6 Biggest Bankruptcy Mistakes A Lawyer Can Help You Avoid

Filing for bankruptcy is a major decision that all business owners do not take lightly. Bankruptcies are seen as a major failure and for some, it can be hard to recover after closing the case. While bankruptcy can be a devastating financial decision, there are more risks when it is done without the help of bankruptcy lawyers.

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Here are the most common and biggest mistakes people tend to make when filing for bankruptcy that their lawyers will never make:

Mistake 1: Stalling And Filing Too Late

While it can be intimidating to begin the process of filing for bankruptcy, it must be done as soon as possible. The longer you wait, the more debt you can incur and you may lose certain payment options, getting payments deferred, or even destroy personal relations due to outstanding debts.

Bankruptcy lawyers know exactly the right time to file for bankruptcy to ensure you don’t continue adding to debts and sabotaging your finances any further.

Mistake 2: Filing Under The Incorrect Bankruptcy Chapter

An experienced lawyer will know whether to file for Chapter 7 or Chapter 13, depending on your financial goals and capabilities. Filing for a Chapter 7 bankruptcy hurts your credit score more than Chapter 13, which allows clients to reorganize their payment schemes with creditors. Those who file under Chapter 13 have a better chance at future financial recovery.

Mistake 3: Hiding Information Regarding Assets

Whether it was intentional or by mistake, hiding or forgetting to disclose information about current assets can lead to fraud charges. A lawyer will ensure that all assets are documented and accounted for to avoid any legal repercussions that may follow for withholding important information.

Mistake 4: Transferring Major Assets Right Before Filing for Bankruptcy

While it might seem like a smart idea to transfer assets to a family member or a friend before filing for bankruptcy so that they cannot be used to pay creditors, this qualifies as a fraud. Never attempt to hide the facts or move valuable assets, a lawyer will advise against this to ensure you are not breaking any laws or committing fraud.

Mistake 5: Prioritizing Payments

Preferred payments such as paying off personal debts to friends and family members is a major mistake. There is a good chance that the court will take away this money to redistribute it to all creditors, which can cause more problems with those closest to you.

Attorneys will make sure that no payments are prioritized unless it is approved by the court.

Mistake 6: Going On Spending-Sprees Before Filing

People who plan to file for bankruptcy might think that it is their last shot of going on a shopping spree, after all, they will no longer be held liable for any debts once the paperwork is filed. This is wrong.

The moment creditors notice the sudden charges, especially if they are significant, they can still demand payment and hold you responsible. Lawyers will ensure that all their clients refrain from making large and expensive purchases before filing for bankruptcy to avoid any payment or nonpayment issues in the future.

If you are looking for respected and highly trusted bankruptcy lawyers, contact our team today at Bolger Law Firm. We can help you with bankruptcy, personal injury, and real estate legal issues.

Reasons to Buy an Air Purifier

Air purifiers and cleaners have become very trendy items in India with a boost in allergy and upper respiratory sickness. It seems that everybody is in the marketplace these days looking for an air purifier. This is because Air Purifier Price in India is rapidly growing day by day. It’s hard to think, but in many places, indoor air quality is poor than the outdoor air. Air purifiers help remove unsafe particles or contaminants from the air. Used inside the house, air purifiers will assist to make the air that everybody breathes cleaner and healthier. For that motive, there is an excellent chance that you are in the market for a new air purifier, & if not now then shortly.

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If sneezing and snoring have turned out to be a usual phenomenon for you, a house air purifier is what you need. Pollutants are unsafe contaminants in the air; so, indoor air pollution is when different pollutants from gases and particles pollute the air indoors. As mentioned above Indoor air pollution is an unsafe threat for humans as indoor ambiance is much more concentrated with pollutants as compared to the outdoor ambiance. These days one can find different kinds of air purifiers such as Samsung Air Purifier.

When it comes to purchasing air purifiers, several consumers think they know what to look for. Numerous consumers end up purchasing the low costing machine or the one that looks the finest. But, consumers who base their decision exclusively on cost and looks will be wasting their funds. In its place, take the time to know the product particularly the rated performance excellence as it compares to the cost. That is where you will get the actual value of an air purifier. One can also get the best deals on Samsung air purifiers by checking Samsung Air Purifier Price List in India.

The primary step in buying a purifier or cleaner is to familiarize yourself with all of the accessible options. This can usually be done in two different ways. The primary way involves visiting one of your local retail stores and carefully examining all the products that they have accessible. In addition to comparing Air Purifier Price in India at the store, you should also use the internet. The internet may be the simplest way to do comparisons. Online, you can familiarize yourself with a different air purifier and also read product reviews. You can visit compare raja to compare all the available air purifier.

Reviews are just a tool to provide you a starting point. You are still recommended to use common sense & do your research. This is significant, especially when determining the final price of buying an air purifier. If you have decided to buy a Samsung air purifier and want to check out the up-to-date Samsung air purifier price list then you need to visit compare raja.

Types of Car Insurance Policies You Should Know About

The main aim of a car insurance policy is to provide you protection against the damage to the vehicle. It also gives you protection from third-party liability. As per Indian law, you must have minimum third-party insurance to drive a car on Indian roads legally. However, if you buy only third-party insurance, it will not provide any cover for the damage or theft of your vehicle. Also, insurance policies are different for personal and commercial vehicles. This it is important to understand different types of insurance policies available in the Indian market before you choose one for yourself.

When you start to explore more about car insurance policies available in the market, the process can become overwhelming. There are so many questions that you have to answer before you can buy or renew your policy. Such as how are you going to assess the cover that you require so that you do not have to pay from your pocket, what kind of policy with or without add-ons you should buy to keep it affordable, and more.

You can differentiate the car insurance policies based on coverage types and purposes. Let’s discuss the policies based on coverage first.

Third-party liability insurance

As per the law, you must have a third-party liability insurance policy to drive a car on Indian roads. Such an insurance policy provides you protection from third-party damages in case of an accident. The insurance policy will cover the damage to the other vehicle, property, and injuries, as well. This policy will provide you financial cover where you are responsible for the accident and save you from legal proceedings. Such policies do not offer any protection for the damage to your vehicle or for the injuries that you have suffered during the accident.

Comprehensive car insurance policy

This type of insurance policy covers both third-party liability and the damage to your vehicle and injuries sustained by you during the accident. With a comprehensive Car Insurance Policy, you also get personal accident cover, which will provide you compensation in case of disability or provide financial help to your family in case of your unfortunate demise. Please keep in mind that some factors are not covered even under comprehensive insurance plans. For additional benefits or cover, you will need add-on covers.

Add-on covers

Any insurance policy cannot cover everything. You should opt for additional add-ons in case you feel you are not getting enough protection. Here are some add-ons that you can choose.

  • Zero Depreciation Add-on: It is one of the most favored add-ons. It ensures that you get a full claim on the receipt value of replaced parts in case of an accident. It is available only after three years of the original purchase date of the vehicle.
  • Roadside assistance Add-on: In case of a breakdown, empty fuel tank, flat tire, or engine problem, you can call your insurance’s customer care and ask for roadside assistance with this add-on. It comes in handy, especially when you are in remote areas. The insurance company will provide you cab services, fuel assistance, tire replacement, and in some cases, accommodation as well.
  • NCB Protection Add-on: When you do not make any claim during the year, you get a discount on premium known as No Claim Bonus. It gets nullify as soon as you claim in any subsequent year. This cover will not let NCB get nullified. It only reduces the percentage of NCB and brings it to the previous bonus percentage. For example, the maximum NCB that you can get is 50%. In case you file a claim, NCB will come down to 20% without this add-on. However, with this add-on in case of a claim, it will reduce to the previous slab, which can be 45% or lesser.
  • Key Replacement Add-on: Nowadays, car keys are quite expensive. In case you lose the ignition key, this add-on will cover the cost of an additional key without affecting your policy.

Let’s discuss the policies based on the purpose

There are two different categories of car insurance policies available based on the purpose.

Private Car Insurance: This type of policy is available for those who are going to use the vehicle for personal use only. This insurance policy will provide third-party liability protection, damage to your car, and financial support for medical attention for the injuries sustained during the accident.

Commercial Car Insurance: If you are planning to use the vehicle for commercial purposes, you have to declare it while buying an insurance policy. This type of insurance policy is on the expensive side. It provides financial support to cover damages to a commercial vehicle. It also protects from third-party liability and covers for medical expenses of the driver. With this policy, you will also get an accident cover for the driver of the vehicle.

You should choose the insurance policy wisely and compare the options available before you buy or renew it. In case of a commercial vehicle, you should inform the insurance company that you are going to use it for commercial purposes so that in case of an accident, you can get proper cover.