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How can I break bad financial habits now?

Bad financial habits are often hard to break for most people. In fact, many people don’t realize that they’re engaging in poor financial management until they need to file for bankruptcy or have creditors calling day and night. There are steps you can take to break bad habits now, as explained by CNBC.com.

Prioritize debt by interest rates

Differing site conditions may result in construction disputes

For individuals who have a home custom-built in California, it is an exciting time. The new homeowners have the opportunity to choose the materials, colors and furnishings used in every room. In the rush to begin creating the interior design, the home site may be overlooked. The ground conditions and underlying issues can be critical to the project's timeline.

According to Spire Consulting Group, unforeseen and unexpected conditions may occur during construction projects. Differing site conditions can affect the timeline for completion and the final cost of the home. Provisions in the contract typically identify how the parties involved should document and communicate the specific issues that impact the project. Anticipating the particular problems can be more complicated.

Common construction defects that you should be aware of

Construction is a highly competitive industry in California that can create a strong desire in many contracting companies to pump out projects at lightning speed. You may be aware of just how competitive it is when you feel the pressure to complete complicated projects in record time to maintain your reputation. However, compromising on design or workmanship can be extremely dangerous and ultimately tarnish your reputation if your flaw results in someone's injury or death. At Tsao-Wu & Yee LLP, we have helped many companies to understand the importance of maintaining a high level of quality. 

According to The Travelers Companies Inc., there are some common construction defects that you should be aware of including the following:

  • Maintenance deficiencies happen when the owner of your finished construction project fails to properly maintain the systems or structure. 
  • Design deficiencies happen when mistakes that are made during the design process may ultimately affect the structural integrity of your project. 
  • Construction deficiencies happen when your workers cut corners or do things that may weaken the structure or create long-term risks. 
  • Material deficiencies happen when you use poor quality products that lessen the safety and functionality of your structure. 

When are construction delays excusable?

California is in a constant state of construction. From rebuilding highways to laying down foundation for new skyscrapers, year-round projects are frequently stalled. Often this is due to a shortage of time, resources and finances. Delays are common, and unfortunately, construction disputes follow.

Discussing bankruptcy with your spouse

Filing for bankruptcy can be a difficult decision for business owners and people who are struggling with personal debts. Some people may be hesitant to move forward with a bankruptcy application because they would rather avoid going to court, are not familiar with the process or fear that their reputation will be tarnished. Moreover, some may be unsure of how their spouse will feel about the decision to file for bankruptcy.

There are a number of ways in which these concerns may be alleviated. For starters, discussing the entire situation with your marital partner could be helpful. If they are on the same page and understand the potential benefits associated with bankruptcy, they could be more supportive, which may make your life easier and increase the chances of a favorable outcome. Sometimes, a spouse may strongly disagree with this decision, in which case it is important to be fully prepared for questions they may have and to have a solid understanding of the ins and outs of your case.

Can you prevent bankruptcy from happening to your business?

There is little else as alarming as discovering that the financial health of your company in California is declining rapidly and you are exploring options as serious as bankruptcy. There could be many different reasons why you are in this position including poor management of cash flow, sudden changes in the economy or even the loss of key employees who were influential in how your organization managed finances. Whatever the reason is, it is important that you understand that immediate changes may buy you enough time to change your course and ultimately avoid having to file for bankruptcy. 

According to Chron, some of your options include reducing the amount you pay yourself or other members of management, to the bare minimum. This can be calculated by determining how much is needed to survive and then paying only that amount. Be sure to let your employees know that their income has the very real potential of growing as the business gets back up on its feet. Other options include renegotiating contracts with creditors, automating functions where possible to reduce employees, reassessing your spending goals, finding creative ways to generate additional cash flow and working with vendors to switch inventory over to a consignment basis. 

What should I know when filing for bankruptcy?

The decision to file for bankruptcy in California must not be taken lightly. When entering into the process, having the proper information is crucial to ensure you make the best decisions based on your current financial needs. Forbes offers the following advice in this case, which can help you take the proper steps when filing for bankruptcy.

Bankruptcy will cost you (in more ways than one)

What Can I Expect From The Discovery Litigation Process?

If you’re a Bay Area contractor, you’re probably aware that disputes are quite common in your industry. In many cases disputes will lead to formal court proceedings, which require both legal teams to enter into what is known as the discovery process. Construction Today explains what you can expect from litigation discovery.

Documents feature heavily

How can I recover from bankruptcy?

While filing for bankruptcy is a daunting proposition, the fact is you can recover financially. Whether your bankruptcy originated from poor decision-making or a sudden financial hardship, with the right information you can get back on track and begin rebuilding your credit history. U.S. News & World Report offers the following information on what you can do in the aftermath of bankruptcy.

Keep track of your credit score

How Can I Tell a Bad Contractor From a Good One?

Whether you need help with brand-new construction or are having renovations completed at your home, it’s essential that your contractor performs quality work. Unfortunately, some companies fail to meet the expectations of their clients, which can lead to lost time and money dealing with construction defects. AngiesList.com explains what to look out for if you suspect a contractor may be lacking in one or more areas.

Unprofessional behavior

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