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Tallahassee Florida Bankruptcy Law Blog

How we represent your business in a fiduciary dispute

A previous post on this blog discussed the important role different types of fiduciary relationships play in the world of business. The post also talked how fiduciaries, like business partners and corporate board members, have a duty to act in the best interest of certain other people, like one's other partners or corporate shareholders.

Sometimes, however, these relationships go sour, and, in many cases, one person in a fiduciary relationship might accuse another of violating one's fiduciary duty. These accusations can range from actually siphoning off or stealing money from a business all the way down to mismanaging assets and investments, the latter of which could happen even to honest, well-meaning people.

What a Chapter 7 can, and cannot, do to stop foreclosure

Many Tallahassee residents get driven to exploring bankruptcy as an option for their financial woes because they have gotten behind in their house payments and are facing a foreclosure action in the near future. Not wanting to lose their home, these struggling families may see bankruptcy as the way to save it.

It is therefore important that these families understand what a Chapter 7 bankruptcy will, and will not, accomplish for them with respect to keeping their home. Like other types of bankruptcy, filing a Chapter 7 bankruptcy will trigger an automatic stay, meaning that a bank seeking to foreclose can take no further action until the bankruptcy is over or until it gets permission to continue with the foreclosure process.

How does a Chapter 13 bankruptcy work?

When Tallahassee residents think of filing for bankruptcy, they most likely are thinking of what the law dubs a "Chapter 7" bankruptcy. In other words, the financially struggling family might think of a process in which they go before the bankruptcy court, sell whatever property they have which is not exempt from the bankruptcy if they have any such property, and then get an order relieving them from their debts.

There is another type of bankruptcy, less common but still often used, called a Chapter 13 bankruptcy. While some high wage earners may be forced under the law to file a Chapter 13 if they want to pursue bankruptcy at all, it also offers several potential financial advantages and may give some families some comfort about having to file for bankruptcy.

Could bankruptcy offer a fresh financial start in the new year?

The end of the year can be a brutal time financially. Holiday shopping can lead to a lot of credit card debt, as can throwing parties, hosting dinners or traveling to see loved ones, friends and family. Combine that with the end of the financial year and the reality check of filing your taxes, and the winter can be a time for harsh awakenings.

There's nothing quite as embarrassing as dealing with a creditor phone call when you have family visiting. Once you've gotten in over your head with credit card debt, medical debt or other financial obligations, fees and penalties start to add up.

Overview of fiduciary relationships in business law

As is the case in the rest of both Florida and other parts of the country, most Tallahassee businesses exist and operate on contracts. All kinds of agreements make up the various dimensions of a business's operations, from purchase and vendor agreements to employment agreements.

What this means is that when it comes to business relationships, they are generally at arm's length with people free to press their legal advantages. However, for a lot of reasons, the law gives special status to certain types of business relationships, which are called fiduciary relationships, for a variety of reasons.

Credit card debt from holiday shopping is common

As the holidays quickly approach, the struggle of giving quality, personalized gifts to friends and family with a price tag that fits your budget is sure to arise for many. Especially if you have children or young relatives, you want to give them a gift they can brag about, or at least be able to proudly proclaim to friends what he or she received.

It may not be surprising to learn that many individuals go into credit card debt to pay for holiday gifts. Last year, 56% of shoppers incurred credit debt, up from 48 percent a year earlier. Prices for any gift or necessity for the holiday season seem to be greater every year, and being able to give the perfect gift becomes harder and harder.

An effective estate plan is important for everyone

Estate planning is an important consideration many of us may not want to consider but can provide essential peace of mind to both the estate planner and their family. Part of that peace of mind comes from knowing that an effective estate plan helps ensure the wishes of the estate planner are honored and carried out and that family members and loved ones are properly cared for according to their wishes.

An effective estate plan allows the estate planner to determine how they want their affairs to be handled, including real estate, retirement accounts, financial investments or a family business, rather than having the court and state laws decide. There are several different components of a comprehensive estate plan that requires drafting and legally and validly executing several different types of documents. The process does not have to be intimidating and there are a variety of estate planning tools available that can be used in a way that meets the needs and wishes of the individual estate planner.

Is it finally time to begin legal business formation?

You've had years of experience as an employee in a certain field, or perhaps you were struck by a moment of inspiration and came up with a product or service that no one else in the area currently offers. Now you're ready to strike out on your own and start a business. The only problem is that the whole process seems overwhelming. Where do you even start?

The good news is that business formation doesn't have to be intimidating if you have the right help with the process. Every business is as unique as the person who decides to start it, so there is no one-size-fits-all solution for business formation. Depending on the field you're pursuing and your business goals, there are different kinds of business entities that you need to consider.

Estate planning: Understanding the basics

Many people consider estate planning something that doesn’t need to be tackled until they are elderly. That couldn’t be further from the truth: Estate planning is one of the best steps that you can take today to protect you, your family, and your loved ones in the future.

Don’t put off estate planning until it’s too late. To help you get started, in this post we will discuss the most important points of estate planning:

Don't disconnect the phone

One of the most common complaints we hear from clients is, "The phone won't stop ringing."

Creditors keep the phone ringing off the hook. Credit card companies and collection agencies are the worst. Your number is in an automatic queue, so even if you never pick up, the calls keep coming.

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Bruner Wright, P.A., Attorneys At Law
2810 Remington Green Circle
Tallahassee, FL 32308

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