Your Rights When Employer Is Facing Bankruptcy

New staff members dealing with a firm going bankrupt should understand just what rights, if any, they have once the business fails. This means  contacting Chattanooga employment law attorneys and asking them for advice and details.

Some companies work with new staff members without knowing that bankruptcy impends. Some companies hide this information from management, workers as well as agencies. As a result, there are hundreds and more individuals each year that go through businesses closing their doors as well as the workers being laid off because of an absence of job. Occasionally, those working for the firm are unable to acquire their salary. If the individual was hired recently through an agency, he or she may still be guaranteed a paycheck. However, direct hires could not be paid if there are no funds available.

When an employee will be dismissed as a result of the bankruptcy of the business, it is very important for him or her to know as well as understand which type of bankruptcy is being filed. This might identify if employees are to be paid, if any advantages could still be obtained and also if various other actions need to be taken. A Chapter 7 is a liquidation where all properties are sold promptly for cash to settle financial debts and other concerns. A Chapter 11 is to rearrange the business and common procedures typically are retained along with a lot of employees. The excess debts, operation costs and similar items are paid off and afterwards it is reorganized.

Type of Bankruptcy

The type of bankruptcy that the employer files is essential to determining if the business will move on after the first adjustments or whether the entire company will be liquidated. With a Chapter 7, the owner or partners of business may have incurred so many debts that the only way  to manage the problem is to sell off everything including the firing of all workers. This likewise suggests that established relationships may be severed if the owner is unable to recover by creating a newer however smaller company. All clients would be cut off from the service or product, and new employees may be rejected payment if there are not assets to move funds to their accounts.

When it comes to a Chapter 11 bankruptcy, this means that the business might get through the problem. This is typically just a reorganization or a restructuring of the business to eliminate as many ruptures of income and profits as possible. If an entire department is not making any kind of development or can not improve the financial situation, it may be cut with all people losing their jobs. This may also imply that the newest employees are let go, yet this might rely on other factors. Most of the  excess debts are handled with reorganization along with reduced operating and transactional costs. It would be wise for any company in such situation to work together with a professional attorney who is experienced both in bankruptcy, business and employment law. At Mckoon, Williams, Atchley & Stulce, PLLC, we have attorneys working together in different practice areas. This way, a business owner will not need to look for several separate attorneys. It’s much more practical to handle the case to one law firm which will understand all the aspects of your business.

What To Expect?

When the employee is affected by bankruptcy through a Chapter 7 filing, he or she becomes unemployed. If there is no money to pay to workers, it is almost impossible to seek payment unless the owner opens a new firm after bankruptcy has been completed. It is important to look for the guidance and options offered by a business lawyer versed in bankruptcy cases. Attorneys from Mckoon, Williams, Atchley & Stulce, PLLC understand what this means and also if there are any kind of choices open up to the staff member for sensible payment. Wage staff members as well as others that have pensions or retirement plans in effect already are given a higher priority for payment.

Depending on the bankruptcy chapter, the worker may have different rights. Nevertheless, there are certain regulations that oblige the company to offer up to 60 days’ notice of impending layoffs. Sadly, there are exceptions to this. Under Chapter 11, wages may still be available for those who remain at work and keep up with their daily responsibilities. In other case, there may be some time prior to any funds are received if it is possible. It might be needed to get in touch with a legal representative to identify exactly what to do next, and also if the company is attempting to escape paying those who money is owed to, litigation could be needed.

Overview Of Medicaid Planning In Chattanooga

Medicaid is an essential benefit for numerous people around the United States, specifically when an individual is in critical need for medical expenses to cover residence health care, assisted living services, nursing home stays or other expenditures. However, going by the belief that this protection will certainly be there is a little naive. As with any type of federal government program, you should intend and take the best steps to guarantee you’ve got the coverage you need.

What actions are important to take? Who is eligible for Medicaid, as well as exactly how can you get full benefits you are entitled to? These are thorny questions, especially for single and widowed people. Here’s a total overview of Medicare/Medicaid planning from Chattanooga elder law attorneys at McKoon, Williams, Atchley & Stanley, PLLC, for individuals in such situations, so you could be certain you have the healthcare protection you require.

Overview Of Medicaid Planning

To start with, we would like you to pay attention that application process can be time-consuming and complicated. Therefore, you have to start planning ahead if you want to protect your assets while still having the ability to get your coverage. Unfortunately, there’s a high risk of being rejected when you apply for Medicaid, especially if you’re not familiar with how everything works. One must seek the professional help of a highly qualified Southern Chattanooga attorney to avoid such situations.

Medicaid Exemptions

The very first thing to recognize prior to you look for Medicaid is what exemptions are. Single individuals can keep $2,000 in assets in their own name, which includes the cash value of life insurance policies, investment accounts, financial savings bonds, timeshare ownerships, individual retirement funds, and business interests if any. On top of that, the single applicant could maintain a single vehicle in their name. Lastly, if you have a legitimate intent to return home one day, your home becomes exempt.

Your home exemption is tricky, since lots of Medicaid recipients want to return home. The federal government, nonetheless, will look at the actual possibility of such scenario before exempting your home. Very often if the house is not protected in any other way (for example, in a trust), it is marketed to cover medical costs.

Your Course of Action

This could seem like a long period of time, however a solid course of action for Medicaid is a good five years. This is how far back the strategy will look in terms of your assets. This is crucial not just to be able to pass something to your loved or close ones, but to make sure that you have means to pay for those things that Medicaid does not cover, including long-term treatment and also various other significant medical costs.

Protecting Your Assets

As we have already mentioned, the first step you should take when preparing for Medicaid is to consult with a Chattanooga elder law attorney. With our huge professional experience, attorneys at At McKoon, Williams, Atchley & Stulce, PLLC know many ways to protect your assets. For example, it is possible to protect your assets with an asset protection trust. This is because legally your assets belong to the trust, though you are still able to access them.

Other alternatives to protect assets include personal annuities, promissory notes, caregiver agreements with your relatives, and so much more. Each of these has its own requirements as well as actions to set up. If you are looking to start your Medicaid preparation and also you require more info in the Chattanooga area, contact McKoon, Williams, Atchley & Stulce, PLLC for help today.

How To Overcome A DUI Charge In Tennessee

If  for some reason you have failed a field sobriety test or blown over a. 08 on a breath examination in Tennessee, you may be thinking that a DUI charge is unavoidable. This is not always the case. The results of a field sobriety test and even a blood or urine test do not instantly lead to a conviction. The main purpose of the test results is to serve as an evidence that will be presented in court  exist at trial but they are not determinant in a DUI case.

There are a number of ways to overcome a DUI charge in Tennessee. Most of them are connected with the mistakes in the procedure following the DUI stop as well as the blood alcohol content (BAC) determination. For instance, if the policeman that stopped you for DUI made a mistake in the police report or various other documents related to your arrest, the whole case against you may be undermined. Such a mistake casts doubt on the reliability of all information collected during the stop. It can likewise be used to decrease the reliability of the police officer.

It is also important to evaluate the certain conditions linked to the administration of the breath, blood, or urine test or the administration of the field sobriety test. These examinations have specific procedures which have to be adhered for the cause to be considered reliable. In some areas, police officers should be certified and specially educated to administer a breath test. Without appropriate training or if an error was made in the test administration, all collected results can be challenged in court.

In addition, the preliminary reason for the policeman stopping you could have serious effects for how your DUI trial will certainly proceed. A policeman must have a probable cause for stopping you as well as providing a field sobriety examination or breath examination. Were you driving unpredictably? Swerving? Moving in and out of lane lines? These could be reasons to validate potential cause, but they can likewise be tested. For example, some of these driving patterns can be explained by poor weather condition. If there are irrefutable proofs which can convince the court, the judge will find that there was no reason for the stop. As a result, evidence surrounding the stop and possible after the stop may be suppressed which means it would be inadmissible at trial. That also applies to the police officer’s failure to read you your Miranda rights.

A Tennessee DUI charge is a severe issue and, though it is possible to efficiently overcome the DUI charge, it takes an experienced and detail-oriented Tennessee lawyer to find the weak points in the State’s DUI case. At McKoon, Williams, Atchley & Stanley, PLLC our Chattanooga criminal defense attorneys  understand that beating a DUI charge requires taking into account every single detail. We have an extensive understanding of DUI law as well as criminal procedure to fight for our customers. If you have been charged with a DUI in Tennessee, do not quit yet. Get in touch with the professional attorneys at McKoon, Williams, Atchley & Stanley, PLLC today online, or call (423) 756-6400 to set up a free appointment.

Who Gets The House In A Tennessee Divorce?

During a divorce, there is typically a fair bit of conflict over the marital property, since the family house is one of the most valuable possessions. In addition to the totally monetary aspects of the residence, leaving or offering the family home can be extremely emotional, particularly when kids are involved. That’s why both parties wonder who gets the house in a Tennessee divorce?

This may upset many divorcing couples, but the truth is that there is no standard or precise answer which would fit every situation. Neither is there such thing as a ‘standard division’ of assets in Chattanooga such as the family house. It always depends on the particular situation of the marriage or civil partnership, and only an experienced Chattanooga family law attorney can help you with that.

Obviously, it is much better to come to an agreement (such as a division agreement) between you and your spouse about the splitting of assets, but when it’s impossible this is where court intervention is supposed to make a fair decision.

What Aspects Court Considers

When a court makes a decision on who get the house in a Tennessee divorce, it typically takes into consideration the following aspects:

  • Whether you have children under 18 in the marriage, their needs and interests, as well as whom they live with
  • The age of each spouse
  • The duration of the marriage
  • The value of properties, both before, throughout and also after the marital relationship– this could also consist of pension plans
  • The potential income of each spouse and their obligations during the marital relationship (such as child-rearing) in the future
  • What each spouse contributed to the marital relationship in terms of financial resources and assets (and also may contribute in the future towards the household’s welfare)
  • The standard of living throughout the marital relationship
  • Disability if any party has it
  • The unfavorable conduct of a spouse (although this is rare)
  • The general needs of each party.

Pay attention, that the first aspect in this list is children. You need to understand that the court will always seek to meet the interests of your children first, and only then the requirements of both parties. If the split of the house is inevitable, you still may have some choices on what to do. Here are some of them.

  1. Buy out your partner’s half of the house

This is a good option as long as you have money in hand or are able to receive a new mortgage. The amount of money you pay doesn’t have to be exactly half the worth of your residence. You can give up other marital property worth about as much as the selling spouse’s share. This could be a share of marital investments or retirement accounts.

2. Sell the house and divide the money

You could release yourself from your ex-partner and also your home if you sell as well as split the money. You will not owe federal tax on your post-divorce residence sale profit if you comply with the following requirements:

– Your profit doesn’t exceed the amount of $250,000 (declaring alone).
– The house was your main place of residence for two of the past five years.
– You have not utilized the home-sale profit exclusion in the past two years.

3. Keep the house until your children move out

When kids are involved, often one parent will stay in the house together with them the other parent moves out during the divorce.

When the kids are grown up and moved out, the ex-spouses sell the home and split the profit. If you’re the one that haven’t lived in the family house in two of the previous five years, you could owe taxes on the profit from the house sale.

4. Keep the house and take turns living there

It’s very rare when a family chooses to keep several houses, but this may happen especially in a high net divorce. The children stay in the original house and also the parents take turns living with them and also staying in their own residences after the divorce. If you split the expenses, you ‘d each deduct the expenses you paid, such as mortgage interest and also property taxes.

Bear in mind that you can only deduct mortgage interest for a house you possess and from a mortgage you’re obligated to pay.

Tennessee family law may be complicated and the correctness of the decision varies from case to case. To make it clear to you who will get the house in your divorce you should get in touch with a Chattanooga divorce attorney. 

McKoon, Williams, Atchley & Stulce, PLLC offers a wide range of services to make sure your children are protected and you get what you deserve.

 

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