Following the financial crisis, the risk management policies of financial institutions are under greater scrutiny. Although banks have always had a duty to control risks - in part through loan evaluations - financial institutions must more effectively identify loans that are at high risk of default and take actions to avoid losses whenever possible.
Understanding Commercial Loan Classification
Creditors' Claims in Probate
The objectives of probate are to pay creditors and distribute assets according to the law and your loved one's wishes. Before assets of an estate are paid, creditors may seek payment on debts. As a personal representative, you don't want to pay a debt the estate does not legally owe. However, you also do not want to unnecessarily tie the estate up in lengthy proceedings with a valid creditor.
The Current State of Non-Compete Agreements in Minnesota
Minnesota has traditionally been an employee-friendly state on the issue of non-compete agreements. Past court rulings cited the restraint on trade imposed by non-compete contracts when the court decided in favor of employees on these matters.
Understanding the Means Test for Personal Bankruptcy Protection
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) amended the U.S. Bankruptcy Code in 2005 as part of a widespread overhaul of the system. The BAPCPA put into place new eligibility requirements for obtaining Chapter 7 bankruptcy protection. The provisions make it tough for individuals who have acquired mainly consumer debts, but who earn an above-average income for a household in Minnesota of similar size. The formula for determining Chapter 7 eligibility is called the means test.
