Quincy Legal Issues Blog

Resolving divorce without drama

Divorce is not for the faint of heart. If you see this in the cards for your relationship, you should watch out, or you could end up in some serious debt by the time it is over. Many couples in Quincy pull out all the stops in their dissolutions, not realizing how much they are really losing until they see their settlement. 

Equitable distribution does not mean that you will receive half of all marital assets. The judge presiding over your divorce only has to split them fairly. To determine what is fair, the courts will evaluate your circumstances and what you and your spouse can agree to. Here are a few things to keep in mind to keep yourself from going broke in divorce court: 

Do financial struggles have you seeking Chapter 7 debt relief?

Life is expensive today. Wages have been fairly stagnant since the 1980's and this has put a real strain on the average working family as they try to make ends meet. Beyond that, there are many expenses in the average family's life that need to be addressed, things that people just didn't have to pay for in decades' past. If you and your family is feeling the pinch of financial struggles, have you considered bankruptcy for debt relief?

Chapter 7 bankruptcy is just one way a person can seek a solution for crippling debt. Debt can come on for a variety of reasons in including a major life event, medical emergency, loss of a job and just plain old everyday expenses can pile up. Under Chapter 7, those seeking debt relief must qualify in order to be considered. Certain restrictions exist, like income thresholds, ability to repay debt and debt previously discharged among others restrictions.

Give business a leg-up with the right business formation plan

If you are taking the leap and starting a business, congratulations! This is a huge step and a dream for many to own and operate their own business. It may be your first time through this process, or something you have done before. Either way, every business is different and the landscape of business is ever-changing so it's important to stay competitive.

Staying competitive in your market is important and can be approached in a variety of ways. If you are just starting out and making a business plan and business formation, you'll want to decide which category of business you will want to classify it as. This has tax implications, as well as sets the tone for the scale of your business. The nature of your business could benefit from one business formation over another so it's important to choose wisely.

Commercial redevelopment opportunity in Springfield

With the constant flipping of real estate in and around Quincy, another potential project has hit the radar. The old home of the Registry of Motor Vehicles offices at 165 Liberty St in Springfield has seen many offers for retail and/or restaurant enterprises. Located at a busy intersection, the area has 22,000 people driving by on the daily and 100,000 people in the immediate area. Offers have proposed everything from fixing up the building and land to tearing it down to start fresh.

The zoning is already set up for commercial zoning uses with the city which is a huge plus. The property is 1.5 acre in total. Recent projects for development in the area have seen huge investments and project totaling $310,000 renovations and $400k plus plans approved by city council as well. Probably the best well-known commercial real estate development project is the purchase of Springfield Plaza to the tune of $35 million. Another $6 million has been invested so far.

Common divorce mistakes to avoid

Although the divorce rate has declined somewhat in recent years, it is still drastically higher than what it was decades ago. The ratio of the marriage rate to the divorce rate was only 17 percent in 1960, while it was up to 47 percent in 2015, reports the Massachusetts Family Institute. 

Although divorce can sometimes be inevitable, that does not mean you have to make the process harder on yourself. There are many mistakes far too many divorcees still make, and making these mistakes can cost you time, money or both. 

What should I choose my business structure based on?

This blog recently took a look at the different business structures and the importance of selecting the best one for your business. There are a few considerations to take into account during the business formation process and this blog will help entrepreneurs and business owners take a look at what those considerations are and answer questions they may have.

A business start-up should consider both its current needs and its potential needs for the future when contemplating business formation. To begin with, the entrepreneur should consider the cost of the business they are setting up and the costs associated with maintaining that business structure. Some business types, such as a corporation, are more costly to run due to paperwork, filing and regulatory requirements. In addition, operation of a corporation can be more complicated and costlier than, say, a sole proprietorship or partnership for instance.

3 legal hazards of laying off employees

As a business owner, nothing is more exciting than watching your enterprise grow and thrive. When your bottom line looks good and your clientele is solid, it may be necessary to hire new staff in order to continue meeting demands. Conversely, it is frustrating when you realize you need to downsize your staff to continue making a profit and keep your business afloat. 

Laying off employees is not just stressful. It is often a legal quagmire that business owners must navigate carefully. The following are three hazards you should avoid if you find yourself looking to downsize the staff of your company. Managing these risks can help the process go smoothly.

The important of selecting a business form

When starting a business, one of the most important decisions the entrepreneur will make it what business type they select. There are a variety of different business forms to consider when starting up a business and entrepreneurs should understand the benefits and implications of each.

Business formation can be a sometimes overlooked step in terms of importance during the overall business start-up process. The type of business form that is selected impacts the taxation of the business and its owners, paperwork and regulatory requirements, the ability of the business to raise money and the personal liability of the owners of the business. The most basic business form is a sole proprietorship. While sole proprietorships provide the most control for the business owner, they also carry the most liability for the business owner.

How a comprehensive estate plan can help everyone

Having a comprehensive estate plan is important for everyone. It can help ensure that the estate planner's wishes are honored and provide peace of mind to both the estate planner and family members during a difficult time.

Estate planning is not only for wealthy individuals but is valuable for everyone to help them secure the future of their loved ones, ensure their wishes are fulfilled and that their assets are distributed according to those wishes. There are several different components of an effective estate plan that estate planners should be familiar with so they can determine which estate planning tools are best for them and establish an estate plan that works for them and their family.

Understanding Chapter 11 bankruptcy

When you started your Massachusetts business, you likely had a two-fold purpose: to make and/or sell a superior product or service and to make a profit by doing so. If you now find yourself in the untenable position where your business has more debts than income with which to pay them, you may qualify for Chapter 11 bankruptcy protection. A business debt of less than $2.19 million and employment of 500 or fewer employees are the only two qualifications for obtaining small business Chapter 11 relief.

Somewhat similar to a Chapter 13 personal bankruptcy, Chapter 11 is a reorganization process, not one wherein the majority of your company’s debts become discharged. The whole purpose of Chapter 11 is to give your business the opportunity to regain its profitability by allowing you to renegotiate its leases, contracts, etc. so as to obtain more favorable terms. More favorable terms usually lead to lower debt payments.

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