Mind your Own Business
June, 2013 - Issue #104
courtesy of Shutterstock
courtesy of Shutterstock
Think Outside the Cash Box
There are great options available to qualified companies that can make a huge impact on getting the flow back into your cash position. More and more financially-sound small- to mid-sized businesses are finding Accounts Receivable (AR) Financing to be a great tool to help manage cash flow and grow their business. Today, many qualified borrowers are choosing AR Financing over more traditional forms of credit available to them because of the unique benefits.

What is AR Financing? Simply put, AR Financing is the selling of outstanding invoices or receivables at a discount to a bank, finance or factoring company, providing quick cash to the business. It can bridge the cash gap immediately between payables due today and money you'll receive in 30 days or more. The value assigned to the account depends on the age of a receivable. The more current the invoice, the more value assigned.

What to Think About: Before making the decision whether AR Financing is right for your business, do your homework and explore all options, including traditional lines of credit and term loans, SBA Financing or personal financing. While many financially-sound businesses are selecting AR Financing as their preferred form of credit, determine if it is truly right for your business.

Want to learn more? If AR Financing sounds like a viable option for your business, call Janet Shinkle, vice president of Relationship and Accounts Receivable Financing Manager with Mission Valley Bank's Centre Pointe Business Banking Office.
Mission Valley Bank SBA Department 818-394-2329
Mission Valley Bank Valencia Office 775-4112
Centre Pointe Business Banking Office 753-5680

Should You Deplete your Retirement Savings to Avoid Bankruptcy?
A lot of people who are deeply in debt often resort to depleting their 401K plan or IRA in order to avoid filing for bankruptcy. More often than not, however, bankruptcy becomes inevitable and they later realize that had they filed for bankruptcy sooner, the loss could have been avoided.

Bankruptcy is a last resort for most people; they put off doing it until they're totally out of options and financial resources. Some people decide to use up all their retirement savings because they don't think that the money can be protected if they end up filing bankruptcy. The truth, however, is that most retirement plans are protected under federal bankruptcy law.

If you are currently in debt and have no other source of cash but your retirement plan to keep you afloat, speak with a bankruptcy attorney who can help you understand the pros and cons of all available alternatives. Using up valuable assets to pay debts may not make sense, especially if it provides nothing more than temporary relief instead of a long-term solution to financial problems.
Ray Bulaon Law Offices, Inc. 866-477-7772

Compensation for Dog Bites
Dog bite laws were different not too long ago. It used to be that owners were only responsible for their dog biting when that bite was considered vicious. In these cases, the owner could claim that they had no idea or nothing to indicate that their dog would act in a vicious way. Because of this, the first person that a dog bit might just be considered an accident that had no legal remedy. Now, owners can be held liable virtually any time their dog attacks or otherwise bites someone. Dog owners still have a defense against these claims, however. A dog owner could claim that the victim was partially liable for their own injuries because they either provoked the dog or did not heed warnings that the dog might bite. In the event that a dog bites you, the first thing you should do is identify the rightful owner of the dog. Is the dog a stray? Did it escape off of a leash? Establishing ownership is an important first component for a dog bite case to rest on. After you establish who the owner is, get in touch with them for their contact information. This will help for insurance purposes. If there are any witnesses, speak with them to gain witness testimony. Make as many notes as you can and take pictures if possible. This will serve as evidence when determining liability and damages.

It is important to be evaluated by a doctor even if you think your injuries are minor. A doctor's evidence can go a long way when it comes to filing a claim, in addition to providing you with much-needed medical treatment. If you are seeking compensation in the event of a dog attack, you may be able to seek compensation for medical bills as well as emotional trauma like posttraumatic stress disorder (PTSD).
The Law Offices of Gerald L. Marcus 661-296-2992
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