The Mediation Option
March 3, 2010 | Scott M. LepakAs a law firm that started during the great depression of the 1930’s, Barna, Guzy & Steffen understands that innovation is the key to success for a law firm. As the economy places great stress on businesses and individuals, Barna, Guzy & Steffen offers services that are designed to allow legal matters to be addressed in a more efficient and cost effective manner. One example is mediation. Civil matters filed with the courts now must utilize an alternative dispute resolution process prior to going to trial. Mediation is, by far, the most common form of alternative dispute resolution. Family law cases strongly encourage mediation prior to a court case. Unlike binding arbitration, mediation is not a final decision imposed on the parties. Mediation is binding only if the parties reach an agreement at the end of the process that they choose to make binding. While anyone can be a mediator, only individuals with special training are qualified neutrals. Qualified neutrals, also called qualified neutrals under Rule 114 of the Minnesota General Rules of Practice, may act as neutrals in court-referred cases and are subject to their own ethics board. At Barna, Guzy & Steffen, the qualified neutrals under Rule 114 of the Minnesota General Rules of Practice, are also practicing attorneys. They utilize…
Read MoreYou and Your Credit Report
March 3, 2010 | Barna, Guzy & Steffen, Ltd.By Susan E. Sheely Spring 2009 In Brief Newsletter Chances are you regularly find your mailbox overflowing with envelopes promising fast and easy “pre-approved” credit. Although they are designed to tempt the credit consumer, often they tempt the identity thief instead. “New Account” fraud occurs when a thief obtains another person’s identifying information and uses that information to open new credit accounts in that person’s name. The thief runs up balances on the accounts and then fails to pay the bills. But, because the accounts were opened in the name of the victim, it is the victim, not the thief, who bears the brunt of the resulting collection actions. The resulting damage to a victim’s credit report can take months, even years, to repair. What can you do to protect yourself from this type of fraud? First and foremost, check your credit report regularly. Although there are many companies who advertise credit monitoring for a fee, consumers are entitled to receive one free credit report from each of the three major credit reporting agencies each year. The three major reporting agencies are: TransUnion, Equifax and Experian. Checking your credit report regularly allows you to quickly identify errors or unauthorized activity and report those matters to the appropriate agency. More information on obtaining your…
Read MoreCollection of Your Accounts Receivable
March 3, 2010 | Joan M. QuadeBy Joan M. Quade Spring 2009 In Brief Newsletter In these tough economic times, companies find that payments on their accounts receivable are delayed and diminished. More and more of their customers cannot pay on time. Some cannot pay the invoices in their entirety and have resorted to smaller, drawn out payments for services and goods, while others have not been able to pay at all. Money is less plentiful but if your customers do not pay, it affects your ability to meet your company’s obligations. In years past, most companies could afford some nonpaying and slow paying customers, but when many of your customers are having financial difficulties, your company must take action to ensure your own company’s survival. You have supplied the goods and services and you should be paid for those efforts. Ignoring your mounting accounts receivable could lead to your own company’s damage or demise. Every company should adopt a procedure for collection of accounts receivable. Such a procedure should be in place during thriving economic times as well as during the tough economic times so that corporate value is not being lost through inconsistent and ineffective collection procedures. To work effectively, a collection procedure should be in writing and adopted by the company’s management team. Training should be…
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