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Am I too late to file a BP Oil Spill Claim?

by on Monday, March 4, 2013  —  Legislatives Updates and Legal News

That is a question we are hearing a lot lately. Is it too late? Do you still have time?

The answer to your question is NO. You are not too late. We urge you to call us today to start your BP Claim filing process. However, this is not something you will want to wait around to do. The deadline is early next year (April 2014) and the sooner we receive your information, the sooner we can conduct the calculations necessary to determine if your BP Oil Spill Claim passes causation.

One you pass the initial causation, there will be additional information needed. This will take you or your accountant some time to gather.

The very first step is filling out the causation template. This is a simple Excel spreadsheet that includes your business’s gross monthly revenues from 2007-2011. We will be happy to email this to you right away. Once this passes causation, there is additional information that is needed:

To calculate the loss claim, we need the following documents:

  1. Monthly and Yearly P&L’s from 2007 to 2011.
  2. Yearly tax returns with accompanying schedules showing business income/loss for 2007 to 2011, as filed.
  3. Regarding payroll expenses, we need the following payroll expense detail by month for each year:
    1. Officer payroll, broken down by:
      1. Salaries & Wages
      2. Payroll taxes
      3. Worker’s comp insurance (if any)
      4. Officer benefits
    2. Employee payroll, broken down by:
      1. Salaries & Wages
      2. Payroll Taxes
      3. Worker’s comp insurance (if any)
      4. Employee benefits
  4. If you report “Repairs & Maintenance” on your P&L, please break down repairs vs. maintenance.  This will allow us to maximize your loss claim.
  5. If “bank fees” include credit card processing fees, please break them down.
  6. Business Licenses 2007-2010
  7. Copy of articles of incorporation.

As you can see, it is not too late to file your BP Oil Spill Claim, but it takes time to get all of the information necessary to file the actual claim, so we urge you to call us today at 888-We-Mean-It (888-936-3264).