Posted on

Ask Behm Law Group: Can You Talk Your Mankato Business Into Bankruptcy?

Can a business owner lose everything because of what they said? Well, business mogul and 2016 presidential candidate Donald Trump recently came under fire for some of his remarks regarding Mexicans and others who cross the U. S. border illegally. While this is a far cry from the bankruptcy cases Behm Law Group typically handles, let’s take a look at whether freely expressing your views could land your Mankato, MN business in bankruptcy.

The Trump Situation

Univision had already severed its contract with Donald Trump when he declared that he couldn’t continue his tv show, The Celebrity Apprentice, because of his candidacy. Nonetheless, NBC blasted Trump for his comments regarding Mexicans as well. Some wonder if the rebuke was because NBC would lose money by not continuing that show.

Other companies and persons who currently do business with Donald Trump are reconsidering their alliance with him. For instance, Cheryl Burke and Thomas Roberts, the two co-hosts of a pageant produced by Trump, will not participate in the next pageant.

Despite heavy criticism and loss of business partners, Trump remains steadfast in the accuracy of his comments, citing both truth and free speech.

Could It Happen to You?

Obviously, Donald Trump is a big celebrity personality and a billionaire to boot, so losing the revenue stream from his television show and a few business partners isn’t going to force him into bankruptcy. But what if you have far less money in reserve and really depends on a steady stream of customers for your small business to make a profit?

The short answer is yes, but it’s not truly because of what you actually said. Everyone is able to say whatever they please through the right of free speech. However, the 1st Amendment does not protect against others reacting negatively to your views. When consumers don’t like the views a business owner holds, they will often boycott that particular store or service. Furthermore, they will probably tell their friends and family to avoid shopping at that business as well which means you could lose even more revenue and gain an unfavorable reputation that could be hard to shake.

In the 21st century, word of mouth is still critical to business success and your customers show approval or disapproval with the ways they spend their money. So while you have the right to say whatever you want, as a business owner you might want to be careful. An off-color comment could potentially lead to a domino effect that ends in bankruptcy.

A situation like this certainly be one of the most interesting set of circumstances Behm Law Group Ltd has come across in our years of practicing bankruptcy law. But whether a comment you’ve said has cast a negative cloud over your business or you’re facing more mundane financial problems, contact Behm Law Group when you need to file for bankruptcy in Mankato, MN.

Posted on

Dealing Emotionally With the Decision to File for Bankruptcy in the Mankato Area

When times are bad and the thought of bankruptcy is on your mind, it can be difficult to cope emotionally with those feelings of failure and shame. Whether you or your spouse have lost a job or suffered some other catastrophe, call Behm Law Group, Ltd if you are in the Albert Lea and Mankato areas and contemplating bankruptcy. We understand that bankruptcy is a hard choice, but often the choice that is in your best interest.

Regardless of why you need to declare bankruptcy, here are some steps you can take to move on toward a brighter future:

1) Gather a support group for yourself, if you don’t already have one. It can be a relief to share your troubles with those who care about you and your well-being. A supportive group of friends and family can also help you think about other things in life and help you keep your bankruptcy in perspective.

2) Set goals for yourself, and stick to achieving them. Start with small steps first. When you’re ready, then begin on the larger goals. These goals can be anything from organizing your finances to applying for a new job or getting an exercise routine.

3) Gain some insight by reading books on psychology or strategies for success. The 7 Habits of Highly Effective People by Stephen R. Covey as well as Emotional Intelligence by Daniel Goleman come to mind and both are widely available in public libraries.

4) Find your strengths and areas for self-improvement—especially if you are looking for a new job. Make a list of the skills you do have and strive to improve any skills you are missing. If you are unsure of your strengths, try taking a personality or job skills assessment test. These tools can highlight some skills you didn’t know you possessed and give you direction toward a new career path.

5) Think of some fun, creative endeavors you can do to lower your stress level. Declaring bankruptcy can alleviate some of the stress from dealing with creditors all the time but can also cause more anxiety as you worry about your financial future. Some inexpensive ideas to help you de-stress include hiking or having a game night with friends.

Following these tips can help you feel more positive about your decision to declare bankruptcy and become confident that you can make a better life for yourself. Bankruptcy is just a bump in the road and the bankruptcy attorneys at Behm Law Group, Ltd, can help you get up and over that bump because bankruptcy is our specialty. Consult with Behm Law Group, Ltd. today.

Posted on

Know Your Business Partners in Mankato, Minnesota

How well do you know anyone? Really. Can you honestly say you know someone so well you can predict what he or she will do in any given business situation? If this were the case, there would be fewer breakups in the business world. Even if you did understand another well, this doesn’t mean one of you wouldn’t change as other events unfolded. If you want to counter potentially bad business relationships, the bankruptcy attorneys at Behm Law Group, Ltd., recommend you consider the following steps in the Mankato area:

1) Do a background check on any potential business partners. Your due diligence in this area could avert a Bernie Madoff catastrophe.

2) Have an attorney review any legal documents you use in your business. This review should include any agreements or contracts with another business party.

3) Agree on a code of conduct. How should discrepancies or conflicts be handled? Put this agreement in writing.

4) Determine the areas of responsibility for each party. What happens when one person goes on vacation? What happens when one party interferes in the duties of the other? What happens as new areas of responsibility emerge as the business evolves?

5) What if one party is compromised in any way, legally or ethically? Be prepared to know what you would do in this case.

These five steps should allow you to forge a more meaningful business relationship. At times, it may be best to reassess some of these or other areas as your business develops.

Keep in mind that people can change. Who you thought was a person of sound character may change and almost devastate the business. Installing a system of checks and balances can help to thwart any intentions of wayward souls.

Although it may seem daunting at first, documentation is your friend. It provides clarity and structure to an otherwise fluid relationship. It can minimize misunderstanding and thwart ill intentions.

Let’s face it. If you don’t strive to make your business relationships concrete in the Mankato, Albert Lea, and Owatonna areas, one day you may be looking at bankruptcy because of something your business partner did.

If you find yourself having to file for bankruptcy, or you want to discuss your options should this occur, contact the bankruptcy attorneys at Behm Law Group, Ltd. in the Mankato, Minnesota area.

Posted on

How Do You Insure Against Bankruptcy in the Mankato Area?

Recently, an Amtrak train derailed in Philadelphia. It was reportedly going twice the posted speed limit around a curve. Several people were injured. The driver reportedly couldn’t remember anything. If you owned Amtrak, what would you do? Would your insurance cover any potential lawsuits? Maybe you’re not concerned in the Mankato, MN area because you don’t think any comparable accident would happen here. But then again, if it did, you’d want to contact Behm Law Group, Ltd., the bankruptcy specialist attorneys.

Whether it’s a train accident or some other accident, sometimes there’s negligence involved, sometimes not. You hope your insurance would cover any calamities. But, does it? the insurance limit you choose can be a matter of speculation. How do you know when you’ve reached a sufficient amount? You can talk to your insurance agent about that.

If you’re wondering about any potential liability on your part, include the bankruptcy attorneys at Behm Law Group, Ltd. in your discussion. Because, if a catastrophic accident does occur, it would be helpful to know your options before disaster strikes. Afterward, you’ll be overcome with emotion and not as likely to be able to deal with the situation logically.

While Mankato, Albert Lea, and Owatonna are smaller communities, even a small accident could become catastrophic for a business. As your business evolves, consider updating the insurance requirements.

Instruct your employees in proper safety procedures. Make sure they have adequate rest, especially if they work in a critical area. Have a regular maintenance check-up schedule for your equipment.

If you’ve covered all the aspects of safety first, that will work to your advantage later on if you ever do have a serious accident. If you find yourself contemplating filing for bankruptcy, consult with the bankruptcy attorneys at Behm Law Group, Ltd. to discuss your options.