.
Final Thoughts
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
Why is There an Increase in Families' Cars Being Repossessed?
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.
Why Chapter 13 Bankruptcy Filings Increased Last Year?
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.
Expect a Recession in 2023
The Importance of Having Life Insurance
Building Your Credit Up After you File Bankruptcy
How to Spot Nursing Home Abuse
“As an individual ages, it becomes increasingly difficult for them to defend themself when faced with physical or verbal abuse. Nursing home residents are typically individuals who are vulnerable and therefore require assistance from their caretakers to complete everyday tasks. In many cases of elder abuse, the victim is either afraid to speak up or suffers from cognitive impairments that render them unaware that they are being abused.”
Teton County is the Wealthiest County in Wyoming
“Rich Californians escaping high taxes and the issues of urban life have found release in the beauty of the Tetons in Jackson Hole, Wyoming. Teton County is the wealthiest county in the country where the average income is $312,000 and the median home price is $3.6 million. A food pantry sits across the street from a $6 million townhouse site.”