Enlisting the services of a trusted attorney to assist with legal and financial decisions surrounding your small business and personal liability assets really pays off.
When faced with lawsuits or potential bankruptcy filings you want a great attorney on your side but the sooner you request their services the better off you'll be.
If you are struggling financially and have been considering bankruptcy an attorney may advise you to file for chapter 13 bankruptcy. This is a great way to protect your assets. With chapter 13 the foreclosure process can be stopped and a new payment plan can be arranged for your mortgage and loans. Payments can be made over 3-5 years and these payments will likely be less than what you were making before.
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Consulting a lawyer is beneficial before you open your small business. An attorney may suggest that you form your business as an LLC (Limited Liability Company) and to form family limited partnerships. Doing so will protect your personal assets from business short comings. Your attorney will also insist that you obtain liability insurance for your small business as well as your personal liability assets. This is very important in both instances because injuries can happen even in a relaxed office setting or at your own home. If an employee in your office were to fall down a flight of stairs or trip on a power cord there is a possibility that they will then sue you for damages such as medical bills. Another example could be if a delivery person falls on your property while attempting to deliver a package or newspaper. This too could result in a lawsuit.
Insuring yourself for these types of accidents is vital because if the court found you responsible the cost could be unmanageable. Liability insurance is there to protect your finances in the event of an unforeseen accident involving your home, car, or business property. You do not want to gamble that such an event won't happen to you. In this case it is much better to be safe rather than sorry.
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