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Keeping Investment Property in Bankruptcy

Some people find the idea of “being their own boss” to be more attractive than working for an established company. Small business owners do this by opening a restaurant or boutique, but some choose to pursue real estate as a way of building wealth. But with the recent economic downturn, what happens to investment property if the owner has to file for bankruptcy? Can a debtor keep rental property if they are going through bankruptcy?
Qualifying for Bankruptcy as a Property Owner
Financial means does not determine who files bankruptcy: a person living on $30,000 a year may have the same eligibility for filing bankruptcy as someone making $300,000 a year. Bankruptcy courts take each person’s income, assets, and debts into account when a debtor files for bankruptcy. These elements give some idea of the debtor’s ability to pay creditors.
How is Investment Property Treated in Bankruptcy?
Investment property is often used as rental property, and because of that, it is treated differently according to which bankruptcy chapter the debtor is filing.
Consumers typically file chapter 7 bankruptcy or chapter 13 bankruptcy. Chapter 7 bankruptcy discharges many debts and offers a fresh start for the debtor, so there are strict requirements. To determine whether the debtor makes enough money to pay off their debt in a reasonable amount of time, the bankruptcy court administers a “means test.” If the court finds that the person filing for bankruptcy makes more than their state’s average income and has a low cost of living, then they do not pass the means test. This means that the debtor has to pursue filing for chapter 13 bankruptcy, which allows them to reorganize their debt so they can pay it back over a three to five year period with court approval.
Exempt vs. Non-exempt Assets
Chapter 7 bankruptcy is designed for individuals who do not have a steady source of income. Once the debtor determines that their debt is out of control, the court appoints a trustee to liquidate their non-exempt assets so that the money from those sales can be used to pay off outstanding debts. What is exempt from liquidation in chapter 7 bankruptcy? The debtor is usually allowed to keep possessions that provide for basic needs, such as a home, car, and furniture. Their non-essential assets, however, are sold.
If you own investment property and plan on filing for chapter 7 bankruptcy, you may not be able to keep that property. Even if it is used as rental property, your situation may be subject to United States Bankruptcy Code 541, which states that “proceeds,…rents, or profits of or from property of the [debtor’s] estate” are included in their overall estate. This means that if you rent your property and earn an income, it is likely counted as non-exempt property.
Debtors dealing with chapter 13 bankruptcy are not required to liquidate their property. The issue concerning investment property in filing chapter 13 bankruptcy, however, comes with the means test. If the court feels that you have enough assets to settle your claims on your own, they may not approve your claim. However, you may be able to show the court that your investment property also brings you a steady income if you use it as a rental property. The court may see it as a necessary piece of property in your plan to repay certain debts, so in this case, it won’t be considered a personal asset.
Small Business Owners and Bankruptcy
Investment property is a concern for many entrepreneurs and small business owners who are considering bankruptcy. Many times, their personal finances are closely tied to the business’s finances, and it can be difficult to confront the fact that bankruptcy may be inevitable. You may be able to keep investment property during bankruptcy proceedings, however.…

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Legal Advice: Do Not Risk Your Compensation Claim

If you have sustained an injury at work or have been involved in any form of accident, it can be quite a stressful and debilitating time in your life. In most cases, the injured party will be entitled to some form of compensation. On the other hand, people find that with the stress of just trying to survive and getting through the ordeal somehow make them feel they have no more time or extra energy to file a claim. This is why legal advice can be so helpful to anyone when filing a compensation claim, a motor vehicle claim, personal injury or work injury claim, the experts available know the ins and outs of local laws and can help make what is an extremely stressful time run more smoothly.
When a compensation claim is broken down to its basic elements, there are always two sides trying to win a battle. On one hand, you have the employer and or their insurers that will try to keep any damage awards as low as they possibly can. Whilst you on the other hand just want your rights respected and be given a fair and just compensation package. Because of the rivalry that exists when a compensation claim is filed it only makes sense that you would want someone on your side batting for you. If not, then it will be all you going up against your employer and their insurance firm. One thing for sure though, they will have a legal representation and this will give them the upper hand.
By seeking legal advice they can put you in touch with a personal injuries lawyer who will provide you with all the help you may need when filing your claim for compensation. This area of the law can be quite a difficult one to find your way through especially if you try to do things alone, depending on the circumstances there can be a lot of pitfalls that the average person just would not understand and legal jargon is bad enough in a straightforward case never mind a complex compensation claim. In many workplace injury claims, an accident can leave a person unable to return to work for weeks sometimes months as they recover, worse still upon recovery your injuries may leave you unable to continue with your current occupation and only able to find work of a lesser capacity. What if the injury left you unable to return to work at all with a permanent disability? This is why it is always advisable to seek professional help; after all there could be the rest of your life resting on your compensation reward.
This is where legal advice comes in, they will put you in touch with the right people to deal with so you can have a stress-free claim. Remember, spending some cash to acquire professional services is definitely advantageous to you when filing a compensation claim. Get help from the experts. They are the right people to talk to regarding your claims, as they are the ones well equipped in handling cases such as yours.…

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Study in Australia is the Best Way to Your Bright Future!

Why go and study in Australia if you are from India? They are many benefits doing so. First, you will get world-class education straightway. Second, unlike India where graduate studies tend to be more theoretical and final exam oriented, Australian education is more creative and research oriented. Third, higher education there is not simply lectures but tutorials as well. By tutorial it is meant that whereas in a lecture there can be as many as 200 students per class, in a tutorial some 30 students, restricted to the particular subject, join together. They do not just listen but ask questions both of the lecturer and take part in a discussion among themselves. The upshot is doubts are cleared, questions are raised and answers are ferreted out. Fourth, like in the beginning as we have said world-class education, it is really and truly so.

Australian higher education collaborates with some 100 universities around the world both in faculty and other respects to impart extant educational standards recognized the world over. With the universities in Australia background, you could as well go anywhere in the world for jobs. Please note Indian higher education is not signatory to many of the international accords, especially related to engineering, that enable a job-seeker in the developed world to get ready jobs with minimal questioning in an interview. For, the signatory to an international accord entails certain world-recognized standards.

There are other advantages, too, for obtaining an Australian student visa. It enables you to agent-free education who might land you in trouble. True, there are Education Agents in Australia, but they are officially recognized and get a commission from the respective university directly without fleecing the prospective student. Even if the official agents collect some fees, it is within reasonable limits.

The universities in Australia have made frontier advances in science and technology, going by the four Nobel Prizes they have notched up in the field of medical and other sciences. Australia prides itself with progress made in the following areas:

Besides Australia has strength and areas of interest (in alphabetical order) are:

Whatever the field you are interested in, Australian universities can help you make a mark. Besides, you are entitled to an Australian student dependent visa also, provided you have the means to support your close family.…

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Ensuring That You Have An Experienced Criminal Lawyer

If you have ever been in a situation where you were accused of committing a crime that you did not commit then you certainly understand the stress that this can cause. Further you might find that you need to hire a great Atlanta criminal lawyer. So there are a few things that you should know in order to be able to ensure that you have the best representation. If you are working with the right lawyer you will be able to get out of the situation much quicker than if you were to handle things on your own.
Once you have hired someone to represent you changes are going to be apparent. It is going to be easier for you to get necessary information about the case as well as to get hearings and other necessary appointments set. Since you have found yourself in trouble it is important to have someone on your side who can successfully back you up.
Now criminal lawyers that are known for being good do not always come at a fair or even reasonable price. In some cases they are going to be extremely expensive. If you are not ready to invest some money into your future then you might find yourself facing harsher punishments.
One of the best things to think about when it comes to expense is that you can not spend your money while you are in jail. So sometimes it is a good idea to spend your money trying to avoid jail time. Even though it is expensive once you have found a great lawyer you will be happy that you invested your money in your future freedom.
One of the first jobs that your lawyer can do is to help you to get out of the situation that you are currently in. If you are in jail then you might be able to get out on bail and if you are stuck on house arrest you might be able to move about freely or freely within specific time constraints. It is a legal requirement that police allow you to contact your attorney immediately.
Another great advantage to hiring a lawyer is that it gives you someone to bond and trust when times are the toughest. You will actually have someone you can talk to openly and freely about the case and what your involvement was. Plus the lawyer can advise you of things that could potentially incriminate you or make you look guilty even when you are not.
Of course when you are in a situation where you want to clear your good name it is always hard to understand what to say and what not to say. Sometimes you might actually find that trying to clear your name only lands you in more trouble. So you should really be aware of the legal actions that could be made against you and your lawyer can help you with this.
So if you find yourself in trouble the first thing that you should do is start looking for a great Atlanta criminal lawyer. This can really help you to get out of trouble and to stay out of jail. This is something that is definitely worth your time, energy and money to help secure and save your future.…

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Tips For Understanding Your Monthly Statement From Your Lawyer

When you need to find a new lawyer, it can be overwhelming to search. How can you decide which lawyer to trust with so many choices? Fortunately, this article will help your search for the perfect lawyer a lot easier.

Don’t just hire the first attorney you talk to. Do thorough research for the best results. Get all the information you can about those you’re considering hiring.

You might be surprised to learn that anything shared between you and your lawyer is strictly confidential. Your lawyer is not supposed to share anything you say, including things that would work against you in the context of your case.

If you are not completely comfortable with your attorney, keep looking. If you don’t feel comfortable with the fee arrangement, don’t hire the lawyer. Do not sign blank checks or agree to a fee structure you do not understand. Legal fees can easily spiral into the stratosphere, so get an estimate so you know how to plan.

Make sure your attorney has won a fair number of cases like yours. The fact that an attorney specializes in handling cases like the one you have does not guarantee he will win yours. If you are unable to find online this information, the attorney should willingly provide it for you.

Don’t pay a high retainer fee. If the lawyer requires a certain retainer to take your case, you must be sure that you will be refunded any amount not used. In addition, you should do your research. Lots of lawyers will accept small retainers, and if there is a difference, you will be appropriately charged for it.

Choose a lawyer you trust. This is particularly true if you’re using a lawyer for business purposes. Lawyers in these areas typically request for you to sign blank checks and retainer fees. If you sign a blank check, you are putting your finances in your attorney’s hands. Protect yourself in all ways.

It is important that you and your lawyer have an open line of communication. If your case has deadlines attached to it, then you must provide your lawyer with anything that is needed. Your lawyer will be able to prepare a better defense if you share new details regularly.

Before working with a lawyer, sign an agreement on fees. This will let you focus on your case without being distracted by the financial implications. This will also give you plenty of time to put some money aside.

Understand your legal issues before you look for a lawyer. If you aren’t aware of your issue, then you are not going to be able to select the best lawyer for your case. Make certain you truly understand your situation. This will ensure you make the right decisions going forward.

When you need a lawyer, it is vital that you choose the best person to represent you. Make sure you choose your lawyer carefully by using the tips and tricks mentioned in the article above. Having legal issues can be very frightening or confusing and you want to make sure you have a good lawyer on your side.…