That being said, getting involved isn’t without its costs. In fact, breaking into the medical marijuana industry can be one of the costliest and most tightly-regulated businesses you can go into. If you abide by the laws, you have the ability to make a good profit, but one slip up and you could lose it all. For this reason, it’s important to be ready to spend whatever is necessary to keep within the legal confines of the industry.

If you’re interested in getting started, find out how much you’ll need to spend in order to get your business off the ground.

Dispensary startup costs

In order to open a dispensary in Missouri, there is an initial application fee of $6,000, and applications can begin to be filed on August 3rd. During the application process, you will need to start making plans for your business, but keep in mind that you don’t want to make any huge investments without receiving a license first. Once you obtain your license, you will be responsible for also paying a $10,000 annual fee to renew your license.

Additional costs may include:  

• Real estate. Landlords may refuse to rent to you to operate a medical marijuana business, so you will likely have to own or lease your building. As you purchase a building, be aware of your city’s or county’s zoning laws. These regulations are still being created in many cities and counties, and they will dictate where medical marijuana businesses can operate. The state law requires your business to be located at least 1,000 feet from churches, schools and daycares.
• Staffing. In order to work in a dispensary, your staff must be trained, have a clear background check and understand how to abide within the legal restrictions of your business. Failure to employ trustworthy staff can result in your losing your license. The average payment for a budtender can range anywhere from $11-15 per hour and above, so make sure you have room in your budget for staffing expenses.
• Business expenses. Opening a dispensary comes with a number of miscellaneous business expenses. Since the potential for theft is high, you’ll have to spend a good deal of money on security systems to protect your product. You will also be responsible for buying the product itself, along with any additional equipment needed to sell it. Last, be aware that you will be operating exclusively in cash, since you are not likely to find a bank that will accept money due to marijuana continuing to be federally illegal. This may incur additional tax costs for dealing in cash as well.

Cultivation facility startup costs

Cultivation facilities also have an initial application fee, which is currently at $10,000 in the state of Missouri. If approved for a license,  you will also pay $25,000 in license fees and will have to renew each year. Applications can be filed August 3rd.

When opening a cultivation facility, you must choose between an indoor or outdoor operation. Outdoor operations are easier to operate, since you don’t have to manually control the climate of the place, but it comes with a lower quality product than you could grow with an indoor facility. When you grow indoors, you will be responsible for artificially manufacturing a climate where your plants can thrive, but you will also end up producing a higher quality product than if you had grown outdoors.

Additional costs may include:

• Real estate. If you are growing indoors, you will need a facility that is built to grow. This typically requires a large warehouse that can be temperature controlled so that you can grow the amount of product needed to net a profit. Outdoor grow operations may be easier to purchase or find, but they may be restricted by zoning laws or by the security of the location. Money will be needed to build greenhouses if that is desired over planting in the ground.
• Staffing. Growing medical grade marijuana plants is a more difficult job than one would expect, and you’ll need a talented staff to get the job done right. The pay scale for an experienced grower can range from $75,000-$200,000, so expect to pay that much or more for a quality grower.
• Business expenses. Growing indoors comes with a number of additional costs, including grow lights, temperature control, humidifiers, ventilation systems, growing mediums and various nutrients needed to help the plants grow. Both indoor and outdoor operations will need to pay for water, electricity and any seeds or clones of the plant. All of which will be very expensive.

Planning for your capital needs is critical in the early phases of your business planning. Are you interested in getting your start in the medical marijuana industry?

Contact Reynolds & Gold. We can provide you with the business insight you need to be successful in your venture.

The post What is the Cost to Open A Dispensary or Cultivation Facility? appeared first on reynoldsgoldlaw.com.

Find out what each business entails and we’ll give you some tips on how to best operate your facility.

Types of businesses

Interested entrepreneurs may choose to get involved with one or more of the following medical marijuana facilities:

Cultivation facilities

What are they?: These facilities are used to cultivate and grow medical marijuana to sell to infused product manufacturing facilities and dispensaries.

How much is a license?: A cultivation license has a $10,000 application fee and a $25,000 annual fee if awarded a license.

What do I need to get started?: Cultivation facilities require a great deal of knowledge, ideally from someone who is trained in horticulture. Since marijuana can be a tricky crop to grow, you’ll need to understand the climate in which it thrives and how to keep it from dying. You will also need to choose from an indoor or outdoor facility. You may have more space with an outdoor facility, but an indoor facility provides more safety and protection for your product.

Infused products manufacturing

What are they?: Infused products are any product that contains medical marijuana to be used as medicine. This may include edible products, creams, patches and more. A manufacturing facility would be responsible for making these products.

How much is a license?: Application fees for infused products manufacturing are $6,000, and you will have a $10,000 annual fee if awarded a license.

What do I need to get started?: In order to create infused products, you’ll need a source for your cannabis. This could be your own cultivation facility, or you may need to make a connection with another facility. You will also need to plan what you want your products to be — what kind of infused products do you intend to make? Is there a market for that kind of product?

Dispensary facilities

What are they?: Dispensaries provide medical marijuana to patients who have received a medical card from the State of Missouri.

How much is a license?: A dispensary license application fee is $6,000 with an annual fee of $10,000 once a license is given.

What do I need to get started?: Since dispensaries are the most visible of these facilities, there will be a greater deal of rules and regulations. You should have a consulting team on your side to help you navigate the regulations as they emerge so that you don’t risk losing your license. Since these facilities are so visible, you’ll also need safety measures in place to ensure that you and your employees are kept safe from potential theft or break-ins.

Tips to get started

No matter what kind of facility you plan on starting, these tips can help you understand a bit more about the process of getting and maintaining your license:

• Make yourself stand out. In Missouri, there hundreds of applications will be filed on the August 3rd initial application date and each will be competing for a limited number of licenses, so it’s important to find your niche.
• Getting a license and starting a medical marijuana business doesn’t happen overnight. State and federal regulations could keep you held up for some time, so be aware of the potential delays you may face. Note that Missouri’s rules and regulations have not yet been set, and these rules will determine where your facility can be located and where you can do business in the state.
• Have someone on your side who understands the process. Lawyers with experience in the field will be able to help you understand the law within the state and ensure you don’t lose your license.
• You’ll need financial backing, and you can’t exactly head to the bank to get a loan. Start looking for investors early, since medical marijuana businesses typically need a great deal of start-up capital to be successful.

Do you need guidance for starting your medical marijuana business?

Contact Reynolds & Gold. We can provide the legal guidance you need to get your business off the ground and running.

The post How To Start A Medical Marijuana Business appeared first on reynoldsgoldlaw.com.

First, know that you aren’t alone. In 2017, there were around 772,000 bankruptcies filed by non-businesses. Once you’ve given yourself a moment to breathe, your next step should be to start researching the process of filing. As you do your research, you might start to wonder whether it’s necessary to get a lawyer to help. Do you really need another expense when filing for bankruptcy?

We’re here to help. Read on and find out whether you’ll need a bankruptcy attorney.

What do I need to file for bankruptcy?

Once you have decided to file for bankruptcy, there are many steps you must follow. First, you will have to take a means test to determine what type of bankruptcy you are eligible for. A means test measures your household income to determine your eligibility for either Chapter 7 or Chapter 13 bankruptcy. If you do not pass the means test based on your income, you can provide supplemental documentation to prove your financial situation. These documents can include tax returns, proof of real estate or other property, an average of your monthly expenses and proof of your average income from all of your income sources.

When your eligibility has been confirmed, you will then be ready to proceed with your bankruptcy filing. Be aware that your case could be complicated by a number of factors, including:

• Non-dischargeable debt like student loans, alimony and child support
• A recent divorce
• Fraudulently incurred debts
• Multiple sources of income

Why should I get a bankruptcy lawyer?

Getting a bankruptcy lawyer ensures that you receive the best possible outcome when you are filing for bankruptcy. There are many steps before, during and after filing for bankruptcy that can go wrong, and making one error could cause your case to be dismissed. You may end up losing more property than you intended or you could be left with debts that you have failed to discharge, causing you further financial problems.

If you are considering going without a lawyer due to cost, understand that bankruptcy comes with a cost regardless of whether or not you use a lawyer. On average, filing costs can be upwards of $300. This does not include other costs associated with bankruptcy, including losing property and debtor education courses. An attorney may be able to work with your budget and will let you know what sort of cost to expect upfront.

Your bankruptcy attorney will be able to help you with:

• Understanding the types of debts you have, the assets you own, pending lawsuits and tax debts
• Determining what to do with assets
• Ensuring your documents are all collected, include the proper detail and are accurate
• Advising you during the legal proceedings and make everything clear for you
• Providing information regarding your next steps after your bankruptcy is approved
• Explaining the different types of bankruptcy
• Determining your eligibility for bankruptcy

Are you looking for a bankruptcy lawyer to help you get your finances back on track?

Contact Reynolds & Gold today. We can make your bankruptcy process as easy and painless as possible.

The post Do I Need A Bankruptcy Attorney? appeared first on reynoldsgoldlaw.com.

Once fully operating, the industry is expected to generate hundreds of millions in annual sales. Though the prospects of a huge payout can be tempting, the medical marijuana industry isn’t for the faint of heart. It takes sincere devotion and reverence of the regulations in order to turn a profit and avoid legal repercussions.

Are you ready to learn more about how to get started in this groundbreaking industry? We’ve listed the top five things you’ll need before you can open a dispensary in Missouri.

1. Have a completed application

The state of Missouri began accepting pre-filed application fees on January 5th, and complete applications will be available by June 4th or sooner. If you are interested, it’s best to pre-file your fees as soon as possible. Once applications are released to the public, it will be vital that you pay close attention to each requirement listed on application. Prepare any documentation that you anticipate will be needed and have all of your business information available so you are ready to go once applications are live.  The application fee is $6,000 for a dispensary, $10,000 for a cultivation business and $6,000 for an infused products manufacturing business. You can find the application for pre-filing fees at the Department of Health and Senior Services website.

2. Obtain upfront capital

It isn’t cheap to get started in the medical marijuana industry. In fact, you’ll likely need a good amount of capital to get started, let alone to be successful. Having proof of capital is a major component of your application, as the state cannot be sure you will be successful if you cannot fund your own business. It is suggested that you use outside investors to help you obtain the money needed, especially investors who already have experience in the field. In Missouri, any business entity that seeks a medical marijuana license must have majority ownership by people who have been residents of Missouri for one year or longer. In other words, Missouri residents must own at least 51% of a corporation or limited liability company.

3. Hire a highly qualified team

This industry isn’t one that you’re meant to tackle alone. You’ll need a team of specialists across a number of fields to assist you. The most successful medical marijuana dispensaries have interested parties who are doctors, healthcare administrators, engineers, horticulturalists and entrepreneurial experts. Since it would be impossible for you to wear all of these hats, having coworkers and consultants with this knowledge is necessary to your business’s progress. Whether they’re a part owner or a member of your board, you need experts in your corner who can help you to navigate this field.

4. Bring on a trained legal team

Medical marijuana may be legal in 32 states, but it is still illegal on the federal level. This means there are many legal intricacies that you will have to navigate in order to abide by the law. New bills are being introduced every day to regulate the industry and provide guidance on how the state will enforce these regulations. As the Department of Health and Senior Services creates the rules and regulations that govern the licensing process and the medical marijuana program in Missouri, lawyers will be a key part of interpreting and applying the law. The last thing you want to do is spend time and money to get your dispensary started only to have it closed down due to breaking the law. A lawyer can help you to ensure you are staying within the law and keeping up with any new changes to the law that arise. With all of the legal challenges, it’s been said that a lawyer is one of the most important things you can bring to your medical marijuana business.

5. Create a quality business plan

No investor is going to take you seriously if you don’t know how you’re going to run your business. Before you get started, you’ll need to have your business plan laid out with detailed plans and ideas. If you’re unsure of how to put a business plan together, use the help of a consultant or lawyer to develop your plan. Avoid looking online for a pre-made business plan, as these may not include information that is specific to the state or to your specific business. Having a quality business plan also helps improve your chances of having your dispensary application approved by the state.

Are you interested in opening up a medical marijuana business in Missouri?

Contact Reynolds & Gold. Our legal team can provide you with the essential legal knowledge you will need to be successful.

The post How to Open A Dispensary In Missouri appeared first on reynoldsgoldlaw.com.

Unfortunately, this is often the case. As many as 70% of Social Security Disability claims are denied on the first try, requiring you to go in front of a judge to receive your benefits. If this happens, you’ll need extra legal support to ensure that your case is given its due diligence. Read on and find out how you can improve your chances of being approved for Social Security Disability.

What can a lawyer do for me during a Social Security Disability case?

By a wide margin, getting a lawyer on your side is one of the best decisions you can make when it comes to getting your Social Security Disability benefits. Lawyers can help you by:

• Checking your application completion. One of the reasons that people can get denied for their disability benefits is turning in an incomplete application. It’s incredibly important to read over each section and provide as much supplementary evidence as possible. A Social Security lawyer will know what you need to provide and can help you to successfully complete your application to increase your chances of being approved.
• Organizing your medical records. If you’ve been keeping track of your medical records since the beginning of your disability, you probably have stacks upon stacks of information at your disposal. A lawyer can help you to determine which pieces of information are most vital to your case and avoid overloading the judge with excess facts that would not be relevant to your case. Lawyers also have a better chance of hearing back from a doctor when requesting records compared to a patient.
• Filing any appeals. In the event that your initial claim is denied, a lawyer can file an appeal on your behalf and start arranging for a court hearing. If you were representing yourself, you would be required to handle all of this paperwork and coordination on your own.

Why should I hire an attorney?

While you aren’t required to hire an attorney at any point, it can be a tremendous help to you and your case. The earlier you start on with a lawyer, the more likely you are to have your benefits approved. If you’re even considering filing, you should reach out to a lawyer immediately.

Your lawyer’s first step will be to review your case to determine what needs to be done and help to expedite your case. As mentioned earlier, lawyers know what records need to be prioritized and can help you to locate the documents needed. They can also obtain letters of support to echo your doctor’s support. Lawyers can guide you about the type of medical information needed to increase your chances of winning.

If your case is denied, having a lawyer is vital to winning your case. Handling your case on your own can be difficult, if not impossible. One survey showed that people who applied for SSDI and SSI were twice as likely to be approved with a lawyer. Furthermore, the majority of claims are won with an appeal. Lawyers will have a personal knowledge of the details of your case, including what the judge will want to see during your trial. A lawyer will also be able to discuss your vocational abilities, including discussing your specific needs with a vocational expert at a disability hearing. Without a lawyer, it will be very hard to understand the intricate legal knowledge needed to win your Social Security Disability case.

Lawyers fees are paid as a percentage of past due benefits if your disability claim is won. Thus there is no fee unless you win.

Do you need representation during your Social Security Disability claim?

Contact Reynolds & Gold. We will work with you to gain the benefits you need to live a full, rich life.

The post Why You Need A Lawyer For Your Social Security Disability Appeal appeared first on reynoldsgoldlaw.com.

With this legalization comes the need for cultivation facilities, dispensaries and manufacturing facilities for medical marijuana-infused products. The amendment officially took effect on December 6, and now the process has begun of creating a list of rules and regulations so that interested entrepreneurs can prepare to break into the medical marijuana industry.  

Are you interested in opening a medical marijuana business? Learn what to expect in the coming months as these regulations develop.  

Timeline of events

The Department of Health and Senior Services (DHSS) is responsible for creating and executing the rules and regulations for the medical marijuana industry, including creating the timeline for both businesses and patients.

• January 5th. Interested business owners can begin to submit application fees.  
• June 4th. On or before this date, the applications for medical marijuana businesses must be released and must include the final rules and regulations.
• July 4th. Patients can begin applying for medical cards.
• August 3rd. This is the first day that applications for cultivation, manufacturing and dispensing facilities can be filed.
• December 31st. Licenses for cultivation, manufacturing and dispensing facilities must be awarded within 150 days from the receipt of the application if it is approved.

What are the rules for medical marijuana facilities?

It’s important to understand that the number of facilities will be closely regulated. Different types of facilities have differing rules on the number allowed:

• There will be 61 licenses to cultivate medical marijuana, equaling one license per 100,000 Missouri residents.
• There will be 82 licenses to make marijuana infused products including edibles, vapors, oils and more, equaling one license per 70,000 Missouri residents.
• There is projected to be 192 dispensaries by 2020, equaling 24 dispensaries for each of Missouri’s eight congressional districts.

These differing rules extend to application fees and licenses as well:

• Dispensaries. These facilities will be required to pay a $6,000 non-refundable application fee and a $10,000 annual fee. Their licenses will be valid for three years, with no more than five licenses available to any group or entity. Each dispensary will require a separate license.
• Cultivation facilities. Each cultivation facility must pay a $10,000 non-refundable application fee and a $25,000 annual fee. These licences are also valid for three years, and one group or entity cannot have more than 3 licenses. Since the number of these facilities are based on population, a raise in population in Missouri’s 2020 Census would increase the number of licenses. If the population decreases, the number of licenses will not be impacted.
• Medical marijuana infused manufacturing facilities. Producers of medical marijuana infused products must pay a $6,000 non-refundable application fee and a $10,000 annual fee. These licenses have the same regulations as cultivation facilities, being valid for three years and limiting 3 licenses per group or entity. If the population raises in the 2020 Census, the amount of these licenses will increase as well.

These guidelines are far from the last round of regulations that have been created for medical marijuana businesses. When the final regulations are released in June, businesses can begin to make specific plans for their medical marijuana facilities. Reynolds & Gold will be following along during the process and providing information as it develops.

Do you have any questions about starting up a medical marijuana business?

Contact Reynolds and Gold. We can guide you through the process from application to certification and beyond.

The post What Does Missouri’s Amendment 2 Say About Opening A Medical Marijuana Business? appeared first on reynoldsgoldlaw.com.

We’ve answered these questions and more so that you can be prepared for your financial future after bankruptcy. Find out what you need to know about your credit score before you file for bankruptcy.

How does bankruptcy impact my score?

The bad news first: bankruptcy will have a serious negative impact on your credit score. There is no way around seeing your credit score fall after your debts are discharged. Unfortunately, having a higher credit score will not protect you from having a drastically lowered score post-bankruptcy either. Normally, your score will go down anywhere from 100-200 points, often ending up in the low to mid 500s. For Chapter 13 and Chapter 7 bankruptcy, it will stay on your record for 10 years.

Having said that, declaring for bankruptcy will usually improve your credit score in the long term. With more of your debts discharged, it will be easier for you to make repayments on debts that cannot be discharged or any new debts you take on. By not filing for bankruptcy, you can end up caught in an endless cycle of not being able to repay your debts and lowering your score. Though the initial hit to your credit will be tough, you can overcome it by making smart financial decisions.

How do I rebuild credit after bankruptcy?

Now that your credit score has fallen, what are your next steps to start repairing it? Before you start taking drastic measures, it’s important to understand how your credit score is calculated. Most credit bureaus use these five metrics to determine your score:

• Payment history
• Credit utilization
• Length of credit history
• Recent activity
• Total outstanding debts  

Payment history and credit utilization are the two most important metrics, making up 35% and 30% of your credit score, respectively. What does this mean for you? First, you should make it a point to always pay your debts on time. Even one missed payment can have an extremely negative impact for those who have had their debts discharged through bankruptcy. Second, you should never use more than 30% of your limit on a credit card. Frequently maxing out your credit cards can raise a red flag to credit reporting bureaus. By paying heed to these factors, you can help to raise your credit more easily.

Aside from paying on time and not over-spending, there are various other tactics you can use to raise your score:

• Start establishing credit. As soon as your debts are discharged, you should start building up good credit to offset the bankruptcy. This can be done easily through a secured credit card which requires an upfront payment before you can begin using it. Be wary of many credit card offers, as they may come with huge interest rates and fees in an attempt to prey off of your bankruptcy status. As you start establishing credit, be sure to spread out your open accounts over time, since opening too many accounts at once can be a negative hit to your score.

• Become an authorized user. If you have a very trusted family member or friend, ask them if you can be an authorized user on a credit account of theirs. If they keep up with payments, it can show that you are paying the bill on time and raise your credit score. Be very careful about doing this — if they become delinquent on payments, it will reflect negatively on your score.

• Diversify your debts. Having different types of debt creates a more rounded portfolio of your credit, and having more active accounts open helps boost your credit score. Consider getting a small personal loan that you can repay quickly or a car loan if one is needed. Be sensible about the new debts you take on and make sure you can pay more than the minimum payment before receiving a loan.

• Monitor your credit. Check in monthly with credit reporting agencies to see if there are any erroneous claims on your credit report. The Federal Trade Commission has stated that one in five Americans has an error on their credit reports that could cause a misrepresentation of your credit score, making it all the more important to know what is on your report. If you see anything that doesn’t look correct, you should begin disputing the error with the credit reporting agency.

Are you ready to file for bankruptcy and get your life back on track?

Contact Reynolds & Gold Law. We can help you to cancel your debts and start saving for a new future.

The post How Does Bankruptcy Affect My Credit Score? appeared first on reynoldsgoldlaw.com.

Luckily, there is a safety net built-in for those who experience a loss of income as a result of their disability. Social Security disability helps those who need it most by offering a monthly stipend to offset their cost of living. Each year, Social Security disability SSDI pays an average of $143 billion dollars to more than 11 million Americans to assist them.

Find out how you can apply for Social Security disability and what your next steps are if your application has been denied.

How do I apply for Social Security Disability?

You may apply online at SSA.gov.  Alternatively, you can be interviewed by a Social Security representative. This will take place either over the phone or at a nearby Social Security office. During an in-person meeting, a Social Security Representative will be filling out your application for disability benefits. In order to complete this process, you will need to provide this information:

• Social Security number
• Names, addresses and phone numbers of doctors, caseworkers, hospitals and clinics who took care of you
• Names and dosages of all medications
• Any medical records that you have on-hand, including laboratory and test results  
• Summary of the your employment history
• Your most recent W-2 form or other federal proof of income

How do they determine if I am disabled or not?

After being completed, your application is sent to a state agency that makes the final decision. This agency employs experts who will contact your previous employers and doctors to get a complete medical and vocational history from you. They will look to find that you fit the specific criteria that the Social Security Administration uses to deem you eligible for disability benefits. Depending on what they find, they may give you more forms to complete or ask that you go through a medical exam. It is imperative that you complete the tasks they request, as failure to comply can lead to your claim being denied.

The process is intended to take three to five months, though it isn’t uncommon to take up to six months to make a decision. If you are approved, your benefits will begin in the sixth full month since your disability originated. Your benefit amount depends on how long you have worked, the amount of Social Security taxes you have paid and your adjusted indexed monthly earnings. Your benefit amount averages between $700 and $1,700, though this could be more or less.

What do I do if my claim is denied?

There’s no need to stress immediately if your claim is denied at first. In fact, around 70% of disability claims are denied the first time around. Your claim may have been denied because:

• Your income exceeds disability benefit guidelines.
• Your disability doesn’t clearly fit into the standards set by the Social Security Administration.
• You do not follow the prescribed therapy given to you by a doctor or other medical professional.
• You do not cooperate with the Social Security Administration to provide proper documentation.
• You do not have enough medical treatment to adequately support the health issues that keep you from working.

If your claim has been denied, you can then request a disability hearing where a judge will hear the claims of your case in person. This is where having great legal representation comes in. During your hearing, you will need a lawyer who understands disability law and regulations to help prove your case so that you can receive your benefits.

A Social Security disability lawyer will be aware of the facts of your case and will be able to create a legal rationale for you to receive Social Security disability benefits. This may be your last chance to get the benefits you deserve, so having good legal representation is incredibly important to win your case.

Are you looking for an experienced Social Security Disability lawyer?

Contact Reynolds & Gold Law. We offer years of experience to assist you in receiving the disability money you need.

The post How To Apply for Social Security Disability appeared first on reynoldsgoldlaw.com.

Filing for bankruptcy may be your best option at tackling your debt. Bankruptcy helps you by canceling most of your debts, allowing you to get a fresh start and begin putting money aside for the future. Your credit score may suffer for a while, but if there is no other way to get rid of your debts, it might be your best shot at a clear financial future.

That being said, declaring bankruptcy is not as simple as it may sound. You will need to understand the costs associated with filing for bankruptcy before you start the process.

Bankruptcy filing fees and costs

We’ll start with the good news: no matter what state you’re in, your court filing fees will be the same. Depending on the form of bankruptcy you are filing for, you should expect these costs:

• Chapter 7 bankruptcy discharges a majority of your debts with the exception of a few, like student loans, child support and spousal maintenance. This form of bankruptcy has a filing fee of $335.
• Chapter 13 bankruptcy reorganizes your debts and allows you to pay a portion of your debt through a structured payment plan. This form of bankruptcy has a filing fee of $310.

If you cannot afford the filing fee, you can petition the court to pay the fee in installments.

Aside from the filing costs, you will have to take two educational courses before and after you file that may come at a cost. The courses may be done online or by telephone. Before you file, you will take a credit counseling course, and then you must take a debtor education course during your bankruptcy case and before your debts are discharged. Depending on the area you are in, you may able to receive this counseling for free, but costs average $15-$40 per course. Before completing this counseling, make sure that it is accredited and registered through the bankruptcy court. Your bankruptcy attorney will provide you with a list of approved companies.

One of the biggest and most important costs of bankruptcy are your attorney fees. Getting your debt discharged without the assistance of a lawyer is incredibly difficult, if not impossible, especially if your case is complicated. Factors like multiple sources of income, business bankruptcy, a greater than average income or having non-dischargeable debts require the assistance of a lawyer to navigate. Get an attorney who is willing to work with your budget or asset protection needs while understanding a lawyer is an investment that will pay off in the end. 

Further costs of bankruptcy

Unfortunately, the costs of bankruptcy aren’t over once you’ve filed. If you’ve filed for Chapter 7 bankruptcy, it may come with losing some of your property, though most people don’t lose any property. In Chapter 13 bankruptcy, you are not at risk of losing assets since are paying a portion of your debts. When filing, you will need to be transparent with everything you own, from real estate, vehicles, personal items or any other assets that you own. These are necessary in determining the value of your estate. Being untruthful about the value of your assets will result in your bankruptcy being denied.

In Chapter 7 bankruptcy, some of your assets may be exempt from being taken away when filing for bankruptcy. This includes:

• The home you live in
• Furnishings
• Clothing
• Your primary vehicle

The specific amount that is exempt can vary depending on the state you live in. For example, in Missouri you can exempt $15,000 of the equity in the real estate where you live and $3,000 in equity in an automobile. Check with your legal counsel to calculate exactly how many of your assets are exempt.

When the time comes to get out of debt, contact Reynolds & Gold.

Let us help you get you the outcome you deserve for your bankruptcy.

The post How Much Does It Cost To File Bankruptcy? appeared first on reynoldsgoldlaw.com.

After you become disabled, Social Security disability benefits can serve as a lifeline to help you sustain yourself when you cannot work. The amount of these benefits can vary due to a number of factors, including the years you have worked and the amount you have earned over the course of your life.

Keep reading and find out how much you may receive for your disability benefits.

How is SSDI calculated?

In order to receive Social Security disability benefits, you must have worked a job that has paid into Social Security. Over the time you work you will earn credits that make you eligible to receive benefits. Once it is determined that you are eligible, the Social Security Administration (SSA) will then use a complex formula to determine your benefit amount up to the maximum benefit of $2,788 in 2018. Most disability payments average between $700-$1,700, with the 2018 average being $1,197.

Your benefit is calculated using your adjusted indexed monthly earnings, or AIME. This is found by taking up to 35 years of earnings and choosing the years that have the highest earnings. These years are indexed, which means that they are adjusted to reflect the change in wage levels that has occurred over your working lifetime. After this, the SSA will divide the total amount by the number of months in the years selected and round it to the lowest dollar amount. The result is the AIME.

Using your AIME, the SSA then finds your primary insurance amount (PIA). Your PIA directly translates to the amount of money you receive per month. Your AIME is put into a formula that adjusts yearly at certain bend points, though the majority of the formula is set by law. The result of the formula helps the SSA calculate your precise benefit amount. You may check your disability benefit payment amount online at www.ssa.gov/mystatement/. You may also call your local Social Security office and a representative can assist you in determining your benefit amount.

When is SSDI paid?

After your application for benefits is approved, you will receive your first benefit on the sixth full month after the day your disability began. The Social Security disability payment schedule will vary depending on your birthday:

• If you were born on the 1st-10th, you are paid on the second Wednesday of the month
• If you were born on the 11th-20th, you are paid on the third Wednesday of the month
• If you were born on the 21-31st, you are paid on the fourth Wednesday of the month

Can my SSDI benefits be reduced?

It is possible that receiving other forms of financial benefits may reduce or end your benefits. If you receive a windfall of money or a new source of income, you must report it to the Social Security Administration so they can properly assess your benefit amount.

For example, these factors can reduce benefits:

• Workers compensation, both monthly and lump sum
• Other public disability benefits
• Federal, state, or local government disability benefits

That being said, there are some sources of income that will not affect your Social Security benefits. These include:

• Veterans Affairs benefits
• State benefits if you have paid into Social Security
• Supplemental Security Income (SSI)  
• Private pensions
• Insurance benefits

If you need assistance filing for your Social Security disability benefits, contact Reynolds & Gold.

Our legal team can help you navigate the process of earning your benefits and fight on your behalf to have your application approved.

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