Plaintiff argued that its notices of deficiency were timely because ORS 314.410(3) and (8) extended the period within which notices could be issued. The court held that extensions contained in ORS 314.410(3) and (8) were exceptions to the statute of limitation contained in ORS 314.410(1). The subsection (3) extension will only apply if notice of an IRS tax assessment change is received by Plaintiff before the state statute of limitation expires. The court also held that ORS 314.410(8) does not change conditions that control the other extension periods contained in ORS 314.410(1) through (7).
Notice of deficiency-Statute of limitation
1. ORS 314.410 is a basic statute of limitation with a list of specific exceptions to that limitation.
Notice of deficiency-Statute of limitation-Exception
2. In order for the exception contained in ORS 314.410(3) to apply, notice of an IRS tax assessment correction must be received by Plaintiff before the state statute of limitation expires.
Notice of deficiency-Statute of limitation-Exception
3. ORS 314.410(8) does not change the conditions controlling extension periods contained in ORS 314.410(1) through (7).
Oral argument on cross motions for summary judgment were held May 12, 2000, in the courtroom of the Oregon Tax Court, Salem.
James C. Wallace, Assistant Attorney General, Department of Justice, Salem, argued the cause for Plaintiff (the department).
J. Alan Jensen, Joel P. Leonard, Weiss, Jensen, Ellis & Howard, Portland, and James M. Thomas, Weiss, Jensen, Ellis & Howard, Seattle, argued the cause for Defendant (taxpayer).
Decision for Defendant rendered June 6, 2000.
CARL N. BYERS, Judge.
Plaintiff Department of Revenue (the department) appeals from a Magistrate Decision holding that the department's notices of deficiency were barred by the statute of limitations. The department asserts that Defendant's (taxpayer) extension agreements with the Internal Revenue Service (IRS) extended the time for it to issue notices of deficiency. The matter is before the court on stipulated facts and cross motions for summary judgment.
Taxpayer timely filed Oregon corporate excise tax returns for the tax years 1978 through 1984. Taxpayer did not enter into any agreements with the department extending the time for it to audit and issue notices of deficiency for those years. However, taxpayer did agree to extend the period within which the IRS could assess federal deficiencies for those same years. Taxpayer's extension agreements with the IRS expired as follows: (1) tax year 1978 expired June 15, 1993, (2) tax years 1979 through 1981 expired December 31, 1993, and (3) tax years 1982 through 1984 expired June 30, 1994.
During the extension periods, the IRS made corrections to taxpayer's federal taxable income. The IRS issued revised audit reports (RAR) as follows: RARs for tax years 1978 through 1981 were dated June 11, 1993, and received by the department on August 30, 1993; and RARs for 1982 through 1984 were dated June 29, 1993, and received by the department on May 2, 1994.
On May 30, 1995, the department issued notices of deficiency for the years 1978 through 1984.
Are the department's notices of deficiency barred by the statute of limitations?
1. The administration of state corporate excise taxes are governed by statute. ORS 314.410 (1) imposes time limits upon the department's authority to issue notices of deficiency. That statute may be viewed as providing a basic rule with specific exceptions. The basic rule, stated in ORS 314.410(1) is:
"* * * At any time within three years after the return was filed, the department may give notice of deficiency * * *."
Inasmuch as the notices of deficiency were issued in 1995 and the last year in which a return was filed in this case was 1985, the notices obviously do not fall within the three-year periods of limitation. However, ORS 314.410 contains a number of exceptions to this general rule.
The department claims that two exceptions apply to the facts of this case. First, the department claims exception under ORS 314.410(3). That subsection provides:
"* * * If the Commissioner of Internal Revenue or other authorized officer of the Federal Government makes a correction resulting in a change in the tax for state excise or income tax purposes, then notice of a deficiency under any law imposing tax upon or measured by income for the corresponding tax year may be mailed within two years after the department is notified by the taxpayer or the commissioner of such federal correction * * *." (Emphasis added.)
The department argues that its notices of deficiency were issued within two years from the date it received the RARs from the IRS. However, the department ignores the language of the statute emphasized above. The importance of that emphasized phrase was established in Swarens v. Dept. of Rev., 320 Or 326, 330, 883 P2d 853 (1994) wherein the Supreme Court stated:
"The text of ORS 314.410(3) suggests that, for the new limitation period to apply, the IRS correction must occur within the original limitation period. The statute is conditioned on a correction 'resulting in a change in tax for state * * * income tax purposes.'" (Emphasis added.)
2. A change in a taxpayer's state income tax cannot occur unless that year is still open to taxation. Because a tax year is open to taxation only within a limited period, it follows that, for the ORS 314.410(3) extension to apply, the IRS correction must be made and notice of that correction received before the state statute of limitations expires.
The primary point made by Swarens is that the limitation period of ORS 314.410(3), as it pertains to state income tax, is not extended by an IRS correction occurring within a limitation period for correcting federal income tax. Rather, it must occur before the state limitation period expires. The Supreme Court stated:
"Our conclusion that ORS 314.410(3) extends the statute of limitations only when an IRS correction occurs within the relevant state limitation period also is consistent with the apparent purpose of ORS 314.410(3)." Swarens at 333.
After discussing the legislative history, the court considered a report issued by the State Tax Commission and found that:
"The report makes clear that the original purpose of the statute was to extend the statute of limitations in cases where a correction is made by the federal government within the statute of limitations. * * *
"We conclude that, under ORS 314.410(3), a correction by the IRS extends the statute of limitations only if that correction is made before the state statute of limitations has run." Id. at 334-35.
The three-year statute of limitation contained in subsection (1) had already tolled before the IRS made any corrections. Consequently, taxpayer's state excise tax was untouched and therefore, the two year extension contained within subsection (3) will not apply.
The department claims that a second exception in subsection (8) of ORS 314.410 triggers the two-year extension contained in subsection (3). Subsection (8) provides:
"Notwithstanding the other provisions of this section, if any taxpayer agreed with the United States Commissioner of Internal Revenue for an extension * * * of the period for giving notices of deficiencies and assessing deficiencies in federal income tax for any year, the period for mailing notices of deficiencies of tax for such years shall be within the limits expressed in subsections (1) to (7) of this section or six months after the date of the expiration of the agreed period for assessing deficiencies in federal income tax, whichever period expires the later."
The department believes that subsection (8) may resurrect the two-year exception available in subsection (3). In its reply brief, the department asked "the court to recognize that the word 'or' in subsection (8) means that [the department] has the longest of eight potential periods within which to issue a notice of deficiency, following a federal extension. If a timely, federal adjustment changes federal tax, then the two-year period following notification of the change is one of the potential periods." (Ptf's Reply Br In Supp of Its Cross Motion For Partial Summ Jgmt at 3.) However, the department's construction ignores the language of subsection (8) as well as the Oregon Supreme Court's construction of subsection (3) contained in Swarens.
3. Whenever a taxpayer agrees with the IRS to extend the period for giving federal notices of deficiency, ORS 314.410(8) makes the limitation period the longest of any of the limitation periods provided by subsections (1) through (7) or six months after the federal extensions expire, whichever is later. Subsection (8) does not change the conditions controlling the periods in subsections (1) through (7). Therefore, in the absence of any agreement with the state, the additional two-year period of ORS 314.410(3) only applies if the federal correction was made within the state's three-year statute of limitation.
Here, the state had no extension agreement. Therefore, the extended period provided in subsection (3) only applies if the federal corrections are made within three years from when the return was filed. In short, the limitation period provided by subsection (3) is significantly shorter than the department would like.
Applied to the facts of this case, of all the potential extension periods available under subsection (8), only one provides any extension of the three-year statute of limitation. That one extension, contained within subsection (8) itself, allows deficiencies to be mailed within "six months after the date of the expiration of the agreed period for assessing deficiencies in federal income tax, whichever period expires the later." The department failed to send its deficiency notices within those six months, and therefore its deficiency notices were void.
In conclusion, because the department failed to mail deficiency notices within the time periods required by ORS 314.410, each of the deficiencies for tax years 1978-1984 mailed to the taxpayer was void. Now, therefore,
IT IS ORDERED that Plaintiff's cross motion for partial summary judgment is denied, and
IT IS FURTHER ORDERED that Defendant's Motion for Summary Judgment is granted. Costs to neither party.
1. All references to the Oregon Revised Statutes are to 1993.
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Emergency Bankruptcy Attorney Bloomfield NM - Call 877-541-9307
If you have actually been battling to get from debt for a very long time as well as you seem like you're lacking options, there might come a time when you determine to proclaim bankruptcy. Many people consider personal bankruptcy only after they seek financial obligation combination or financial debt negotiation These options could help you get your funds back on course as well as won't adversely influence your credit scores as much as a personal bankruptcy. Debtors need to know that there are several options to bankruptcy, specifically if they are considering declare Chapter 7 insolvency.
If a debtor has nothing left that is important, such as residential property or income, another bankruptcy option is simply to stop paying financial institutions. At, attorneys from our network evaluate situations as well as determine whether declare Phase 7 personal bankruptcy, Chapter 13 personal bankruptcy, or another debt monitoring approach will be best.
Sole proprietorships could additionally be eligible for relief under phase 13 of the Insolvency Code. If you wish to discharge your charge card debt, medical and utility bills, stay clear of foreclosure, and evaluate the stability of financial obligation monitoring plans or financial debt settlement plans, you need the help of qualified personal bankruptcy lawyers.
Declare personal bankruptcy is a lawful procedure that either decreases, reorganizes or removes your financial debts. Creditors could intend to prevent a borrower entering into bankruptcy, calculating that a personal bankruptcy filing will minimize the quantity of the financial debt that will certainly be repaid to them. Attorneys from our network could clarify which sort of bankruptcy will ideal secure your assets while eliminating the largest quantity of financial obligation, so you'll recognize you're choosing the ideal path for you.
You would certainly need to if you file Chapter 13 insolvency either to save a property or due to the fact that you failed the means test for Phase 7. You may be able to cut out those nice-to-haves like cord or satellite cell, landline and television phones if you take a closer look at your budget plan. If you need to choose between settling a few financial debts or filing insolvency, work out the debts, however do it right.
The Regulation Offices of Kevin Ahrenholz could help you in submitting Phase 7, Chapter 11, Chapter 12, as well as Chapter 13 insolvency. The feasible positive side with figuring out a Chapter 13 is your only bankruptcy option is that you could have access to funds that could enable you to resolve your financial debts quickly. People that used Phase 13 personal bankruptcy, best called wage earner's personal bankruptcy," had to do with split in their success.
During this moment, an insolvency discharge can avoid you from getting brand-new credit lines and also might also cause problems when you look for work. The majority of individuals submitting bankruptcy were not specifically well-off. Our bankruptcy lawyers can assist you to check out non-bankruptcy choices in order to help you discover the financial obligation alleviation remedy that is finest for you.
To get more information concerning insolvency and also other debt-relief choices, seek advice from a regional credit history therapist or check out the Federal Trade Payment's educational web pages. The individuals as well as organisation that file for bankruptcy have far more financial debts compared to loan to cover them and also do not see that transforming anytime quickly.
If one of these insolvency alternatives saves your credit report, it's better to take it, even if it will take a little longer or set you back a little more to obtain rid of your financial obligation. This is a far better alternative for the creditor compared to if the debtor has actually the financial debt released in Chapter 7 bankruptcy or positioned in a court-approved repayment plan in a Chapter 13 insolvency.
In Phase 13 debt consolidation" insolvency, you reach keep all of your home or business, however you pay into a 3- to five-year payment plan. However, insolvency is still expensive, as well as because of that, we offer nine various layaway plan alternatives that will fit most budget plans. For this reason, before establishing if insolvency is your ideal course of action, it's smart to compare all alternatives you need to get financial obligation alleviation without bankruptcy.
Though individuals can file a bankruptcy case without a attorney or “pro se,” it really is severely tricky to get it done competently.|The opinions expressed on this Internet site depict only the thoughts of Robinson Law Personal computer and so are by no means supposed as legal information upon which you should rely.|Observe: You might be receiving additional behind simply because you will not be Benefiting from all readily available tax credits and income dietary supplements. Use our Do not Leave Revenue on the Desk! checklist to check out if you can be improving your income with more credits, refunds and benefits.|The get worried and tension of getting these debts and getting pressured by assortment organizations is too difficult that you should deal with, or|Filing Chapter thirteen bankruptcy stops foreclosure, removes charge card credit card debt, together with other debts including clinical costs or personalized loans. In some cases, Filing Chapter 13 bankruptcy can strip or remove a 2nd mortgage loan lien or a 3rd home loan lien over a household.|There are numerous means of locating a lower-Charge lawful Specialist online. It is possible to check out employing a free attorney Listing to come up with an excellent listing of candidates. The downside to this technique is that you have got to connect with or stop by Every one of them and make clear your fiscal predicament.|You should deliver the identify and handle of the corporation or person linked to the lease or deal, an outline on the lease or contract, plus the account quantity.|at a minimal rate and obtain it carried out quick. The primary will be the money certification kind. It can condition your money flow together with it’s about to show a cost system.|Do not cover information and facts from them the attorney. Put your facts in existence so the attorney can provide you with an educated solution based upon the true points of one's case. You’ll possible locate some very skilled, very low-Price bankruptcy legal professionals as well as Professional bono bankruptcy attorneys that are willing to aid.|By using a Free Session, we can easily begin to assist you to, your family, or your smaller enterprise on the most effective route to fiscal recovery. We offer knowledgeable and caring Affordable Lawyers for Bankruptcy without the unpleasant surprises that considerably less-professional bankruptcy attorneys could result in.|You can Speak to us even soon after your circumstance is closed. Closed conditions might from time to time have to be reopened and it is nice to grasp that we'll be there for yourself regardless of what.|The list of creditors, account quantities, addresses, and quantities owed need to be as complete as possible to stop difficulties following the bankruptcy. Creditors who will be not notified because of the court will try to gather Regardless of the bankruptcy.|Any creditors or debts not detailed inside the paperwork filed Using the courtroom will be exempt in the bankruptcy filing. Meaning they will still be capable to search for recompense for your debts even just after this method is total. Make sure you incorporate all pertinent debts and creditors when filing.|Get yourself again on track. For the summary in the bankruptcy course of action, you might be discharged. You are no more chargeable for discharged debts, and creditors can not take any motion from you. You are now able to get started rebuilding your credit rating.|It was evident from the kinds of queries she was inquiring that she had performed her research. This method ongoing to get a number of more weeks and by then, we were being starting to suspect that she wasn't an actual debtor trying to get to file bankruptcy but alternatively, an attorney attempting to enrich her have familiarity with bankruptcy from our specialists.|FreeProBono served me discover an area pro bono attorney that considered in my lead to. I had been overwhelemed Nonetheless they served me by my challenges and now I am saved!|To enroll in updates for local and national court subjects, or to accessibility your subscriber preferences, you should enter your contact data beneath.|Program H – Co-debtors: It's essential to deliver the courts Using the identify and deal with of co-debtors that are accountable for any debts that you've A part of your bankruptcy filing.|The subsequent bankruptcy forms might be necessary regardless if you are filing Chapter seven or 13 (Except if not indicated). You could attain the forms for free through the U. S. Bankruptcy Court website.|BAPCA is essential bankruptcy reform legislation that took impact in 2005 and continue to has key implications for bankruptcy currently. Take a minute to familiarize yourself with BAPCA.}
Kid support and spousal aid owed, and selected other obligations under a divorce or separation order
✓ ✓ If you should make alterations just after your filing or simply soon after your discharge, we may help. ✓ ✓ When it really is time on your creditor Assembly, we offer you data to prepare you, so that the process is really a breeze.
They may minimize the worry of getting to complete seemingly endless paperwork. Filing providers is not going to present the very vital authorized assistance. Filing expert services might be of great use to businesses with a great deal of finances to trace, but again, they aren't an equitable substitute for bankruptcy attorney.
They're also those with the highest fee. It's your decision to select which one is the greatest for you. You may choose the cheapest but be sure you employ the one having a couple of years of practical experience and also have correctly handled many conditions prior to now. Deciding on the lowest-price tag at this stage could possibly Offer you less or no response in the slightest degree from their network.
This known as an "automatic stay." Even though the 2005 legislation provides far more exceptions to this rule, the automated stay still stops most selection attempts though your case is pending, particularly when your case is a relatively basic and quick a person.
Bankruptcy is rather challenging in most states. There's a great deal of paperwork, and every little thing has to be ready pretty extensively and precisely. In certain areas Get it done Yourself (DIY) bankruptcy is an alternative, but It's not advisable. When folks take care of their particular bankruptcy filing with no help of bankruptcy attorneys, it frequently goes inadequately.
Incorporates: Tips on how to use reaffirmation agreements to maintain your financed appliances and home furnishings and pay nothing.
Bankruptcy may not discharge all your debts with no some sacrifices. In case you have only a few belongings and small income, you may not drop just about anything. But wealthier debtors can reduce some of their belongings, or could possibly have to keep spending to maintain them.
The method is a 3-stage course of action, and that is straightforward to complete, hugely effective and In addition it guards your privacy.
Though you will find many various forms of bankruptcy, two are most frequent for individuals. Both of these solutions contain filing for bankruptcy underneath Chapter seven and Chapter thirteen of The us bankruptcy code.
What qualifications do your counselors have? Are they accredited or certified by an outdoor organization? What teaching do they acquire?
Feel free to look through our authorized site and overview archived articles or blog posts about bankruptcy and various legal challenges that our shoppers often inquire us about. We operate really not easy to make this as cost-effective for yourself as possible even though even now running a business mainly because we care about you!
In the scenario in which a debtor is mentally incompetent to signal a bankruptcy petition and no bankruptcy certain ability of attorney exists, the non-debtor member of the family really should request to generally be appointed guardian from the debtor relative with the courtroom technique in their county.}
Which Type Of consumer bankruptcy Should You Submit? Phase 7 Vs. 13
This phase of the consumer bankruptcy Code generally provides for reconstruction, typically involving a company or collaboration. Insolvency remains on your debt report for 7-10 years, relying on which phase of personal bankruptcy you submit under. It may be time to declare personal bankruptcy if it is going to take more compared to 5 years for you to pay off all your financial debts. Phase 13 bankruptcies compose regarding 30 percent of non-business bankruptcy filings. Filing personal bankruptcy with a court is the primary step.
If filing personal bankruptcy is ideal for you, a personal bankruptcy attorney could describe your alternatives and also assist you identify. Take the time to calculate what does it cost? money you have to avoid insolvency. We are the bankruptcy attorneys you can phone call to aid you attain freedom from your financial institutions as well as restore monetary stability. The automated remain" order protects against lenders from trying to accumulate from you during the personal bankruptcy process.
The new personal bankruptcy legislation needs debt counseling before personal bankruptcy filings anyhow so it's worth it to strongly consider credit history therapy as a bankruptcy choice. The American Insolvency Institute (ABI) did a research study of PACER stats (public court documents) from 2016 and also located that 95.5% of the 499,909 Phase 7 insolvency cases chose that year were discharged, indicating the individual was no longer lawfully needed to pay the financial debt.
A Chapter 13 bankruptcy involves paying back several of your financial debts to have actually the rest forgiven. It is essential to understand that while insolvency is an opportunity to start over, it most definitely impacts your credit history and also future capacity to make use of loan. Insolvency is a legal process designed to put a stop to collection phone calls and eliminate debt completely.
Your bank card firm will certainly decide whether you could maintain your charge card after your personal bankruptcy. If you haven't done so at this moment, this might be where you understand you should discover a personal bankruptcy attorney Lawful counsel is not a need for individuals applying for either Phase 7 or Chapter 13 bankruptcy, however you are taking a significant threat if you prefer to represent on your own.
Declaring insolvency might enable you to get a fresh monetary start. The majority of people who file for bankruptcy pick either a Phase 7 or Chapter 13 case. Your co-signer still may be lawfully obligated to pay all or component of your lending when you proclaim bankruptcy. Still, as a result of the lasting effects of insolvency, some professionals think it's most useful when you have greater than $15,000 in debts.
Chapter 7 insolvency is a court procedure that is created to eliminate credit card financial debt, medical debt, as well as various other types of unsafe debts for individuals who could not afford to settle them. For a detailed conversation of non-bankruptcy alternatives, check out Solve Your Cash Problems: Financial Obligation, Credit & Insolvency, by Robin Leonard and Margaret Reiter (Nolo).
The opportunity of a debtor declare bankruptcy will certainly inspire some creditors to accept reduce the month-to-month payment, develop a long-lasting settlement plan, or reduce the rates of interest or the debt. For something, you may not recognize government or state personal bankruptcy regulations or understand which regulations apply to your case, especially regarding just what financial debts can or cannot be released.
Declare personal bankruptcy is a legal procedure that either decreases, restructures or removes your financial obligations. Creditors might intend to prevent a debtor entering into insolvency, calculating that a personal bankruptcy declaring will certainly lower the quantity of the financial obligation that will certainly be settled to them. Lawyers from our network could explain which type of bankruptcy will certainly finest protect your possessions while eliminating the biggest amount of financial obligation, so you'll understand you're choosing the best path for you.
No. If you can pay your costs when they schedule, it's a good idea to do so. However, if your debts are considerably more than your assets and also revenue, bankruptcy may be your best alternative. On top of that, specific borrowers that have regular earnings might seek a change of financial obligations under phase 13 of the Bankruptcy Code A particular benefit of phase 13 is that it offers individual debtors with an opportunity to save their residences from foreclosure by allowing them to "capture up" past due settlements through a layaway plan.
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6 Factors As Well As 5 Ways To Prevent Declaring Personal Bankruptcy
Depending upon the kind, or "chapter," of insolvency, financial debts are treated differently. Joining a credit report or debt counseling company's debt administration program is a bit like declare Phase 13 insolvency. Personal bankruptcy lugs some substantial long-lasting penalties since it will certainly continue to be on your credit score record for 7-10 years, yet there is a great mental and emotional lift when you're provided a clean slate and also all your financial debts are removed.
If a debtor has absolutely nothing left that is beneficial, such as home or income, another bankruptcy alternative is just to stop paying financial institutions. At, lawyers from our network examine situations and determine whether filing for Chapter 7 bankruptcy, Phase 13 personal bankruptcy, or one more debt monitoring method will be best.
In Phase 7 liquidation" personal bankruptcy, residential property gets marketed to pay back creditors for financial obligation relief (although many individuals keep most, if not all, of their properties). If Chapter 13 bankruptcy is your only insolvency choice that you may have a possession that you can sell off to settle your debts right away, there is a respectable possibility that.
Chapter 13 insolvency normally varies from 3 5 years to release. Only 24,375 insolvency situations were filed by organisations in 2015. There are various other ways to deal with lenders except applying for insolvency. In 2015, personal bankruptcy filers owed $113 billion as well as had assets of $77 billion, most of that being realty holdings, whose genuine value is open to question.
To find out more regarding insolvency and also various other debt-relief alternatives, consult from a regional credit history counselor or review the Federal Trade Commission's informational pages. The individuals as well as organisation who apply for personal bankruptcy have far more financial debts compared to cash to cover them and also do not see that transforming anytime quickly.
When personal bankruptcy is the only various other alternative for the borrower, an additional personal bankruptcy option is to ask creditors to agree to a settlement plan Many lenders will certainly consent. Our charges for pre-filing Phase 7 personal bankruptcy solutions are one of the most affordable in the country. If some combination of home loan financial debt, bank card financial obligation, clinical bills and student lendings has actually devastated you economically and also you don't see that picture transforming, insolvency might be the best answer.
Though the business continuouslies run during bankruptcy proceedings, most of the choices are made with authorization from the courts. Due to the fact that insolvency could have such a devastating effect on your credit score, it's better to look for other options before submitting Chapter 7 or Chapter 13 insolvency. Your assets will be sold by a court-appointed bankruptcy trustee.
Throughout this time, a bankruptcy discharge can prevent you from getting new lines of credit and may even trigger issues when you apply for tasks. A lot of the people filing bankruptcy were not specifically rich. Our bankruptcy attorneys could assist you to explore non-bankruptcy alternatives to assist you locate the debt relief option that is ideal for you.
Speaking to an insolvency legal representative can assist you familiarize your alternatives and comprehend the insolvency procedure. If you're thinking about filing Phase 7 insolvency, full our questionaire to see if you qualify. For instance, you could have the ability to avoid bankruptcy if you market some assets, cut back on your budget plan, make a deal with your financial institutions, and borrow loan from friends and family.
Allow your creditors know you are having monetary trouble as well as intend to prevent personal bankruptcy. - as well as do not have the earnings to spend for it. There were 844,495 insolvency instances submitted in 2015, and also 97% of them (819,760) were submitted by individuals. If the borrower's "current regular monthly revenue" is more than the state average, the Personal bankruptcy Code requires application of a "means examination" to identify whether the chapter 7 filing is presumably violent.
Finding Chapter 7 Bankruptcy Alternative
If you have actually been struggling to obtain out of financial obligation for a long period of time as well as you seem like you're running out of options, there could come a time when you decide to state personal bankruptcy. The majority of people think about bankruptcy only after they pursue financial debt consolidation or financial obligation settlement These choices could aid you get your finances back on the right track and won't negatively influence your credit rating as long as an insolvency. Debtors need to realize that there are a number of alternatives to personal bankruptcy, particularly if they are pondering declare Chapter 7 personal bankruptcy.
If a debtor has nothing left that is important, such as residential property or income, an additional bankruptcy option is just to stop paying lenders. At, attorneys from our network figure out and evaluate cases whether declare Chapter 7 personal bankruptcy, Phase 13 bankruptcy, or another financial debt management strategy will be best.
Sole proprietorships may additionally be qualified for alleviation under phase 13 of the Insolvency Code. If you want to release your bank card debt, medical and energy expenses, prevent repossession, as well as analyze the feasibility of financial obligation monitoring strategies or financial debt settlement plans, you need the assistance of certified insolvency lawyers.
Declare personal bankruptcy is a legal process that either reduces, restructures or eliminates your financial obligations. Lenders may wish to stay clear of a borrower going into personal bankruptcy, calculating that a personal bankruptcy filing will reduce the amount of the financial obligation that will certainly be repaid to them. Lawyers from our network can explain which type of bankruptcy will certainly finest safeguard your possessions while wiping out the largest quantity of financial obligation, so you'll understand you're selecting the right path for you.
Since you failed the methods examination for Chapter 7, you would certainly have to if you submit Chapter 13 insolvency either to conserve an asset or. If you take a closer take a look at your budget plan, you might have the ability to eliminate those nice-to-haves like cord or satellite cell, tv and landline phones. If you need to pick between settling a few debts or filing personal bankruptcy, clear up the financial obligations, however do it right.
The Law Offices of Kevin Ahrenholz can help you in submitting Chapter 7, Chapter 11, Chapter 12, and also Chapter 13 insolvency. The feasible silver lining with discovering a Phase 13 is your only personal bankruptcy option is that you might have access to funds that could permit you to settle your financial obligations promptly. People who made use of Chapter 13 personal bankruptcy, best known as wage earner's bankruptcy," had to do with split in their success.
Throughout this time around, a bankruptcy discharge can avoid you from obtaining brand-new lines of credit as well as may even cause troubles when you obtain jobs. A lot of the people filing personal bankruptcy were not specifically rich. Our bankruptcy attorneys can aid you to discover non-bankruptcy alternatives to help you find the debt alleviation remedy that is finest for you.
For more information regarding insolvency and various other debt-relief options, consult from a regional credit scores counselor or check out the Federal Profession Commission's informative pages. The individuals as well as business who apply for personal bankruptcy have far more debts compared to money to cover them and don't see that altering anytime quickly.
If among these personal bankruptcy options saves your credit history, it's far better to take it, also if it will certainly take a little bit longer or cost a little more to obtain rid of your financial obligation. This is a better choice for the lender compared to if the debtor has the debt discharged in Chapter 7 bankruptcy or put in a court-approved settlement plan in a Chapter 13 bankruptcy.
In Phase 13 combination" insolvency, you reach keep all your home, yet you pay right into a three- to five-year repayment plan. However, personal bankruptcy is still expensive, and for that reason, we offer nine various payment plan options that will fit most budgets. For this reason, before identifying if insolvency is your ideal strategy, it's important to contrast all options you need to obtain financial debt alleviation without insolvency.
When Personal Bankruptcy Could Not Be The Most Effective Debt Option
Learn exactly how Chapter 7 personal bankruptcy works, whether you could pass the qualification "indicates test," just what happens to your house and automobile in Chapter 7, which financial obligations will certainly be discharged by Phase 7 personal bankruptcy, and also much more. A Chapter 13 bankruptcy includes settling several of your debts to have actually the rest forgiven. It is essential to understand that while bankruptcy is an opportunity to begin again, it absolutely influences your credit report and future ability to use cash. Bankruptcy is a legal procedure developed to put a stop to collection phone calls and also wipe out debt for good.
The possibility of a debtor declare insolvency will encourage some creditors to accept decrease the regular monthly payment, develop a long-term repayment strategy, or decrease the rates of interest or the financial debt. For something, you might not recognize government or state insolvency laws or be aware which legislations relate to your case, especially concerning what debts could or can not be released.
We have the capability in order to help you with credit history therapy choices and could help you remove your financial obligation tons through bankruptcy. Explore alternatives to Chapter 7 or Chapter 13 bankruptcy before you submit. Phase 11 is often described as reconstruction insolvency" due to the fact that it provides services a chance to remain open while they reorganize the business' debts as well as possessions so it could pay back lenders.
If you are battling to settle delinquent financial obligations and also being harassed by debt collection agency, a personal bankruptcy lawyer could help. However, it could be possible to transform your phase 13 into a phase 7 insolvency, if you are not successful. Your insolvency attorney could assist you prevent foreclosure, stop car foreclosure, get rid of clinical expenses, and discharge bank card debt.
Such debtors need to consider filing a request under phase 11 of the Personal bankruptcy Code Under phase 11, the borrower does not avoid insolvency yet may seek a modification of debts. And, if you do, you might be able to generate an end result that might be a lot more beneficial than a Phase 13 personal bankruptcy. We understand that filing for bankruptcy could feel like a complicated process when you're overwhelmed with debt-- specifically if you're handling a wage garnishment, a pending suit, or a residence foreclosure.
Filing insolvency can permit you to obtain a fresh monetary begin. A lot of people who file for personal bankruptcy pick either a Chapter 7 or Chapter 13 instance. Your co-signer still may be legally obliged to pay all or component of your financing when you proclaim bankruptcy. Still, as a result of the long-lasting impacts of bankruptcy, some experts think it's most valuable when you have greater than $15,000 in the red.
Your bank card firm will choose whether you could keep your bank card after your personal bankruptcy. If you haven't done so now, this might be where you realize you should discover a personal bankruptcy lawyer Legal advise is not a requirement for people declaring either Phase 7 or Phase 13 personal bankruptcy, but you are taking a significant danger if you choose to represent yourself.
The brand-new insolvency regulation requires credit report counseling prior to bankruptcy filings anyhow so it deserves it to strongly take into consideration credit therapy as an insolvency option. The American Bankruptcy Institute (ABI) did a research study of PACER statistics (public court records) from 2016 as well as located that 95.5% of the 499,909 Chapter 7 bankruptcy instances chose that year were discharged, meaning the individual was not lawfully required to pay the debt.
To learn more concerning personal bankruptcy as well as various other debt-relief options, consult from a regional credit history counselor or read the Federal Profession Compensation's informative pages. The individuals and also company that declare insolvency have far more financial debts than money to cover them and don't see that transforming anytime soon.
During this time, a personal bankruptcy discharge could avoid you from acquiring brand-new lines of credit as well as could also cause problems when you apply for work. The majority of the people filing insolvency were not specifically wealthy. Our personal bankruptcy lawyers can aid you to discover non-bankruptcy options to assist you locate the debt relief option that is ideal for you.
Personal bankruptcy Options And How It Impacts Your Home loan
Consumer bankruptcy is a last resort for services and individuals, including Gawker Media, the business that possesses this website. The Legislation Offices of Kevin Ahrenholz could assist you in submitting Phase 7, Phase 11, Chapter 12, as well as Phase 13 bankruptcy. The possible positive side with figuring out a Phase 13 is your only personal bankruptcy option is that you could have access to funds that might enable you to resolve your financial debts quickly. People who made use of Chapter 13 bankruptcy, best known as wage earner's personal bankruptcy," were about split in their success.
In Phase 13 consolidation" insolvency, you reach maintain all your home or business, but you pay right into a three- to five-year settlement strategy. Nevertheless, bankruptcy is still expensive, as well as therefore, we offer nine different layaway plan alternatives that will certainly fit most budgets. For this reason, before determining if bankruptcy is your best course of action, it's wise to compare all options you have to get financial obligation alleviation without bankruptcy.
Because you failed the ways test for Chapter 7, you 'd have to if you submit Phase 13 insolvency either to save a property or. You might be able to reduce out those nice-to-haves like cable television or satellite landline, television as well as cell phones if you take a closer appearance at your budget. If you have to choose in between clearing up a couple of financial obligations or filing personal bankruptcy, clear up the financial obligations, yet do it right.
It is not always feasible to stay clear of bankruptcy, yet it makes sense to wear down all choices to bankruptcy prior to declaring Phase 7, Phase 13, or Chapter 11. This might appear a bit confusing, so why refrain from doing it right the very first time? LegalZoom can link you with a personal bankruptcy lawyer who will certainly help you identify which type of insolvency is right for you, prepare and submit the essential records, and suggest you throughout the bankruptcy procedure.
Sole proprietorships might likewise be eligible for alleviation under phase 13 of the Insolvency Code. If you wish to discharge your charge card financial obligation, clinical and also energy bills, prevent repossession, and evaluate the feasibility of financial debt monitoring plans or financial obligation settlement strategies, you need the support of qualified personal bankruptcy lawyers.
Such borrowers ought to think about submitting a petition under chapter 11 of the Personal bankruptcy Code Under phase 11, the borrower does not avoid personal bankruptcy but may look for an adjustment of financial debts. As well as, if you do, you might be able to generate an end result that can be far more positive compared to a Phase 13 bankruptcy. We know that declare insolvency can appear like a difficult process when you're bewildered with financial obligation-- especially if you're handling a wage garnishment, a pending claim, or a residence repossession.
Filing for insolvency is a lawful process that either minimizes, restructures or removes your financial debts. Lenders might want to avoid a borrower going into insolvency, determining that a personal bankruptcy declaring will certainly minimize the amount of the debt that will certainly be paid off to them. Attorneys from our network could explain which kind of bankruptcy will certainly finest shield your possessions while erasing the largest amount of financial debt, so you'll recognize you're picking the right course for you.
There is one substantial downside to filing for personal bankruptcy, nonetheless: a bankruptcy will stay on a debtor's debt record for approximately 10 years. When taking into consideration financial debt negotiation vs Chapter 13 personal bankruptcy it is very important you comprehend that there are two ways to carry out debt settlement.
The opportunity of a debtor declare insolvency will encourage some creditors to accept reduce the month-to-month settlement, develop a long-term payment strategy, or minimize the interest rate or the debt. For one thing, you may not recognize government or state bankruptcy legislations or realize which legislations relate to your instance, specifically concerning just what financial obligations could or cannot be discharged.
Taking part in a credit history or financial debt counseling company's debt management program is a bit like filing for Phase 13 bankruptcy. Bankruptcy lugs some significant long-lasting fines because it will remain on your credit history record for 7-10 years, but there is an excellent mental and also psychological lift when you're provided a new beginning and all your financial debts are eliminated.
When To File Phase 7 Or Chapter 13 Consumer Bankruptcy
If Phase 13 insolvency is a far better choice for you compared to Chapter 7 bankruptcy, locate out. Personal bankruptcy continues to be on your credit rating report for 7-10 years, depending click this upon which phase of insolvency you submit under. It might be time to state personal bankruptcy if it is going to take more than five years for you to pay off all your financial debts. Phase 13 bankruptcies make up concerning 30 percent of non-business bankruptcy filings. Declaring Bankruptcy with a court is the first step.
Our seasoned team of Reorganization attorneys supply tactical legal advice to assist devise the most effective financial debt administration plan. People can only file for insolvency under Chapter 13 if their debts do not exceed a certain quantity. But collaborating with a debt or financial debt counseling company has one advantage: No bankruptcy will show up on your credit report document.
The Legislation Offices of Kevin Ahrenholz can aid you in filing Chapter 7, Phase 11, Chapter 12, as well as Phase 13 insolvency. The possible positive side with finding out a Phase 13 is your only bankruptcy alternative is that you may have accessibility to funds that may enable you to settle your debts swiftly. People who used Phase 13 bankruptcy, best known as breadwinner's Liquidation," were about split in their success.
Chapter 7 Reorganization is a court procedure that is designed to wipe out credit card debt, medical financial debt, and also other sorts of unsecured financial obligations for people that can no more pay for to repay them. For a thorough discussion of non-bankruptcy choices, check out Solve Your Loan Troubles: Financial Debt, Debt & Bankruptcy, by Robin Leonard and also Margaret Reiter (Nolo).
Taking part in a debt or financial debt therapy company's debt monitoring program is a little bit like filing for Phase 13 bankruptcy.Consumer Bankruptcy carries some substantial long-lasting charges due to the fact that it will certainly remain on your credit score record for 7-10 years, however there is an excellent mental and emotional lift when you're given a new beginning and all your debts are removed.
While bankruptcy could offer relief and a fresh start from a lot of financial obligations, it is additionally considered the "financial obligation choice of last hope". Our law practice has been practicing law over 90 years, and our personal bankruptcy team has decades of consolidated experience assisting people face the financial tests of life. Your credit history report could not sustain substantially a lot more damages, especially if you regularly pay your expenses after proclaiming personal bankruptcy.
If a borrower has absolutely nothing left that is valuable, such as building or revenue, one more bankruptcy alternative is merely to stop paying lenders. At, attorneys from our network figure out and assess cases whether filing for Chapter 7 bankruptcy, Chapter 13 insolvency, or one more financial obligation monitoring approach will certainly be best.
Speaking to an insolvency lawyer can assist you become aware of your choices and also comprehend the personal bankruptcy process. If you're thinking about submitting Chapter 7 personal bankruptcy, full our questionaire to see if you qualify. For instance, you could have the ability to avoid personal bankruptcy if you market some possessions, reduced on your budget, make a deal with your creditors, as well as obtain money from friends and family.
Though the business continuouslies operate throughout personal bankruptcy proceedings, the majority of the choices are made with authorization from the courts. It's far better to look for other options prior to filing Phase 7 or Chapter 13 insolvency due to the fact that bankruptcy could have such a devastating impact on your credit scores score. Your properties will certainly be offered by a court-appointed insolvency trustee.
There are several types of personal bankruptcy for which individuals or married couples can file, the most typical being Phase 7 and also Phase 13. Phase 7 bankruptcy is a chance to get a court judgment that launches you from duty for paying off financial debts. Within one service day of when you call or email our office, you will certainly obtain call from our workplace offering to set up a complimentary, same-day insolvency qualification evaluation where we assess whether you are eligible for bankruptcy, and also if so, what phase of personal bankruptcy is best matched for you.
Alternatives To Personal Bankruptcy
The federal government needs all potential filers to experience credit rating counseling before declaring Liquidation. Let your financial institutions understand you are having economic problem and use this link wish to prevent Bankruptcy. - as well as do not have the income to pay for it. There were 844,495 insolvency instances submitted in 2015, and 97% of them (819,760) were submitted by individuals. If the borrower's "current regular monthly income" is more than the state typical, the Insolvency Code requires application of a "suggests test" to identify whether the chapter 7 filing is presumptively abusive.
We have the capability to assist you with credit score therapy choices as well as can assist you remove your financial obligation lots via insolvency. Check out options to Phase 7 or Phase 13 personal bankruptcy before you file. Phase 11 is typically described as reorganization personal bankruptcy" due to the fact that it gives services a chance to stay open while they restructure business' debts and assets so it could pay back financial institutions.
Declaring Personal Bankruptcy might allow you to obtain a fresh economic start. A lot of individuals who file for personal bankruptcy choose either a Phase 7 or Phase 13 situation. When you declare bankruptcy, your co-signer still may be lawfully obliged to pay all or part of your finance. Still, because of the long-term impacts of personal bankruptcy, some professionals think it's most advantageous when you have greater than $15,000 in debts.
While personal bankruptcy can provide relief and a new beginning from a lot of financial debts, it is also thought about the "financial obligation alternative of last resource". Our law firm has been practicing law over 90 years, and our bankruptcy team has decades of combined experience helping people face the financial tests of life. Your credit score record may not endure significantly more damages, specifically if you continually pay your bills after declaring bankruptcy.
The new insolvency regulation requires credit counseling prior to insolvency filings anyway so it deserves it to highly consider credit score therapy as an insolvency choice. The American Insolvency Institute (ABI) did a research study of PACER statistics (public court documents) from 2016 as well as found that 95.5% of the 499,909 Chapter 7 personal bankruptcy cases decided that year were released, implying the person was not lawfully needed to pay the debt.
An additional personal bankruptcy option is to ask financial institutions to agree to a payment plan Lots of financial institutions will consent when personal bankruptcy is the only other alternative for the borrower. Our costs for pre-filing Chapter 7 insolvency services are just one of the lowest in the nation. If some mix of mortgage financial debt, charge card financial obligation, medical expenses and also trainee fundings has ruined you monetarily and you don't see that image altering, personal bankruptcy might be the very best answer.
Our knowledgeable group of personal bankruptcy lawyers provide tactical legal advice in order to help design the best debt administration plan. People could only file for bankruptcy under Chapter 13 if their financial obligations do not surpass a specific quantity. Yet dealing with a credit scores or financial obligation therapy firm has one benefit: No insolvency will certainly show up on your credit scores document.
Participating in a credit or financial obligation therapy company's financial debt management program is a bit like filing for Phase 13 insolvency. Bankruptcy carries some considerable lasting fines since it will continue to be on your credit rating report for 7-10 years, however there is an excellent mental as well as emotional lift when you're given a new beginning and all your financial debts are gotten rid of.
Though the business continues to run throughout insolvency procedures, a lot of the choices are made with permission from the courts. It's much better to seek other options before submitting Phase 7 or Chapter 13 personal bankruptcy due to the fact that bankruptcy could have such a terrible effect on your credit history score. Your properties will be sold by a court-appointed personal bankruptcy trustee.
Insolvency is a legal life line for individuals drowning in the red. Whether you're thinking about Chapter 7 bankruptcy, Phase 11 insolvency, or Chapter 13 bankruptcy, the recommendations of a knowledgeable bankruptcy legal representative is advised. Debtors ought to additionally be aware that out-of-court agreements with financial institutions or financial obligation therapy services could provide an option to a bankruptcy declaring.
Emergency Bankruptcy Attorney Kirtland NM - Call 877-541-9307


Venture investors will often ask a founder the potential size of their startup. A core part of answering this question has to do with market size, commonly known as total addressable market (or “TAM”).
The post below will outline
- why venture investors care about TAM
- common mistakes founders make when sizing their market(s) including examples, and
- the Bling Capital approach
Our goal with market sizing is to understand how big your startup can get if things go well.
Venture Capital investors often ask themselves: Is this startup’s market sufficiently large to support a “venture scale” return?
To be considered “venture scale”, a lead investor’s equity in a startup (say 10% at the seed stage) has to have the potential to return their fund. Therefore, if a seed fund is $100M, an investor generally wants to see a path for any portfolio companies to become a $1B enterprise value company if things go well.
What happens if you’re seeking to raise venture capital, yet a venture investor believes your TAM is too small?
- If an investor believes this during your fundraising process (rightly or wrongly), they may pass with the reason being “not enough conviction on the market”.
- If discovered after investing that the market is indeed too small, they may influence founders to strategically focus on a venture scale outcome which will naturally be more challenging in a smaller market.
As a startup founder, putting together a clear and concise “back-of-envelope” market sizing that articulates a path to $100M and $500M, respectively, in gross profit will not only help avoid scenarios above but will also be helpful to driving business strategy and go to market approach. We use $100M and $500M as benchmarks for a “venture scale” business and “venture home run” business, respectively. The reason we favor gross profit over revenue for this exercise is because different markets and business models have varying gross margins, and gross profit better accounts for these differences.
Many market-sizing approaches result in numbers that may not resemble the reality of a startup’s current or even future potential market size. Below are four common mistakes we often see founders make when talking about market sizing, and we’ll outline each with relevant examples using two of our portfolio companies: Lyft (Marketplace) and Lucidchart (SaaS). These examples build on each other.
- Lyft is one of the leading ride share companies in the U.S. and is often evaluated as a marketplace.
- Lucidchart is a growth stage SaaS company for diagramming, data visualization and collaboration.
Why it doesn’t work: Too generic, often doesn’t display a deep understanding of the market for this specific product
|Example 1a: Lyft||Example 1b: LucidChart’s market|
|“Lyft’s market size (“TAM”) is equal to the total spend on taxis and limos in the United States.”||“The total spend on cloud tools is $X billion and Microsoft Vizio’s revenues are $Y millions, so our TAM is $x+$y.”|
|Better Approach: A bottoms-up approach that includes (1) the existing market (2) how Lyft’s approach (convenience, price, customer experience) would expand the current market (3) broader market trends (in this case, gig economy, proliferation of mobile devices) that would expand the current market.||Better Approach: A bottoms up approach that includes (1) your insight into the broader market trend (in this case, the # of SMEs in 2010 will 100x over the next 10 years), (2) your buyer persona, and (3) how Lucidchart is dramatically improving a free product with a product users are willing to pay for (SaaS model).|
Why it doesn’t work: Omits go to market (GTM) strategy
|Example 2a: Lyft||Example 2b: LucidChart’s market|
|“There are XX millions of people who can use Lyft. If they spend $Y on rides per year, then our TAM is $XY millions”.||“There are XX millions of people who could use LucidChart. If they pay us $Y per year, then our total addressable market is $XY millions.”|
|Better Approach: Segment your markets by city size and key characteristics:
||Better Approach: Segment your customers based on buyer persona. If the buyer is a company, you should segment the customer by company size:
Why it doesn’t work: Doesn’t illustrate your path toward more revenue ($10M, $100M, $500M) with reasonable market penetration (e.g., 1% vs 50%)
|Example 3a: Lyft||Example 3b: LucidChart’s market|
|“The TAM for Tier 1, Tier 2, and Tier 3 segments is $y. At 75% market penetration we will generate $xB in revenue.”||“The TAM for Enterprise+, Enterprise, and SME segments is $y. At 75% market penetration we will generate $xB in revenue.”|
|Better Approach: Articulate your launch city and reasonable penetration for that launch city. Use that “launch playbook” to articulate expansion to X additional cities that look like your launch city until you reach $100M and then $500M in revenue with reasonable penetration rates (e.g., 5% per city). The idea is to “tell the story” of how your market and business model will unfold over time. ||Better Approach: Articulate your ideal buyer and in which segments those buyers exist. Then, articulate reasonable penetration assumptions for those segments, and how you will expand over time until you reach $100M and $500M in revenue. The idea is to “tell the story” of how your market and business model will unfold over time (e.g., # SMEs 10x in 10 years).  |
Why it doesn’t work: Top-line revenue or GMV leaves out the cost of delivering revenue and over inflates market size
|Example 4a: Lyft||Example 4b: LucidChart’s market|
|We need x Tier 1 cities with 2% market penetration each to hit $100M in GMV, and x Tier 1 cities and x Tier 2 cities with 1% market penetration to hit $500M in GMV.||We need x enterprise customers, and x SME customers paying us $y ACV, including one-time fees, with 10% market penetration to hit $100M in ARR. We expect ACV to 2x in 5 years and SMEs to 100x in 10 years so our market penetration in 10 years would be 0.1%.|
|Better Approach: Calculate Lyft’s take rate on the GMV as revenue—GMV alone doesn’t reflect the value the company is capturing. Then, subtract the cost of delivering that revenue to calculate Lyft’s gross profit.||Better Approach: Many SaaS business models do not incur a lot of COGS. However, there are some mistakes to correct such as not breaking out annual recurring revenue vs. one-time revenue in your ACV and not including costs such as payment processing, customer support, hosting, etc.|
At Bling Capital, we believe your market sizing and narrative are interconnected. The exercise we often go through with founders are as follows:
What do we need to believe for ‘Startup A’ to get to $100M and $500M, respectively, in gross profit?
- How many customers (segmented) will you have and how much will they be paying you (annually)?
- What is the margin on your revenue (ideally by customer segment )?
- What percentage of the market does that represent? (essentially market share)*
Using the examples above, let’s go through market sizing for Lucidchart.
What do we need to believe for Lucidchart to get to $100M and $500M in gross profit?
- We segmented buyers based on company size. We have three tiers of buyers:
a. Tier 1 (Enterprise+) = 1000+ employee companies
b. Tier 2 (Enterprise) = 100-1000 employee companies
c. Tier 3 (SME) = 1-100 employee companies
- Across all segments, there are 493K total companies in the US but we will focus on the 470K SME and Enterprise companies:
a. Tier 2: 75K companies (15%) are between 100-1000 employees
b. Tier 3: 395K companies (80%) are between 10-100 employees
- We have a SaaS freemium business model with 95% gross margins across segments. Our GTM is a product-led growth, with expansion driven by a sales organization.
a. Our goal average ACV for Tier 2 is $50K ($10K - $100K range), which is an average of 200 licenses per company per year ($250/year/license).
b. Our goal average ACV for Tier 3 is $5K ($100-$20K range), which is an average of 50 licenses per company per year ($100/year).
- Our immediate revenue opportunity with our current product is $5.6B and our path to $100M is clear: We need 2K Tier 2 customers paying us $50K per year (~2.6% of market), or 20K Tier 3 customers paying us $5K per year (~5% of market).
a. Tier 2: $3.7B TAM
b. Tier 3 $1.9B TAM
- Over time, as we launch more features (e.g., SSO), we will roll out to Tier 1 (Enterprise +) and implement playbooks to increase ACV across all segments. With just ~14% market penetration in this $9B TAM, we can reach $500M per year.
a. Tier 1: 23K * $150K = $3.4B (3.3K companies, or ~14%)
b. Tier 2: 75K * $50K = $3.7B (10K companies, or ~12.5%)
c. Tier 3: 395K * $5K = $1.9B (100K companies, or ~25%)
- As extra credit, further segmenting their customer tiers based on actual or projected data points (e.g., engineering, product, design, marketing teams are core users for Lucidchart) shows an even deeper understanding of your market.
When going through a market sizing exercise with entrepreneurs, we usually start with asking questions. These questions are meant to help founders segment their customers, understand and assess reasonableness of their own assumptions, and to sanity check whether the story makes sense – all of which will lead to inputs for building a venture scale business.
Let’s do this together: Create a Google Doc and answer the following questions:
- Who is the customer (or title of customer, or buyer), today AND tomorrow? These can be customers you serve today or, if you have not launched, customers you intend to serve.
- What are the segments in your market where this customer exists? Divide your market into segments and define them.
- How many of these customers exist per segment? What are the number of customers that are model customers in each segment? Does that change over time?
- What were they doing before?
- What is the hair on fire problem?
- What are they doing now?
- How is this 10x better?
- How do you get them to pay you?
- How much are they paying you / will they pay you? This should be your GMV, average order value (AOV), or average contract value (ACV) per customer per year.
- What is the cost of delivering that revenue? Does that change over time?
- What is the gross profit total for each segment? Does that change over time?
- How many customers do you need to get to $100M and $500M in gross profit, and what percentage of the market (per segment) does that represent?
- Then, show the path to do that (In one sentence, clearly summarize how big of a revenue opportunity we believe this to be for us in Year 1, 2, 3, 4, 5). How many customers in your market do you already have as customers or are currently talking to? How do you plan to get your first 10-100, 100-1000 customers (or 10x, 100x or 1000x your current customer base) at the current or future GMV, AOV, ACV?
With the answers to these questions, you should have inputs for your “business formula”, using our Market Sizing Template. We’re excited to see what you produce!
Market sizing helps you create a holistic and compelling narrative about your business, one that will resonate with investors and help you sharpen how you talk and think about your product evolution. Taking the time to deeply evaluate your market size with a solid methodology can be a key part of crafting a strong narrative.
 Consider these questions when segmenting your markets for a location-based GTM strategy: Is it by city or metro area? What is the characteristic of cities in each segment? How many cities exist in each segment? How much market penetration do you think you can realistically achieve in every market? When do you consider a city “activated” or “unlocked”?What is the TAM per city? How many cities in each segment do we need to unlock in order to achieve $100M and $500M in gross profit?
 Consider these questions when segmenting your customers for a subscription product: Do you sell top-down to businesses or through a bottoms-up product-led-growth (PLG) motion? Who is your ideal customer profile? Is it different from the buyer? At what size company does your buyer differ? What is the size of the company by number of employees? Can we organize these companies by segment? How many companies exist per segment? How much will they pay us and does it differ by segment? How will sales and marketing differ per segment? How much market penetration do you think you can realistically achieve in every logo per segment to achieve $100M and $500M in gross profit?
 Consider these questions when thinking about location-based GTM expansion and penetration: Which tier(s) will you focus on first? What is the hypothetical cost to launch a model city in each tier? How long would it take to hypothetically payback a model city in each tier? What is the reasonable goal penetration per model city in each tier? How many cities in each tier do you need to achieve $100M and $500M in gross profit? How do you anticipate growth over the next few years? Is this a small or large percentage of the total market? Is there room for more than one winner?
 Consider these questions when thinking about subscription GTM expansion and penetration: Which segment(s) will you focus on first? Will you be using a sales team and if so for which segments? How will sales and marketing channels differ per segment? What is the hypothetical cost to close a model logo in each segment? How long would it take to hypothetically payback a model logo in each segment? What is the goal penetration per model logo in each segment (e.g., x employees / seats per logo)? What is the path to achieving $100M and $500M in gross profit? How do you anticipate growth over the next few years towards these revenue goals? is this a small or large percentage of the total market? Is there room for more than one winner?
 Consider these segmentations for subscription businesses: Segment customers into logo size segments of SME (<10 employees), Enterprise (11-1000 employees), and Enterprise + (1000+ employees). Then, each segment’s logos should be assigned an ACV based on some reasonable assumptions; calculate total ACV per segment type as $xy, with x being the number of companies in the segment.


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A Deferred Revenue : A liability recognized once cash is got prior to the business is offered or prior to the items are shipped to customers.
You are watching: Deferred revenue is revenue that is quizlet
A. Deferred profits are liabilities representing cash got for items not yet yielded or solutions to be percreated. Recognition of revenue occurs once the firm provides the good or business at which suggest the deferred revenue (liability) is diminished. These liabilities frequently are decreased in adjusting entries. For instance, a agency might prepare an adjusting enattempt to recognize rent revenue and also minimize unearned rent revenue.
B. Cash representing revenue that will certainly be earned later on is attributed to among the complying with accounts, which are ssuggest various names for the exact same account:1. Deferred revenue;2. Unearned revenue;3. Revenue got in development. C. Each of the over accounts is a liability. CPA exam concerns in this area ask the candiday to determine the finishing balances of two accounts:1. Revenue to be well-known in income for the period; and2. The amount of unearned revenue to be reported in the balance sheet.
D. Under the revenue recognition principle, revenue is not recognized unless it is (1) earned, and also (2) realizable. In the case of deferred revenue, the cash collection occurs before the income process is complete. Such revenue is widespread for firms that need partial or full payment before offering service. Examples include actual estate administration companies (unearned rent), publishing suppliers (magazine subscriptions) and also airline companies (flight liability).
E. A licapability is well-known upon receipt of cash. As the organization or great is provided, the liability is extinguimelted bereason the revenue is earned. In many situations, the contract need not be fully executed before some revenue is recognized. In these cases, the revenue is recognized based on the percentage of the total contract that has been offered.
Example:Duration Magazine Inc. collects subscriptions in advance from customers and also records deferred revenue. As magazines are spread over the subscription period, revenue is recognized. The beginning balance of deferred subscription revenue is $24,000. Throughout the year, $87,000 of cash is collected. At the end of the year, the firm calculates from subscription data that the subscription worth of magazines yet to be dispersed is $37,000. The adjusting entry to document revenue for the period is:Dr: Deferred Subscription Revenue 74,000 Cr:Subscription Revenue 74,000** $24,000 + $87,000 - $37,000 = $74,000
Example:Journal entriesA tenant pays a building administration firm $24,000 for 2 years" rent on August 1, 20x3 ($1,000 per month). The rental duration begins on that date and also the building management firm has a calendar fiscal year. Provide the journal entries for 20x3.Solution:Aug 1, 20x3 Dr:Cash 24,000 Cr:Unearned Rent 24,000Dec 31, 20x3 (adjusting journal entry)Dr:Unearned rent 5,000 Cr:Rent revenue 5,000$5,000 = $1,000 per month x 5 months August - December.The 20x3 earnings statement will reflect $5,000 of rent revenue. The finishing balance in unearned rent for 12/31/x3 is $19,000 ($24,000 - $5,000) of which $12,000 is a current liability (the percentage relating to 20x4), and also $7,000 is a nonpresent liability (the portion relating to 20x5).
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You might enrespond to situations in which firms need cash to be passist in breakthrough for some solutions, while for various other solutions the firm bills the customer after the company is provided. In this instance, both unearned revenue and accounts receivable must be analyzed to uncover the total revenue to be well-known for the period.
How are deferred revenues supposed to be earned more than one year from the balance sheet date classified?


What is a power of attorney?
A power of attorney (POA) is a legal tool that allows an individual to appoint a family member, close friend or other person (an attorney) to manage certain legal and administrative activities on their behalf.
There are a number of situations where a power of attorney may be an appropriate solution, for example, to manage a person’s affairs while they are recovering from surgery, or to undertake business dealings on their behalf while they are out of the country.
When setting up a power of attorney, the activities an attorney can undertake on an individual’s behalf can either be clearly defined, such as only being able to manage day-to-day finances, or left open to allow them to act in a wider variety of situations. A power of attorney is only valid as long as the person providing the authority has the mental capacity to oversee the activities being undertaken on their behalf.
There is also another type of power of attorney, a lasting power of attorney (LPA), which allows someone to act on a person’s behalf if they no longer have the mental capacity to manage their affairs.
The different power of attornies
What’s the difference between a power of attorney and a lasting power of attorney?
A lasting power of attorney is most appropriate for situations where the individual believes that they will lose their mental capacity at some point in the future, for example, through illness.
The key difference between this and the standard power of attorney is that it ‘lasts’ beyond the loss of mental capacity, whereas a POA ceases to be valid once the individual is unable to make their own decisions.
A lasting power of attorney is available to cover an individual’s health and wellbeing, their finances and property, or both. A lasting power of attorney that covers an individual’s health can only be used once the individual has lost their mental capacity, whereas one designed to cover their finances and property can be used immediately after it has been registered, subject to the individual’s agreement.
If an individual has already lost the ability to make his or her own decisions, it’s not possible to set up a lasting power of attorney. Instead, the individual’s family will need to apply to the Court of Protection to become their deputies.
How can a notary help establish a power of attorney?
A notary public is skilled in drafting and certifying the documents required to establish a power of attorney, including lasting powers of attorney.
At South London Notaries, we are experienced in the creation of power of attorney documentation for use in England, Wales and abroad. Get in touch with South London Notaries now to find out more about how a power of attorney could be of benefit to you, or to start the process of establishing a power of attorney.


When you discuss Identity Theft and protecting your privacy, most people think of credit card fraud, and perhaps check fraud. But protecting your identity in today’s world is much, much broader in scope which requires a bit more vigilance than it did just three to five years ago. Today, you not only have to protect yourself from financial crimes, but you also need to protect your identity in terms of your reputation and persona. Having your identity stolen and used improperly on a social network can be just as detrimental as having your credit card number stolen. You could be turned down for a job, college admission or apartment due to someone who has used your identity on a social networking site and posted obscene or illegal content. However, it’s just as bad if you personally post objectionable material on your social networking pages that will reflect poorly on you to individuals reviewing your applications and inquiries. This is why I am offering up this guide as an outline of tools and tips to help protect you out there. If there is one rule of advice I hope you take from this, it is that you can’t be paralyzed by fear and believe you are protecting yourself by avoiding social networks, online commerce, or other activities. Regardless of your participation in such activities, you are still vulnerable to having fraud committed in these realms and delivery channels. The most important advice I can give you is this, be responsible for yourself and take common sense precautions which I will outlined below in my 2 Rules to Identity Protection.
If you don’t review your banking and credit card transactions regularly, you are helping an identity thief commit fraud against you. In my day job, I find it remarkable how many phone calls I take from people who are inquiring about a Bill Payment transaction they sent three, four, or even six months ago. Did you not notice the money coming out of your account before now? If you don’t take a more active role in protecting your own identity, what makes you think others will?
Not only must you review your statements, you should create an online account with your financial institution(s) in which you can track your transactions periodically throughout the month. Better still, use a financial software application such as Quicken in which you can setup regular online connections to your bank, credit union (best bet), credit cards, and other financial accounts. I use Quicken religiously, probably three to five times a week to update all my financial transactions ranging from checking to credit cards to loans and investments. I can see all of my account transactions and if anything out of the ordinary appears, I know it as the earliest time and can contact the appropriate institution or merchant to inquire or file a dispute against the transaction. I also scan all my receipts and important documents relating to transactions into Quicken. Quicken attaches these images to the relevant transaction so you don’t have to go looking for the receipt in that shoe box at the bottom of your closet!
At the absolute very least, you should pull your personal Credit Report every six months. This way you can see if any fraudulent accounts have been opened in your name. It is also provides you with the benefit of looking over your information that is contained in your credit report for accuracy. Credit Bureaus have to correct any incorrect information that you find in your credit report. The more information you have available and at your disposable to make your claim, the better. You should pull reports from all three of the major reporting agencies. The contact information for these agencies are available on the Darkcyte Resources page.
Another item I would like to mention under Rule #1 is that of credit monitoring services. This is a controversial subject in which many people are polarized on. Some believe the monitoring services are a rip-off while others believe they provide a valuable service to the consumer. I am not going to review monitoring services here, but please do know that not all services are created equal! Many of the ‘free’ credit report sites require you to sign up for their credit monitoring services. All the major credit reporting agencies must provide you with a free credit report annually, without any strings attached. So do not fall for any services you do not wish to try or pay for. Personally, I do subscribe to a service through American Express. I’ve been using this service for close to a decade and costs about $20 per month to monitor both myself and my wife. We are provided not only with alerts for any changes to our credit profiles on all three major credit reporting bureaus, but we can also pull all three reports at any time, as often as we like. I take comfort in receiving my monthly email from them informing me that no new information has been reported to my file. For me, it’s well worth the $20 a month, but you will have to decide for yourself whether it’s a value to you or not.
One last comment on this subject in regards to monitoring services. I’m sure you’ve seen the commercials for services such as LifeLock which guarantee your identity and offer “Identity Theft Insurance” protection if you become a victim of Identity Theft while using their services. Again, I am not going to review individual services here, but you want to do your homework on these companies and make sure they are doing everything they are promising they are doing. Often, you can do these things on your own for little or no cost. However, it isn’t always convenient to do so and you also have to remember to renew some items on a periodic basis to maintain the protection. Such is the case with putting a fraud alert on your credit files. It may be easier to pay a service to keep this protection in place along with their other services.
There are warning signs to be alert for that may tip you off that you are on the verge of becoming a victim of Identity Theft, or that you already are one.
There are numerous activities you can perform to help prevent you from becoming an identity theft victim.
If you believe you are a victim, follow these steps:
Step 1: Contact the credit bureaus - Contact the fraud departments at each bureau. Explain that you are a victim of identity theft and that you would like to be contacted personally before any credit is issued in your name. Again, the contact information for the three major credit reporting agencies is available here on the Darkcyte Resources page.
Step 2: Obtain a copy of your credit report - If you have a monitoring service which provides you with free reports, do so immediately. If not, order your credit report from each agency to check for accounts that may have been fraudulently opened in your name. If you are a victim of identity theft, or even potentially a victim, you are entitled to a free copy of your credit report from each of the bureaus. It is important that you get a copy from each of the bureaus because they are not always identical.
Step 3: Contact your local authorities & file a police report - You will always be taken more seriously by financial institutions and companies when you have a copy of a police report.
Step 4: Contact your Postmaster - You will want to file an official report with your post office if you believe your mail is vulnerable to theft. If you believe you were a victim due to the theft of your mail, make an official report to your local Postmaster.
Step 5: Contact the Social Security Administration and your DMV - If you believe your Social Security number has been compromised, you will want to contact the Social Security Administration and speak to someone about potentially having your Social Security Number changed. You will want to do the same at your local Department of Motor Vehicles if you believe your driver’s license number has been compromised.
Step 6: Contact the financial institutions and companies that granted credit in your name - Call the financial institution or issuing company to obtain the name of the individual, title, and mailing address for whom you should speak in regards to fraudulent activities. Although it is fine to speak to them ahead of time, make sure you communicate with them in writing so that you can maintain verifiable records. I suggest sending items via certified letters or at least via FedEx or UPS so that you have a record of the mailing. Get ALL promises of action in writing, insist upon it.


Darwin LDV Finance
Welcome to the Finance Department at Darwin LDV. Here you can use our online form to get a quick and accurate response on financing your next vehicle.
Our Finance Services Include:
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Our business managers have a great knowledge of all the above products and are always available to attend to your business and personal finance needs.
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SEND AN ENQUIRY NOW TO THE TEAM AT firstname.lastname@example.org
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Why Use Darwin Motor Group Finance & Insurance?
Darwin Motor Group provides loans and insurance with term options ranging from 12 months to 7 years and allows repayments to be tailored to individual requirements.
Some of the benefits include:
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- The monthly repayment is calculated using fixed interest rate.
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- Finance Problems? Our team can work with you to help you overcome previous finance problems.
Darwin LDV - Sales
364 Stuart Highway,Winnellie, DarwinNT0820
Phone: (08) 8946 4444


Registering for Camp is a snap!
The price of camp is now $650. We've left behind our tiered payment system and moved to this fixed price because we want to ensure our sustainability. We maintain a strong interest in keeping camp accessible to as many campers as possible! If you have any questions about where the money for camp goes, please click on the "Contact" link at the top of the screen.
The card you enter in the link below will be charged a $75 deposit on June 1st (if you register prior to that date) with the remaining $575 charged on July 1st. If you register after June 1st, you will be charged the entirety of the $650 on July 1st.
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I don't normally read a lot of books like Money Making Mom i.e. books about frugal living and making money for your family (although I do read my fair share of deal blogs). However, I've been following Money Saving Mom for years, which is run by the same woman that wrote Money Saving Mom, Crystal Paine. So when Money Making Mom became available on Book Look Bloggers, I jumped at the chance to read it.
I don't know what I was expecting from this book: maybe ideas on how to create an income for a family, money making tips, how to grow a blog. What I found was even better. Crystal does go into details about how to make extra income for your family, and she gives ideas for businesses or things that you can do to make additional money. But that's not exactly the heart of her book.
The heart of Crystal's book is how to live intentionally with your finances and in thinking through ways to make additional income. She asks questions like: what are you passionate about, why do you want to make additional income, and how can you bloom where you're planted?
I didn't read this book with the mindset of wanting to make an additional income, but I gained so much from it. I especially appreciated the chapters that Crystal focused on giving and how our finances are a blessing that allows us to bless others. I was deeply challenged and encouraged by the stories to share to think through how I could bless even more people with the income that God has provided for me.
What makes this book even better is Crystal's honest stories from her own life and the lives of others as well. She shares her own struggles and failures, but she also shares encouraging stories about women and men that have used their finances to impact the lives of many.
I highly recommend this book for moms that are thinking through ways to make an additional income, but also for those that just want a read to help them think through what they're passionate about and how to live their life intentionally.
Copyright © 2014 - 2023
She Laughs Without Fear


Even in countries as prosperous as the United States, over 47,000 bridges across the nation were found to be structurally deficient, based on a report from the American Road and Transportation Builders Association. The current pace of our repairs will need an amping up, or the estimation for repairing them will take over 80 years before we have serviced all of them. Some of the notable bridges on this list include:
The infrastructure problem plaguing the United States has many people worried, and Connecticut Governor Ned Lamont has snapped into immediate action to try to address the issue. Lamont, Senator Carlo Leone and Representative Roland Lemar have all drawn up an updated version of their transportation infrastructure investment proposal. Connecticut’s problem with their bridges comes from the increased traffic on the bridges. For example, they originally designed Interstate 84 as a location for 50,000 vehicles every day.
That number shot through the roof at 200,000 vehicles driving over the bridges. One of the problems comes from how train travel within the United States has fallen into disrepair, and we see a much slower rate of travel in this way than what we saw during the 1970s.
Addressing the Problem
It’s estimated that construction companies built 235,000 bridges across the United States. With 47,000 rated as structurally deficient, that makes up an estimated 38 percent of all bridges. This means infrastructure funding for the bridges will need to do structural repairs, replacement or rehabilitation. The five states with the worst problem for structurally deficient bridges include:
- Rhode Island – 23%
- West Virginia – 19.8%
- Iowa – 19.3%
- South Dakota – 16.7%
- Pennsylvania – 16.5%
Most people agree that more infrastructure funding needs to be raised because of how our infrastructure has begun to fail us. Snapping into action while minimizing the taxpayer burden has become the primary approach. As much as possible, we want to repair the damaged bridges while keeping the taxes as low as possible while doing it.
How to Lower the Cost
One of the ways that we could lower the cost of repairing these bridges could come through “P3s” (Public-private partnerships). In fact, in Connecticut, one proposal has received bipartisan support for rebuilding our transportation infrastructure. At the same time, the advantage of this comes from how it attracts private investments through public-private partnerships. Public-private partnerships have turned popular all across the globe because of how it delivers transportation projects at a much lower cost to the American taxpayer.
At the same time, the service has been improved, and we see superior construction, operation, and design. By moving the accountability over into the private sector, they have lowered the cost, and they will get access to it much quicker.
The United States government, unfortunately, has a poor track record when it comes to major projects. One example of this comes from the “Big Dig” of Boston. This became the most expensive road project in American history, costing $24.3 billion
Through the P3 system, we can get ahead of the problem. In Pennsylvania, for example, they are using the P3s as a way of saving the American taxpayer up to $200 million. The project will also reach its deadline after a five-year period, which puts them 15 years ahead of schedule for bridge repairs.
The Critics of P3s
Despite the positive, we should also highlight the negatives of the P3s. For example, some critics of the P3s say that corruption could become a real risk of these projects. It could disadvantage the American taxpayer, eventually. One of the ways that they plan to address the corruption issue comes from using a highly transparent bidding process and responsive audits and inspections. Another problem comes from how it could be the jobs of state employees at risk if they choose to replace them with P3s. Some of these fears could be unfounded, however, because some people believe that the workload for state employees could even skyrocket because of the P3s. That’d be because they’d have more work projects that they would have to complete.
Flooding: Damages to the Infrastructure
Damage to the bridges often comes from flooding that causes road erosion. Keeping floods from overcoming our bridges is next to impossible considering how mother nature plays a huge role in this. However, one of the ways that we can combat road erosion comes from strengthening the bridges to prepare for flooding. For example, using materials like carbon fiber could help to make the bridges stronger.
Rural Bridges the Biggest Problem
If we were to look at the specific problem where it stands, rural bridges are where the most significant challenge lies in the structurally deficient bridges. Many of the states like Iowa and South Dakota are rural locations, which have the biggest problem with their bridges. Thousands of bridges have issues in these parts due to a lack of funding. We need to do our best to address this problem as quickly as possible. Doing a better job at diagnosing the problem right from the get-go could also help with taking care of these bridge problems. An estimate of 69,000 bridges across the nation have a “posted for load” sign on it. They have put these signs up as a way of lowering the amount of stress on these bridges. However, no one is saying that load testing will provide us with a complete solution.
What States Have the Best Bridge Quality?
Now that we have mentioned the top five states with the worst bridge infrastructure, why not look at the top five states with the best bridge quality? The states with the best bridge infrastructure include:
Aggressively Grow and Protect American Bridges
ARTBA has set a goal to aggressively grow and protect the infrastructure funding so that it remains in good condition for years to come. To repair all the bridges across the nation, experts estimate that it will cost around $171 billion. These are the bridges that have currently been defined as deficient. Luckily, when it comes to the American infrastructure, Donald Trump and the Democratic party both agree that American infrastructure needs to be improved. In particular, keeping the bridges in working condition could have a positive impact over the long term. The problem has become so dire that some American candidates have even focused on improving the infrastructure. For example, Minnesotan Democratic candidate Amy Klobuchar made this the focus of her campaign.
The US government doesn’t have a magical way that they can pay for the funding of the American bridges. The structurally deficient bridges will need someone to pay for them. Unfortunately, the funding has been woefully lacking in this area. However, both Democrats and Republicans have joined hands in an effort to handle the problems with the bridges. One of the ways that they could pay for the crumbling US infrastructure could come from another gas tax. The U.S. Chamber of Commerce has requested to increase the gas tax by $0.25 per gallon. This will help to fund some of the infrastructure projects within the United States so that we can have better roads.