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.
When it comes to filing for bankruptcy, it's not unexpected for one to wonder if the process is going to leave them destitute. It is important to have a knowledgeable lawyer on your side who can guide you through this difficult time and provide you with the best possible outcome. Under Chapter 13 of the Bankruptcy Code, there are several protections that a bankruptcy lawyer can offer you to ensure that your rights as a debtor are protected. This article explores five key protections that a bankruptcy lawyer can offer when filing under Chapter 13.
1. An Automatic Stay
This provision states that creditors must cease all collection activities against debtors while their cases are pending. This means creditors cannot take any further action on debts, including calling or harassing debtors or adding fees or interest. The automatic stay gives debtors some breathing room to try and put their financial situations in order without fear of creditors taking additional steps against them.
2. Reorganize Debts Under Chapter 13
This means that debtors can work out an arrangement with creditors to pay off the debt over an extended period at a lower rate than what was originally owed. This also includes being able to reduce certain secured debts, such as mortgages, by paying back only a portion of what is owed on them.
3. Elimination of Many Unsecured Debts Altogether
Unsecured debts are those that are not attached to any collateral and include medical bills, credit card debt, utility bills, and other unsecured loans. Filing for bankruptcy eliminates the obligation to repay these debts in full and can give debtors some much-needed financial relief. Your bankruptcy attorney will enumerate these debts and seek a write-off.
4. Protection Against Foreclosure
If a debtor is behind on mortgage payments, their lender may start proceedings to foreclose on the property. A bankruptcy filing puts an automatic stay on all collection activities and stops foreclosure proceedings from continuing until the case has been resolved. This gives debtors time to work out a payment plan with their lender or find another solution without having to worry about losing their home.
5. Protection From Wage Garnishment
This means that creditors cannot take any of your wages to satisfy their debt. This gives debtors the freedom to use all their earned income for living expenses and other necessary expenses, rather than having it taken from them by creditors.
Undergoing bankruptcy can be a trying time with huge disruptions, which is why you need legal protection. With an experienced attorney on your side, you can rest assured that your rights as a debtor will be protected. Consult a chapter 13 bankruptcy lawyer for more info.