AT LEAST THE COLLEGE TUITION IS PAID…OR IS IT?

This is a common scenario in this economy. Parents struggling to make ends meet,  try to make sure to pay their children’s college tuition first,  so their kid gets a good education.    Parents then have to choose what to pay next and sometimes,  have to let the rest of the bills take a back seat.   They end up amassing huge credit card debt and/or second mortgaging their home, losing the equity.  And sadly, when things get badly out of control,  the parents might have to file for bankruptcy.   Even though the tuition has long been paid to the university, and 

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The Walking Debt

No, the title of this article does not contain a typo and it is not about the popular television series. It is about debt that will not die: the so-called “zombie” debt. You think it is dead but just when you least expect it the debt rears its ugly head, usually as a blemish on your credit report that you learn about from the finance manager at the car dealership or the mortgage broker after you have applied for a loan to buy a new house or refinance your mortgage. Old and forgotten, but old is new for the debt buyer. In some instances 

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Never Ending Saga of Creditor Bad Behavior – Continued…

I Filed My Bankruptcy Case And Now My Payments Are In A Suspense Account, What is that? You were behind on your mortgage but you solved the problem by filing a Chapter 13 Bankruptcy Case.  Now the Bankruptcy Trustee is paying your mortgage arrearage through the Chapter 13 Plan and you are making your current monthly mortgage payments on time outside the Plan.  Your situation should be improving but an examination of your monthly statement reveals new charges to your account and your monthly payments are not being applied to your mortgage, the payments have been deposited into a “suspense 

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When is the Limited Liability of an LLC Manager not Limited in Massachusetts?

Failure to pay wages subjects the managers of an LLC to individual liability under the Massachusetts Wage Act. (So says the Supreme Judicial Court in the case of Cook v. Patient EDU, LLC SJC-11272). While most business owners in Massachusetts understand the importance of a limited liability company, they may misunderstand the level of protection that the entity provides.  It is generally correct that the managers of an LLC are not individually liable for the debts accumulated by the LLC. There are certain statutory exceptions to limited liability.  The Massachusetts Wage Act (G.L. c.149, § 148) provides penalties for failure 

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Intellectual Property and Using a Non-Disclosure Agreement

Some of the most important business assets you own maybe your methods and procedures.  Among the most important characteristics that make up your business may be intangible things like methods and tactics that contribute to your success or intellectual property in the developmental stages that may not be ready for copyright or trademark protection. So how do you protect these important things if you decide to discuss your business with a potential partner or interested buyer? What is a Non-Disclosure Agreement and why should I use one? A Non-Disclosure Agreement (NDA) contains contractual obligations between parties that are discussing confidential 

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