Suppose that you plan to get re-married, and in order to keep your assets separate from your significant other you set up a revocable living trust, naming yourself as trustee and sole beneficiary. Three years later, a neighbor trips on your door step, breaks his leg, and wins a lawsuit against you. Can the neighbor [...]

A savvy creditor should understand the nature and availability of remedies if a debtor defaults. Such knowledge is especially important to unsecured creditors, since the options upon default are relatively few and frequently unsatisfactory-why? More often than not, the only remedy available to the unsecured creditor is to file a lawsuit, proceed to judgment (an [...]

According to George Cloutier, most troubled companies "...have not implemented strong financial reporting. Small businesses fail to focus on the basics - doing your P.& L.'s [profit and loss statements] and paying attention to cash flow." Read the entire article from this consultant at NY Times

In the last six months, I’ve repeatedly heard “we’ve never had a problem with bad debts until now.” Here are some tips: Be deliberate about your credit policy. Identify high-risk customers, and mitigate that risk wherever possible. Use up-front payments, personal guarantees, co-signors, accrued interest and liens. Start early. Amex sends me an electronic notice [...]