Running a small business is a dream for many entrepreneurs, but it comes with many challenges. The financial toll can leave one feeling overwhelmed and uncertain about the future. We understand that facing bankruptcy as a small business owner can be scary. However, with the right guidance and strategies, it is possible to recover and grow. Filing for bankruptcy can help a struggling business owner survive and ultimately thrive. WHAT IS BANKRUPTCY? The word ‘bankruptcy’ has a negative connotation. However, it’s important to not be afraid of it but instead seek to understand what it means. Bankruptcy is a legal process designed to help businesses eliminate or repay their debts under the protection of the federal bankruptcy court. Below are three steps to help small business owners feel empowered to revive their business with the help of a trusted advisor. A ssess Your Financial Situation Before taking the significant step of hiring a bankruptcy attorney, it is crucial to assess your financial situation. The first step in navigating bankruptcy as a small business owner is to take a comprehensive look at your finances. This includes managing your cash flow and reviewing all your assets and liabilities. This comprehensive assessment will provide a clear picture of whether bankruptcy is the most viable option for your business. It’s also important to gather all necessary financial documents. For example, putting together balance sheets, income statements, and tax returns. By compiling all of these ahead of time, you are not only helping yourself but also your future attorney. Keeping these organized will save you time. Research and Select a Qualified Attorney Choosing the right attorney is a critical step. An experienced attorney will be able to advise you on the steps to take prior to filing bankruptcy. They will then be able to guide you through the complexities of bankruptcy law and help you make informed decisions for you and your business. Finding an attorney who has experience in working with small businesses and has a track record of handling cases like yours is crucial. This is not something you will find at a small business workshop. However, you can seek referrals of attorneys from your professional network. There might be another small business owner you know that has walked in your shoes and has a recommendation. Consult with the Attorney and Plan the Next Steps Once you have selected an attorney, schedule a consultation to discuss your situation. Your first meeting will be an opportunity to ask questions, understand the bankruptcy process and develop a strategic plan for moving forward. Be prepared with a list of questions and topics to cover (such as differences between Chapter 7 and Chapter 11), what the costs are, potential timeline, and the impact filing will have on your business. It’s important to work with your attorney on a strategic plan so you have a clear path to stay on track. By following these three essential steps, you can approach filing bankruptcy with confidence. The goal is to achieve the best outcome for your business that allows you to rebuild and move forward. Current Issues in Today’s Economic Environment Though small businesses encounter many challenges throughout their life cycle, one of the most common issues facing small business owners today is dealing with the challenges that come from obtaining SBA loans due to the impact of COVID-19. Many small businesses obtained either EIDL or PPP loans from the SBA to cover short term costs with the expectation revenues would return to normal after the pandemic. When the business’ revenues did not return to pre-COVID levels, business owners were confronted with much higher fixed costs and less revenue in which to operate. In many of our client’s cases since the onset of COVID-19, we have been able to either restructure or greatly reduce a client’s SBA debt through a Chapter 11 proceeding, or more specifically, a subchapter V proceeding. If you are looking for an experienced, bankruptcy attorney who focuses in working with small businesses, please contact the Chair of our Bankruptcy Group Steve Heimberger at 330-434-3000 or sheimberger@rlbllp.com

Common Mistakes Business Owners Make in Divorce (And How to Avoid Them)

Understanding Workplace Discrimination in Ohio: Know Your Rights

Who Qualifies for Chapter 11 Bankruptcy in Ohio?

Dealing with medical malpractice can be a highly emotional and distressing experience. The thought of putting your health in the hands of a medical professional only to end up with a worsened condition or injury is heart-wrenching. If you have been a victim of medical malpractice in Ohio, hiring a medical malpractice attorney can help you seek the compensation you deserve. In this post, we’ll guide you through the steps of finding the best medical malpractice attorney in Ohio and securing a financial settlement for your losses.  Step 1: Start your search for a medical malpractice attorney in Ohio The first step to securing a successful medical malpractice lawsuit is to find an experienced attorney. You can start your search for a medical malpractice attorney in Ohio by asking for referrals from friends, family, and colleagues. You can also search the internet for reputable lawyers in Ohio who specialize in medical malpractice. Be sure to check the lawyer's qualifications, experience, and reviews from past clients. This will help you make an informed decision about which attorney to hire. Step 2: Schedule an initial consultation Once you have a list of potential medical malpractice attorneys in Ohio, schedule an initial consultation with them. This meeting will give you the chance to discuss your case and evaluate the lawyer’s expertise and experience. A good attorney will ask you detailed questions about your case, medical history, and any evidence you have. They will also explain the legal process, your rights, and the potential compensation you may get. Step 3: Evaluate the attorney's experience and qualifications When hiring a medical malpractice attorney, experience and qualifications matter. Look for an attorney with a good track record of handling medical malpractice cases similar to yours. Check their certifications and professional accreditations to ensure that they have the expertise and qualifications needed to represent your case. Additionally, make sure that the attorney is licensed to practice law in Ohio. Step 4: Discuss fee arrangements Cost is a crucial factor to consider when hiring a medical malpractice attorney. Some attorneys charge an hourly or contingency fee, while others may require a retainer upfront. It's important to discuss fee arrangements with your attorney upfront to avoid surprises. A reputable medical malpractice attorney should be transparent about their fee structure and only get paid if you win the lawsuit. Step 5: Trust your instincts Lastly, trust your instincts when choosing an attorney. You want a lawyer who is professional, honest, and who listens and responds to your concerns. If you feel uncomfortable with the attorney or their approach, it’s better to move on to someone else. A good medical malpractice attorney will have your best interests at heart and will work hard to obtain the compensation you deserve. If you are a victim of medical malpractice in Ohio, hiring a medical malpractice attorney can help you get the compensation you deserve. Finding the right attorney requires careful consideration of their qualifications, experience, and professionalism. By following the steps outlined in this post, you can select the best attorney for your case and achieve a favorable outcome. Remember, you have a legal right to pursue compensation for your losses, and a qualified attorney can help you navigate the legal system and seek justice.

Assault, in any degree or form, can have severe legal consequences. In Ohio, aggravated assault is considered a serious crime that can result in severe prison sentences. In this blog post, we will take a closer look at the legal definition of aggravated assault, the penalties associated with this crime, and how it differs from other states in the United States.  Aggravated assault is a type of assault that involves the use of a deadly weapon or the intent to cause severe bodily harm. In Ohio, aggravated assault is classified as a felony of the fourth degree and can lead to up to 18 months of imprisonment and fines which can go up to $5000. Cincinnati law recognizes different degrees of felony that take into account the gravity of crime committed by the convict. Essentially, it is a more severe crime than simple assault, which often results in only misdemeanor charges. Other states in the United States have different criteria to classify aggravated assault. For example, in some states, assault with a deadly weapon is considered a separate class from aggravated assault, which only requires an intent to cause bodily injury and not necessarily an intent to kill. Some states also differentiate based on the severity of bodily harm caused. Therefore, it is important to understand the relevant laws of the state in which you reside. Aggravated assault in Ohio can be punishable with harsher penalties in certain cases such as, if the assault results in serious bodily harm or the victim is a public servant, such as a law enforcement officer. In these circumstances, the crime is elevated to a third-degree felony. The penalty for third-degree crimes in Ohio ranges from one to five years in prison and fines ranging from $2500 to $10,000. In some instances, you could find yourself charged with multiple offenses related to an incident of aggravated assault. For example, you could also face charges for carrying an illegal weapon or other drug-related offenses simultaneously. These combined offenses can lead to a more complicated legal procedure and more heft penalties. Aggravated assault is a serious offense that can lead to severe legal consequences. Ohio considers this crime a felony of the fourth degree and can result in up to 18 months of imprisonment and $5000 in fines. However, penalties can vary based on additional factors such as the severity of the injury or if a public servant was involved. In other US States, aggravated assault may have different classifications and penalties, highlighting the importance of understanding local law. If you have been charged with aggravated assault, it is crucial to connect with a Cincinnati criminal defense attorney to fully understand your legal rights. Remember, the quality of your defense can decide whether or not you are found guilty, and that is why it’s important to have a professional with experience guide you through the legal process.

Buying your first home is always an exciting time, but it can quickly turn into a nightmare if things don't go according to plan. One of the worst-case scenarios that homeowners fear is foreclosure. Foreclosure can have serious financial implications that go beyond simply losing your home. In this blog post, we'll discuss what happens to your down payment, whether you get your money back if your home gets foreclosed on, and other important financial considerations for Ohio residents. 1. What happens to your down payment in a foreclosure?  When you're buying a house, you'll typically make a down payment to secure the purchase. But what happens to that down payment if your home goes into foreclosure? Unfortunately, in the case of foreclosure, you will not get your down payment back. Once you've made the down payment, it goes towards the purchase price of the house, and you won't be able to recover it if the house is foreclosed. 2. Will you get your money back if your home gets foreclosed on? If you're facing foreclosure, you're probably wondering if you can get any of your money back. Unfortunately, the answer is usually no. When a house is foreclosed on, the bank takes possession of the property and sells it to recoup their losses. Any money made from the sale goes toward paying off the mortgage, and any remainder is paid to the homeowner. However, in most cases, the sale of the property won't be enough to cover the outstanding mortgage, so the homeowner won't get any money back. 3. The impact of foreclosure on your credit score In addition to losing your home and any down payment you've made, foreclosure can have a severe impact on your credit score. A foreclosure will stay on your credit report for up to seven years and can make it challenging to obtain credit in the future. If you're considering purchasing another home after foreclosure, you'll likely have to pay higher interest rates on your mortgage, and you may have trouble qualifying for a loan at all. 4. Foreclosure alternatives If you're struggling to keep up with your mortgage payments, there may be alternatives to foreclosure that you can explore. One option is a loan modification, which can allow you to renegotiate the terms of your mortgage to make it more affordable. Another option is a short sale, where you sell your home for less than the outstanding mortgage and the bank agrees to forgive the remaining debt. Foreclosure is a difficult and stressful experience, and the financial implications can be severe. If you're facing foreclosure, you should consult with an experienced attorney to understand your options and make the best decisions possible for your financial future. Remember, there are alternatives to foreclosure, and taking action sooner rather than later can help you protect your credit score and minimize your losses.

Chapter 7 vs. Chapter 13 Bankruptcy: What You Need to Know

Understanding the Rights of Creditors in Bankruptcy Matters