Four Reasons Why Your Company Needs a Business Lawyer

In today’s business climate, every business owner needs to have a lawyer on their team. Lawsuits and other legal complications can arise seemingly out of nowhere, and you need to be protected. Here are five reasons you should have a relationship with a business lawyer. (And, if you keep reading, you’ll see that it is not necessarily expensive.)

You’ll Get the Advantage When a Lawsuit Is Filed Against You

If you are threatened with legal action, having a lawyer already on your team means that he already knows your business, which allows him to hit the ground running. Even more importantly, a savvy business lawyer will have constructed your business agreements in such a way that you will have an immediate advantage in a legal dispute.

A Business Lawyer Help to Ensure the Contracts and Agreements Are Faultless

Many business owners don’t grasp the importance of solid contracts until it is too late. As a result, their agreements are vague or incomplete, and their clients, contractors, and associates may be able to take advantage. Having a lawyer on your team can help you avoid these costly oversights.

A Lawyer Can Help You Spot Legal Loopholes in Your Business

Running a business is full of potential legal pitfalls. This proves true for both experienced entrepreneurs and young business owners who are just getting started. A good business lawyer, with specific knowledge of your business, will help you avoid problems that you did not know existed, which can save you huge amounts of money and stress.

There are risks for every business owner, especially when it comes to litigation and lawsuits. Making sure that your company is protected is important, but you must also consider how you will handle a lawsuit if one occurs. Good litigation attorneys will be able assist you in all types of lawsuits, including class action lawsuits, contract cases, and disputes. Before you hire an attorney, be sure that they are capable of fighting disputes, as well as assisting you with all other aspects of business law.

A Lawyer Can Help You Connect with Other Specialized Assistance

A business lawyer can quickly help you realize when you need additional help – especially with complicated tax matters, or any other specialized assistance. A well-connected business lawyer will be able to quickly refer you to other professionals that can provide the assistance and the guidance that your business needs.

Although your accountant or tax professional can help you with many financial areas of your organization, an attorney can be just as beneficial. Experienced business attorneys understand the implications of making mistakes when dealing with the IRS and your taxes. These attorneys also understand which taxes apply to specific businesses and how to fight an audit.

Four Scenarios When You Need to Hire a Debt Settlement Lawyer

If you’re grappling with loads of debt to the point where you can’t see yourself paying it off, your best bet may be to enlist the help of a debt settlement attorney. Of course, the primary downside of going this route is the cost involved. Debt settlement lawyers can command a small fortune for their services, whether they work on contingency (meaning they take a cut of the debt savings they negotiate for you) or charge a specific hourly or per-case rate. The plus side of hiring a debt settlement lawyer, however, is getting an expert in your corner who can fend off creditors and potentially succeed in wiping out some of your outstanding obligations.

1. Your debt is substantial

If you owe a manageable amount of money, it often pays to go straight to your creditors and try negotiating either a settlement or a repayment plan. For example, if you owe a creditor $2,000 and offer up a $1,000 payment to settle that debt, that creditor might agree to such an arrangement, as it won’t be losing a huge amount of money.

But if you’re sitting on $20,000 in debt, that’s a different story, and you may want to hire a lawyer to talk that number down.

2. Your wages are at risk of being garnished

In some cases, your creditors can come after your earnings if your debt goes unpaid for too long. For example, if you owe the IRS back taxes, or if you’re delinquent on your student loans, you could be at risk of having your wages garnished, compounding your financial troubles. If that’s the situation you’re facing, then it might pay to hire an attorney to step in.

3. You’re actually being sued by a creditor

Just as consumers have legal protections, so do creditors who are owed money, which means that in some cases, your creditors may have the right to initiate a lawsuit against you. At that point, bringing an attorney on board often makes sense, especially if there’s a chance a serious judgement will be issued against you.

4. You’re thinking of filing for bankruptcy

If your debt has escalated to the point where you’re thinking of filing for bankruptcy, then it’s a good idea to see if a debt settlement lawyer can help you avoid that fate. While filing for bankruptcy might seem like an easy solution to an otherwise daunting problem, it’s no picnic. Not only is it expensive, but it can stay on your record for seven years in the case of a Chapter 13 filing, or 10 years in the case of Chapter 7. And when you have a bankruptcy filing on your record, borrowing can be prohibitively expensive, if not downright impossible. A debt settlement attorney might help you avoid that fate, thereby keeping your credit record reasonably intact.