Expungement

Many people are not aware of the affect that an arrest can have on their lives. Even if their arrest was not followed by formal charges, or their case was dismissed, or they were found not guilty, the record of the initial arrest and of the court case will remain on their criminal record. Such records contribute to an individuals judicial and non-judicial criminal records, which are available to the public. A record of a criminal arrest can have adverse, long term effects on someones life, such as affecting their ability to seek employment or apply for housing. One of the only ways to effectively protect yourself from the negative effects of an arrest record is by contacting a competent lawyer who can potentially expunge the record of the arrest.

Details of Expungement

An arrest could remain on your record indefinitely and could affect many aspects of your life, such as your ability to receive loans or promotions. Anybody with a record of criminal arrests can benefit from pursuing an expungement of that record. Some of the details concerning expungement are as follows:

  • Not everyone qualifies to have their record expunged or sealed
  • Individuals are required to submit a petition of expungement that must be approved by the court
  • Judicial and non-judicial criminal records are available to the public
  • Although a criminal arrest record can be unfortunately disruptive, taking the time to address the situation and work to expunge or seal the arrest could alleviate the burdens of such a record

Legal Options

If you are worried about or struggling with the effects of a criminal arrest record, you should consider petitioning to have the arrest sealed or expunged. It may be in your best interest to contact a qualified expungement attorney, who can help you determine if you qualify for an expungement and can help you file a petition.

Insolvency

Even with a good business model and hard work, a business during difficult economic times can become insolvent. Insolvency is a state that many businesses and companies find themselves in when they are unable to generate the revenue necessary to pay their debts on time. In some cases, insolvency can apply to individuals as well. Insolvency is not the same as bankruptcy, because bankruptcy is only a potential result of insolvency. When a business owner finds their company is unable to make payments on their debts, bankruptcy or debt negotiation is considered as an option. Depending on the situation, insolvent businesses who declare bankruptcy may be able to negotiate a situation in which they are able to finish off their debts and keep their doors open.

Types of Insolvency

In these tough economic times, insolvency has become rather common. Thousands of businesses across the nation are battling debt problems that leave them with difficult choices. Two common types of insolvency are:

  • Balance sheet insolvency
  • Cash flow insolvency

Balance sheet insolvency refers to a situation in which a company has more liabilities than assets, while cash flow insolvency refers to a situation in which the company does not have enough cash to pay for debts when they become due. They are both obviously dangers to the company’s future and something must be done to fix them immediately.

Other Options

Declaring bankruptcy can be an effective way to solve the problem of insolvency, but there may be other options as well. With the help of an experienced bankruptcy attorney, you may be able to negotiate with your debt collectors and come to an agreement on a solution for debt repayment. An attorney may be able to negotiate:

  • Reduced monthly payments
  • Reduced interest
  • Extended payment due dates

Choosing debt negotiation or bankruptcy may be able to help you keep your business running while you resolve your insolvency issues. Dealing with financial woes is never easy and it can be quite overwhelming. Fortunately, with the help of an experienced Cincinnati bankruptcy lawyer, you may be able to find the road back to financial stability in your personal or business finances.