Today, we have a contributed post on money struggles and why you may need a lawyer to help you through them. Love to hear your thoughts in the comments. Enjoy!
There are a number of issues in life where you might need the help of the law when dealing with money issues. This could include debt, taxation and bankruptcy. Examining these issues, we can explore how the support of a legal professional could help you and the steps that you might need to take here. Let’s start by looking at trouble with borrowing money.
Borrowing Blues
You might have decided to borrow money from a lender, and a lot of people do this. Particularly short-term loans that can provide you with the money that you need without delay. But there are issues with short-term loans, and that’s the interest rates as well as the hidden fees.
These can be incredibly high and may even be unmanageable. That’s why you have to be careful and make sure that you know exactly what you’re getting yourself into. But let’s say for a moment that you do take out a short-term loan with a high-interest rate. What happens next?
Often people end up in a situation that is essentially a debt spiral. They keep borrowing in an attempt to pay off an amount of money that is growing larger with each passing month. At this point, you may want to check out the legality of the lending company. It’s not that uncommon for lenders to be operating outside the law and yes there are legal conditions to control interest rates and costs of a loan. If they break these, the loan is invalid and the money owed can be erased.
There are three steps to take here. Speak to the lender, letting them know that you are aware the loan is not legal. Speak to a financial officer and ask them for assistance and finally contact a lawyer to break your loan contract.
Breaking Through Bankruptcy
Of course, you might find that your money situation is so poor that you actually have to declare bankruptcy. This is necessary when you reach a situation where the amount owed is impossible to pay back.
It’s a matter of selling your goods and belongings with the help of bankruptcy attorneys and working towards a deal with the courts. Do this, and you should be able to get the best deal available to you so you can start fresh with your finance.
Trouble With Taxation
Last but not least you may need to contact a lawyer if you have an issue paying your taxes. You do need to be very careful paying your taxes and make sure that you are making the correct calculations.
People often assume that small deviations won’t be noticed but you’d be surprised and before you know it a letter from the IRS could arrive in your mail. If that happens, then you will definitely need the help of a lawyer.
If they think you were trying to avoid paying the level of tax you owed, you might face a fine, and as a business owner, you could find your business gets shut down. A lawyer can help you navigate this issue, hopefully finding a way to repair the damage without a massive cost.
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