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Tessmer Tips / 19.11.2015

If you receive orders to relocate for at least 90 days to a location that does not support your cell phone service contract, SCRA allows you to terminate your contract with your cell provider at any time without penalty. Additionally, if you are relocated for 3 years or less, you have the right to keep your cell phone number, under certain circumstances.   If you receive notice that a civil action (bankruptcy, foreclosure, divorce, etc.) has been filed or a child custody matter has been initiated against you during a period of military service or within 90 days thereafter, you have the...

Tessmer Tips / 18.11.2015

SCRA protects your home from foreclosure. If you secured a mortgage before entering military service, SCRA requires that a lender obtain a court order before it can foreclose on your home during any period of service and for nine months thereafter.  If your lender does seek a court order, and you can show that you have been unable to make your mortgage payments due to your service, the court must temporarily stay the proceedings or adjust the amount due to your lender.   If you leased a vehicle prior to joining the armed forces, you may terminate that lease if you are...

Tessmer Tips / 16.11.2015

SCRA caps the interest rates on loans incurred prior to active duty at 6%. The rate reduction applies to the interest on all pre-service loans and obligations, including mortgages, car loans, credit cards and even federally guaranteed student loans. The interest over 6% is forgiven, not deferred.  Lenders cannot deny or revoke credit, change the terms of an existing loan or refuse to grant you credit because you seek SCRA protections.  Any claim of rights under SCRA cannot be used as the basis for a lender to decide that you are unable to pay a debt to generate an adverse...

Tessmer Tips / 15.11.2015

As we head into the Thanksgiving holiday, we continue with our Tessmer Tips for Veterans.   The Servicemembers Civil Relief Act (SCRA), formerly known as the Soldiers’ and Sailors’ Civil Relief Act (SSCRA), is a federal law that provides protections for military members as they enter active duty. It covers issues such as rental agreements, security deposits, prepaid rent, eviction, installment contracts, credit card interest rates, mortgage interest rates, mortgage foreclosure, civil judicial proceedings, automobile leases, life insurance, health insurance and income tax payments.  The law was first passed in 1918 and most recently rewritten and expanded in 2003.  It offers an umbrella of...

Tessmer Tips / 06.11.2015

Determine how you will handle collection matters.  Every business has to deal with outstanding accounts receivables; know your legal rights and formulate a firm policy for collections and practices. Hire a professional accountant, preferably one who knows your type of industry.  Your accountant can give you advice on deductions, payroll, taxes, etc. that will keep you legal and off the IRS radar.   Consider retaining an attorney.  While most small business startups do not need one, having a trusted counsel can bring peace of mind.  You will have someone to call if any problems arise with contracts, employee issues, customer complaints, etc....

Tessmer Tips / 05.11.2015

A business owner should put all agreements in writing.  Even if not legally required, it's wise to put almost everything in writing, because oral agreements can be difficult or impossible to prove. This includes leases or rental agreements, storage agreements, contracts for services (such as consulting or electrical work), purchase orders or contracts for goods worth more than a couple hundred dollars, offer letters of employment, and employment policies. Get in the habit of getting and giving receipts for all goods, services, and deposits, regardless of how much....