Business Law FAQ
Business law is a confusing area for many people. Whether you are a business owner or other individual that has become involved in this area of the law, it is an extensive branch that can be hard to navigate without the same level of extensive training and experience that an attorney from our firm has gained. You may have a number of questions and by calling our firm or filling out a case evaluation form, you can gain those answers. We offer insight to some common questions that our clients may have, but if you are unable to find the answers here then do not hesitate to call us directly. With more than two decades of experience, we have worked extensively in business law and have a broad comprehension of many of the areas that our clients' cases extend to. Read more about business law below. Being informed in these situations is critical since a lack of understanding can lead to both time consuming and costly setbacks.
Who can get a loan modification?
Many people think of loan modifications on more of an individual basis. It is for consumers that may have taken on too many expenses and rather than filing for bankruptcy they pursue this route. This option is also available for business owners that may be dealing with expenses they cannot handle. While they are not so far in over their head that they need to file, they can benefit from legal intervention and reorganization of their expenses. Through this option, business owners meet with lenders to discuss an agreement that works for both of them. Anyone is able to pursue a modification, but it will be more in the lenders court to decide if they will allow the option. With more companies suffering financially, lenders have become more in favor of this option than previously, since it can give them a greater chance at receiving some sort of payment as opposed to none. There are different ways that a modification can be made and this will be decided upon with the consent and inclusion of lenders.
Do I need an attorney?
Not everyone necessarily needs an attorney, but the better question to ask is how an attorney can help. Many people try to handle their cases on their own, believing that a professional is too expensive and looking to avoid the cost. In the end, many of these people actually hurt themselves by failing to work with a lawyer that may have gained them far better results than they could accomplish on their own. The advantages and end result of working with a skilled legal professional can outweigh the cost in many cases. With more than 20 years of legal practice, we have been able to gain a significant amount of understanding of cases and an intricate knowledge of business law. We use this knowledge to protect our clients' interests and offer as much alleviation as we can in the difficult situations they may face. Don't let trying to save in one area, hurt you far more substantially in the long run.
Can I fight my business from being foreclosed on?
Just as a home owner may attempt to avoid their house from being foreclosed on, business owners still have a line of defense. Working with a skilled lawyer is important in these situations since they understand what your rights are and if a lender is overstepping them. They can review if there was valid reason for a lender to begin foreclosure since in some cases starting the process is actually outside of the lenders legal authority. If you have failed to pay your mortgage payment it is common that lenders will attempt to protect themselves. Make sure that their actions do not impede your rights or fall outside of what they can legally do.
What do I do if a contract has been breached?
A contract is a legal document in which parties can make a sort of promise or commitment. More than just giving your word, a contract is binding. Unfortunately, they are not always kept and an individual may attempt to override the terms that have been laid out. In businesses, contracts can be critical to the health of a business and the networking they partake in. Oftentimes a business will be involved in a number of contracts for varying reasons. When a contract is broken, legal action will often need to be taken as a repercussion or to hold the party liable to what they agreed to. It is important to maintain a copy or original form of the contract since without this there may be insufficient evidence that an agreement existed. It will be important to establish whether the breach was material or immaterial. In a material breach a lawsuit can be taken out against the party's failure to maintain the terms. In an immaterial breach, only the resulting damages can be sought through a lawsuit against the other party. Damages may be sought in a breach of contract in some cases, with the purpose of reinstating to other business or individual to the position they would be in if the breach had never happened. If these means are not enough, other services may be requested by the party that committed the breach.
What is the purpose of mediation?
Disputes that require the need to go to court can be extremely costly and time consuming. It is easy for these situations to drag on and leave those involved dealing with them for an unknown length of time. Because of the difficulties that can be faced, many individuals or businesses choose to go the route of mediation. This allows for the disputing parties to work together in hopes they will come to an agreement or resolution outside of court, while working with the professional guidance and advice of a skilled attorney. While it is not the same situation and need as those in court, an attorney can provide great benefits for those looking to prevent their case from requiring further legal intervention. They can also seek to make sure their client is not taken advantage of or given a solution that will prove less than satisfactory later down the line.