The average person likely understands that a bankruptcy filing will result in a major short-term blemish on their credit history. Lenders and even employers may consider a bankruptcy when making decisions about a loan or a promotion. Concerns about creditworthiness may prevent some people who struggle financially from filing for bankruptcy. What many people fail to understand is that bankruptcy can also result in a significant long-term positive impact on someone’s credit. Filing inspires drastic changes As soon as someone files for personal bankruptcy, several things happen. The courts provid ..read more

A will is usually the foundational document of an estate plan. Having a will prevents you from dying “intestate” and having your assets distributed to your relatives in ways that are determined by the state (regardless of whether you wanted them to have anything). A will, however, should typically not be the sole document in an estate plan. A few other broadly-applicable estate planning tools can help to safeguard your wishes and your assets while you’re still alive and after you’re gone. Living trust People often place their more valuable assets, such as homes, cars and bank accounts in a liv ..read more

Businesses have many reasons to negotiate contracts. Contracts with new workers can help them secure skilled labor. Contracts with other companies could lock in prices and delivery dates for necessary materials or clarify expectations for a service provided by an outside organization, such as payroll and accounting support. One of the most common mistakes businesses make when negotiating new contracts is the decision to just use a boilerplate document, possibly one located via a quick internet search. However, creating customized, unique contracts can offer much better protection for the busin ..read more

Once someone reaches 18 years of age, they have the ability to create a will. Ohio allows any adults of sound mind to leave instructions regarding the distribution of their property and the care of their dependent family members if they die. Despite having this potential authority, many Ohio residents fail to draft estate planning documents. Procrastination is a common issue. People simply assume that they have time in the future to establish an estate plan. Even if someone theoretically has decades left before they reach the average life expectancy, issues can arise at any time. People develo ..read more

The average employee has a predictable income. Unless they fall ill or lose their job, they know roughly what they should make with every paycheck. There are very few times when the average adult suddenly receives a windfall or a large amount of money at once. The tax refund possible after someone’s annual tax return is one of the rare circumstances in which someone may receive a lump sum of money without any strings attached. People often wait for tax return season to complete major projects at their homes or replace a failing vehicle. Those struggling financially may look forward to tax retu ..read more

Mediation is a common form of alternative dispute resolution. Those who cannot settle a dispute on their own can attend mediation to negotiate a settlement with the other party. Successful mediation leads to a signed agreement and can prevent a matter from going to trial in court. Frequently, people think of family law matters when they think of mediation. It is common for those disagreeing about custody matters or going through a divorce to try to settle disagreements in mediation. However, mediation is an alternative dispute resolution system that can work for people in an assortment of diff ..read more

A merger or acquisition is often one of the biggest transactions a business can complete. When a company opts to acquire another company or arrange to combine organizations, this effort can lead to rapid growth, access to valuable intellectual property resources and other benefits for both organizations. However, mergers and acquisitions sometimes face pushback from regulatory agencies and state officials. For some companies operating in Ohio, a merger or acquisition effort will grind to a sudden halt when the state interferes, possibly by initiating litigation. When might a merger or acquisit ..read more

A field sobriety test (FST) is a physical task that a police officer asks a driver to perform so that the officer can assess whether or not the motorist in question is impaired. The results of a field test can serve as evidence of impairment, although it cannot serve as proof of impairment on its own. Oftentimes, field sobriety tests are simply used as probable cause for a breath test. There are three main FSTs that are used, which are as follows: The horizontal gaze nystagmus test, which looks at how the eye moves as it tracks an object. The one-leg stand test, that tests balance. The walk-an ..read more

The divorce process forces us to organize, review, and often reflect on our financial situation. This is an important part of the property division determination portion of the divorce process and can naturally lead to conversations about estate planning. If you find yourself in this situation, know that you are not alone. Recent studies find the rate of gray divorce has doubled since the 1990s and more in this situation are looking to put together or update their estate plans. You can better ensure this goes well by avoiding these three common mistakes. #1: Putting it off. It is important to ..read more

When buying and selling homes, people sometimes use contingency clauses. Essentially, the whole of a contract is contingent on these specifications. Certain stipulations have to be met for the offer to stand. Contingency clauses are commonly utilized in mortgage contracts. A potential buyer may make an offer for a home but indicate that, if the bank turns them down for the loan, they don’t have to take on the debt for the property. They are only bound by the offer if they do get the loan, which they expect that they will. A contingency clause gives them some protection. If something unexpected ..read more