Law And Finance: Six Fines That Could Quickly Put You In Debt

Friday, July 3, 2015, 6:00 AM | Leave Comment

There are various types of fine or penalty designed for different violations. Although some fines are only $50 to $100, others can have a bigger sting on your bank account. If not careful, your retirement plans may get sidetracked for several years until your finances get back up to its feet.

6 Fines That Could Quickly Put You In Debt

  1. Speeding

    While speeding can cost money, most drivers are unaware that the fine for speeding can increase by the MPH. In the US, the average speeding ticket will cost you around $150.

    However, 15 to 30 miles per hour over the speed limit can double that amount. $300 for a speeding ticket can set your budget back for weeks if not months, and with many succumbing to debt just to pay their speeding tickets, you can easily see the merits of being a good driver.

    Going faster than that can get you even more fines.

  2. Property Fines

    You can be fined thousands of dollars for cutting a deceased tree within your property. It could be illegal and a violation of the city’s steep and strict property codes.

    Before cutting down any trees, make sure you review your state’s property regulations and procure the necessary permit to avoid the hefty fines.

    You should also make sure you get the right permits when building or expanding on your property as well.

  3. Texting While Driving

    While multitasking is a great skill to learn, texting and driving are two activities you simply do not try to multitask.

    It can be dangerous for you, your passengers, and the pedestrians that are out on the streets.

    And while California only penalizes a $20 fine for first-time offenders, other states can fine anywhere between $5,000 to $10,000 plus some jail time.

    If it’s really an important text or call, make sure you take it before you hop into the car or pull over before answering it.

  4. Sports Fines

    Professional sports players are compensated generously, with many NBA stars becoming multimillionaires in only a short span of time in their career.

    However, the contracts these players sign may serve as a deathtrap if things go awry.

    For instance, excessive force in the NFL league can slap a player with a fine ranging anywhere between $50,000 to $100,000.

  5. Tax Fraud

    No one likes to pay taxes, but surely enough everyone does pay it. Internal Revenue Services can fine you up to $5,000 for negligent and erroneous filing of your tax statement.

    If they prove you intentionally made these errors to pay less taxes, you can even face criminal charges.

    Make sure to consult a lawyer before making any corrections on your tax statements.

  6. Late Loan Payments

    Your lender can compound a four to five percent late payment fee on your loan if you fail to pay it on time.

    To make matters worst, your credit score can get affected, which may cause problems when getting approved on future loans.

When you are facing charges and fines, it’s important to seek the help of a lawyer. A Georgia criminal defense attorney can help you understand your rights. Working your way through the legal system without the help of a lawyer could end up costing you more in the end.

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