As a business owner, keeping informed about the finer points of employment law is important. If you're getting ready to hire your first employees, you need to be sure that you understand exactly what you can and cannot do. Don't risk getting yourself into legal trouble by asking the wrong question at the interview or making an off-hand comment that's considered legally unacceptable. I created this site to give you the basics of employment law expectations. I hope that the information here helps you to understand what you should and shouldn't do as you're interviewing and hiring your first staff members.
There is a lot of advice out there for folks facing bankruptcy, but what about afterward? This may be a confusing time as you adjust to being relieved of some financial stressors and of answering your phone without the fear of being harassed by bill collectors. There are some tips and practical advice surrounding what you should do after your bankruptcy has been filed and approved by the court.
Some things to bear in mind post-bankruptcy include:
Stick to your pre-filing budget.
Anyone who is a Chapter 7 bankruptcy, which is the most common type for those without considerable assets or a business, is required to complete a debt counseling course prior to filing. This is a basic educational tutorial, most commonly done online, which lays out the recommendations for keeping a healthy, 36% debt to income ratio. Part of this process involves creating a thorough household budget, which is a useful tool after bankruptcy for avoiding the common financial pitfalls that can incur unnecessary expense.
Start a savings account.
One of the most responsible things that any individual can do is to start a savings account. This practice has seen a significant decline over the last few decades, as more and more consumers are being ensnared in the lifestyle of living beyond their means. Living paycheck-to-paycheck without some sort of a savings plan could be catastrophic in the event of illness, job loss, or other financial emergency.
You will be solicited.
Once your debt has been dissolved, there will be a barrage of secured credit cards and high-interest offers coming your way. Since you are now debt-free, theoretically, they want you to start running up more bills. Avoid the temptation and abstain from making impulsive spending decisions.
Come back, slow and strong.
You will want to rebuild and reestablish credit at some point following your bankruptcy, and the choices may be high-interest, secured loans and credit cards. Be practical and start with one secured card that you use for emergency situations and that you strive to pay off each month when the statement arrives. Over time, this will increase credit scores and make you less of a risk in the eyes of a potential creditor.
The light at the end of the tunnel.
There is a mandated ten-year term that a bankruptcy stays on an individual's credit score, and you cannot file again during that time period in most states. Don't feel stigmatized by this report or by being denied for credit or loans in the near future. There is a light at the end of the tunnel and you will be able to rebuild your credit after bankruptcy with some smart, prudent choices.
Try to stay focused on the other-side of your bankruptcy when you are caught up in it, and try to remain practical when it has been approved. Just because you can now afford to make impulsive purchase decisions doesn't mean that you should; a better way to spend any extra dollars at the end of the month is to put them in a savings account. Talk with legal advisers, such as Spear & Blackburn PSC Atty, and debt experts to assess what options you may have, and how to recoup your credit following a bankruptcy.