A LOT of people who are contemplating bankruptcy as a solution to their debt problems often wonder if it can be avoided at all. They fear that they might be making the biggest mistake of their lives. If you are struggling with debt problems and are starting to feel hopeless about your situation because you…
Should you operate your business as a sole proprietorship, partnership, corporation or LLC? You may have heard that corporations and LLCs offer liability protection for shareholders and members. You may also have heard that Nevada entities offer more protection. However, there’s a theory called “corporate veil” behind which shareholders and members hide behind. Let’s examine…
Q: I will be working on Christmas and New Year days. Am I entitled to holiday pay? A: Hours worked on holidays are treated like hours worked on any other day of the week. The law does not require payment of overtime or other special premiums for work during holidays, unless such work goes beyond…
I remember the story of a poor, old beggar who died one day – and to everyone’s surprise, a money belt found wrapped around his waist contained thousands of dollars in cash. Apparently, he had found the money belt while digging through trash, decided to keep it but never really opened it. Thus, he lived…
Can creditors go after my business? Yes, creditors can go after your business – but only after business assets (business bank accounts, equipment). But they cannot go after your personal assets (personal bank accounts, appliances, home). Who is liable for LLC debt? The LLC, not you personally. What are Nevada LLC members liable for? Nevada…
CLIENTS are seniors and they have a house in Los Angeles County where the homestead exemption is $600,000. The exemption amount refers to the equity in their house. Equity means fair market value minus all mortgages and liens on the house. The house’s current market value is $1.1 million, while the mortgage balance is $650,000…
ONE of the biggest problem of millenials and Gen Z are educational cost and student loan debt. This eats up a large part of a households budget even among married couples. However, what happens to all the money paid towards one spouse’s education and student loans if the marriage fails and leads to divorce. Well,…
CHAPTER 13 is a reorganization of your financial affairs where you pay a portion of your debts over 36 months or 60 months depending on where your household income is. If it’s over the state median for the same size family as yours following current government statistics, then it’s 60 months. If not, it’s 36…
ARE you facing a mountain of debt and don’t know what to do in order to avoid getting buried? Debt problems can wreak havoc on your personal life in many ways. And left unsolved, they can spill over into other areas of your life, causing problems not only at home but maybe even at work…
PAMELA Ruben-Knudsen and Marnine Casillas were employed as Client Service Managers by Arthur J. Gallagher and Co., a brokerage firm. Client service managers are salaried and considered exempt from overtime. However, their primary task is to coordinate between producers, clients and insurers to process insurance applications and renewals. Pamela and Marnine do not manage or…
Bitcoin and other cryptocurrency has become popular lately as a new store of value. It is decentralized and not subject to regulation in any jurisdiction. It can be stored in a digital wallet or hard drive. Due to its lack of regulation, it is easy for one to assume that it is not necessary to…
AS we come to the close of 2021, the data shows that the Southern California housing market has continued to appreciate for the past three years since 2019. As of date, here are the average sales prices for single-family homes in Southern California in comparison to years 2020 and 2019. Los Angeles County’s average sales…
THIS is what I call a borderline Chapter 7 case with asset. Therefore, it is the better part of caution not to file Chapter 7 because the asset may be lost in Chapter 7, while Chapter 13 is safe enough because the Chapter 13 trustee, unlike the Chapter 7 trustee does not have the power…
IN 2016, Robert Fernandez, then 70 years old and disabled due to diabetes, was hired by Puente Hills Chrysler Dodge Jeep Ram. Even though he had trouble walking and standing for long periods, his employer accommodated his disability. He excelled at his job and was a top producing assistant sales manager. In August 2018, the…
MANY parents who may have problems refinancing their house due to low income in retirement or due to low credit score sometimes resort to the idea of having their married child serve as a co-borrower to refinance their house As part of the refinancing process, the parents usually adds their adult children to the deed…
ARE you thinking of hiring a debt settlement company to help you solve your debt problems? Before you do, maybe you should read this article as it could save you a lot of money and frustration. One reason many consumers hire a debt settlement company is because their debt amounts have become simply unaffordable to…
Teresa Brooke was hired by Aurora Santa Rosa Hospital as its Chief Nursing Officer in May 2016. The hospital provides in-patient care, partial hospitalization, and outpatient mental health care for patients ranging from teenagers to adults. Teresa has 30 years of experience in the field of nursing and hospital management. During her short tenure as…
DO you have sleepless nights worrying about your credit card debts? Are you feeling hopelessly trapped with no way out? If you are up to your eyeballs in credit card debt and have no way of paying back what you had borrowed, a lot of things may be going through your mind at the moment….
MANY people are of the perception that simply downloading a prenuptial agreement from the internet and signing it with their fiance offers them a bullet proof protection from a divorce. What many people do not know is that certain statutory requirements must be met in order for the prenuptial agreement to be valid and to…
Bankruptcy law has two basic purposes for individuals (as opposed to a business entity). The first is from the perspective of creditors. Bankruptcy law gives creditors a common venue to resolve collective action against an insolvent debtor. What does this mean? Imagine if you will, that you owe ten credit cards for a total of…
Nevada has no state personal income tax. It has no corporate income or franchise tax tax either. On the other hand, neighboring California has the highest personal tax rates in the country. It also has one of the 10 highest corporate income tax rates. It’s no wonder that businesses and individuals leave the Golden State…
ENDING the month of November 2021, the Southern California housing market continued to appreciate in comparison to the prior year (Nov 2020) for single-family homes. Los Angeles County’s median sales price increased 10% to $880,000 and an average sales price of $1,305,876 (13%) for single-family homes. Orange County’s median sales price increased 22% to $1,125,000…
I WAS in line at the grocery store the other day and noticed the man in front of me smiling and looking at me as if he wanted to say something. I only had a couple of items in my hands, so he proceeded and asked: “Do you want to go ahead of me?” I…
MOST couples that want out of a marriage in California usually file for Divorce. There are circumstances though that allow a couple to have their marriage “voided” rather than “dissolved.” There is a big difference between the two concepts. With a voided marriage, it restores the couple to status of unmarried person as if they…
THE client is 72. He still works his normal job and makes about $3K a month. He also receives social security of $1K. So, his total income right now is $4K. He tells me that he is tired of working. His wife doesn’t want him to work anymore. His wife retired ahead of him at…
Q: I WORKED at a company for more than 20 years. I was injured at work several months ago and I was forced to take a leave of absence so I can have surgery and recover. When my leave ended, I called my employer so I could return to work. My supervisor told me my…
THE purpose of spousal support is not defined by the legislature in that its purpose varies according to the facts and circumstances of each case. The facts and circumstances of a particular case may be such which call for no spousal support, or for support for a very limited period of time, with the purpose…
Is employee’s travel an abuse of medical leave? Q: I HAD surgery and my employer approved the doctor-prescribed 6 weeks of medical leave. While on leave, I travelled to the Philippines to stay with family members who could assist me while I recovered. When I came back to the U.S. I received several messages from…
THE purpose of spousal support is not defined by the legislature in that its purpose varies according to the facts and circumstances of each case. The facts and circumstances of a particular case may be such which call for no spousal support, or for support for a very limited period of time, with the purpose…
IF you’re in this situation, your question is probably – “Do I need to make repairs?” The quick answer is “No, you don’t need to make any repairs.” The real questions are – when do you need to sell by and what is your home’s current market value? The time it takes for a property…
