Filing For Business Bankruptcy

All people should be aware of the abundance of information regarding filing for chapter 13 bankruptcy, and especially if you hold a business or even if you are just planning to start up a business in the near future, this information is beneficial to you.

Chapter 7 bankruptcy information would also apply here, but the chapter 13 bankruptcy information is going to be particularly important for you to be familiar with.

Things You Should Know

When talking about chapter 13 bankruptcy filing procedure information, this refers to the law that allows a borrower with a limited amount of debt and a stable income to pay off their bills under a court approved repayment schedule over a 30 to 60 month period. So from this chapter 13 bankruptcy information we can denote that only if you have a little amount of debt will you be able to go through under the chapter 13 bankruptcy law.

If you are in terrible financial trouble on the other hand, then you will need to research what your other options are since you may not be accepted for this. The plan is that you would be able to pay off all your debts under a 90 month period, and so if you owe hundreds of thousands of dollars clearly you are probably not going to be able to do that.

After looking at some of your financial records and depending on how willing you have been to pay your bills in the past the court will make a decision. They will take all of this under consideration and use it to establish whether or not they want to agree to put you on a repayment plan.

Another important piece of chapter 13 bankruptcy information involves what chapter 13 enables, and this is that it enables individuals with a regular income to develop a schedule to repay all or part of their debts. It offers numerous advantages, especially over liquidation under chapter 7. Perhaps most significantly of all, chapter 13 provides you the chance to save your home from foreclosure. This is especially important if you have a family, as you have probably lived in your home for some time now and undoubtedly want to stay away from foreclosure on the home.

One more major advantage of chapter 13 is that it will allow you to defer secured debts and extend them over the life of the chapter 13 schedule.

Although bankruptcy can undoubtedly be a blessing in some instances, you should recognize that it is not just a golden ticket out of your financial despair. You may not have to deal with all the debt and creditors as you once did, but you will acquire a giant hit to your credit and you could have most if not all of your nonexempt assets liquidated, and this includes any businesses that you may have and any credit cards that you may have. It will also remain on your credit report for up to ten years.

Legal Helpers vs Transforming Debt Into Wealth Course - A review of two popular debt elimination programs

Transforming Debt Into Wealth Review

A person deep in difficult financial situation and is desperate for a solution tends to grab the first option that is offered. This may be true but in most cases, doing so could lead to more financial disaster than a lasting solution to the problem.  A wrong choice could end up giving more headaches and stress than before.

There are many firms that you can find in the internet offering their exclusive services to help people get out of their debt.  Depending on the type and amount of debt you have some of them promise to do the job in a short time like 3 to 5 years or even a little more.

There are those who espouse the idea that you need a third party entity to help you understand the convoluted ins and outs of debt negotiation. They offer an easy and almost painless way of managing your debt for you so they are the ones to deal with your creditors instead of your self. While this maybe applicable to some, there are those who believe that with a little help from them, you could do your own negotiations and obtain favorable results.  John Cummuta and Legal Helpers are two firms that offer different solutions to the same problem.

Transforming Debt Into Wealth Review

John Cummuta is a personal finance advisor who is offering a self-help program to help you to get in charge of your life towards paying off your debt. He believes in building wealth through accelerated debt elimination. In his program called "Transforming Debt Into Wealth" he will teach you to focus on getting out of debt in 5 to 7 years and stop wasting your energy and transform spending lifestyle to that of gaining wealth instead. He challenges his clients to dream of a life without debt where they own everything, their home, their cars and everything because they are free of debt, mortgage or rent payments, car loans, and credit card payments. He wants to help you to own your life starting the moment you accept his offer.

LegalHelpers Review:

If you have no other alternative but to file for bankruptcy, Legal Helpers is one company that has experienced bankruptcy lawyers who can protect your rights. They are one of the largest consumer bankruptcy firms in the country that helps people to file for bankruptcy relief under the bankruptcy code. Legal Helpers is focused on helping consumers file for bankruptcy as stated in Chapter 7 and Chapter 13.  

This focus assures the clients that their cases are being handled by the most experienced bankruptcy attorneys in the country. The firm's reliable teams of bankruptcy lawyers can give their clients immediate protection from debt and help them find their way towards true financial stability. They can assist you in stopping those inconvenient garnishments, foreclosures, repossessions, creditor harassment and long drawn lawsuits while allowing you to keep your precious home, your car and your wages.

Read about more debt elimination plans.

These are only two viable solutions but whichever you decide to go with, make sure that you read and understand all the documents related to the procedure you are asked to undergo.  Whether you decide to do it on your own or get professional help, never let your guard down because you need to be aware of the details that can make the difference between making you pay more in interest payment over the original cost of the loan.

The Words Of Wisdom - How To Avoid Personal Bankruptcy

It is clear that almost all people would ideally like to live a life that is debt free. Debt not only affects your life it also has a major effect on your mental state. In this regard, receiving advice on how to avoid personal bankruptcy is easily the best advice someone can give.

Knowing how to avoid bankruptcy is a good way to go about your life. Being young, you often times take your financial responsibilities for granted. if not given the tools to gain knowledge early, you will soon come to realize the realities of debt and what it can do to you. It takes a small step to learn how to avoid personal bankruptcy, which is that you need to avoid debt at all costs. What this means for you is that you must always save as much as you can and avoid luxeries you know that you can pass on.

It is difficult to accept that saving small in the beginning and avoiding spending all your money will help you avoid personal bankruptcy in the future. It must be the thought of sacrificing what seems like the present time good time.

Avoiding Personal Bankruptcy to Relieve the Emotional Strain

Being sensible is the best way to avoid personal bankruptcy. This means that you should aim not to fall into the trap that is debt. The best way to do this would be to keep a monthly statement of your income and outgoings. You will be very surprised to see just where your money is going and how you can avoid spending more.

It is also a very sensible way to be in this day and age as the world economy is never stable and this will have an effect on your life in some way or the other. Personal bankruptcy can have a huge impact on your life so avoiding it will help you on the right track in life.

Already debt will have eroded your emotional self-esteem and the personal bankruptcy statistics wont do anything to comfort it either. It is never easy to say no to the things that we want and when you work hard you feel that a little treat is in order so that you can truly have some quality of life. Spending much more than you are saving will easily lead you to debt and eventually personal bankruptcy so think carefully about just where your money is going and what you are spending it on and save for the future when things may be tough.

Your Alternatives When Looking For Bankruptcy Advice

credit restoration services

Given the economic downturn, there is a flood of Americans in search of bankruptcy advice. The creditors are calling and they are at their wit's end. Many people already have destroyed credit, so they're looking for any ounce of relief to help them start over again. Since bankruptcy law is a complex web, there are many misconceptions about it.

First, let's look at some of the misconceptions that come out of bankruptcy advice. Some believe that you must be flat broke to file for bankruptcy, but the only requirement is that the debtor cannot pay the bills as they are due. Another misconception is that those who file will not be eligible for credit in the future, when in reality, the listing will be on your report for 10 years, limiting your access to credit but not outright destroying your chances at redemption. In actuality, creditors will know that you cannot file for bankruptcy again for another six years, so you're less risky than a borrower who has a low credit score from arrears accounts in collections.

When you're seeking advice about bankruptcy, be sure to double-check what can and can't be discharged. For instance, you'll still have to pay off Uncle Sam if you owe taxes for the past three years. However, if you have personal income taxes over 3 years old, then you can discharge them through bankruptcy. Fiduciary taxes cannot be discharged, nor can most student loans and liens. If you owe child support or alimony, you will still have to pay up. If you don't list debts on your bankruptcy petition, then they will not be covered. If you have debts from drunk driving or other "willful and malicious" harm, you'll still have to pay your dues. However, there are many things that can be removed when you file for bankruptcy, such as all unsecured credit card debt, wage garnishments, utility termination, fraudulent credit claims and foreclosure.

After you receive bankruptcy advice, there are a few things to consider before you file. First, be sure you can't negotiate with your creditors, reduce your balances with a settlement letter or arrange a monthly payment plan. Generally speaking, if you can only afford minimum monthly payments on your bills and cannot pay off all your balances in five years, then you should file for bankruptcy and then focus on credit restoration services.

Information On Chapter 7 Bankruptcy You Should Know

Most people have heard the word bankruptcy before and have an ideal of what it means, but it is the details that most people are unsure about that are the most important thing.

The issue of bankruptcy is one that a lot of people find mystifying. It is hard enough to keep your finances on track for the most part, let alone thinking about such a serious subject as bankruptcy.

If you find that you are in a financial down fall and you can not find another way out, then bankruptcy could be the way out for you. You can file for bankruptcy through different chapters, chapter 7 being the one an individual would use to file for personal bankruptcy.

The Nitty-Gritty

When it comes to chapter 7 bankruptcy information, there are a few basic things that you are going to want to be aware of. The first thing you should know is that a chapter 7 bankruptcy case does not entail the filing of a plan of repayment as in chapter 13, instead the bankruptcy trustee will need to collect and sell the debtor’s nonexempt assets and use the proceeds of these belongings in order to help pay the creditors off.

Eligibility is most definitely one of the most important parts when it comes to chapter 7 bankruptcy information. To be eligible for relief under chapter 7 of the Bankruptcy Code, you may be an individual, partnership, or corporation or other business entity. Keep in mind that one of the primary reasons for bankruptcy is to dismiss certain debts to give an honest debtor a fresh start basically, and to allow them to get back on their feet.

If you are gathering information on chapter 7 bankruptcy, then you should know that there are several alternatives to the chapter 7 bankruptcy option that you should be aware of. You will probably be better off if there is something else that you can do other than file for chapter 7 bankruptcy.

The best thing you can do if you are really serious about filing for chapter 7 bankruptcy is speak to a professional, whether you speak with a personal accountant or go online to talk to a banker. By learning as much as possible you will be much more comfortable with this whole process and ensure that you are making the right choice.

Chapter 11 Bankruptcy Law: What is it?

If you own a troubled business, then consider using the Chapter 11 Bankruptcy Law. If your troubled business is not able to pay its debt or creditors, the business or its creditors are able to file with a federal bankruptcy law court for protection under the chapter 11 bankruptcy law.

There is a lot to know regarding the Chapter 11 Bankruptcy law, which will be discussed here in more detail for you.

What to Know

After filing the Chapter 11, the company filing may actually be able to emerge from bankruptcy after a few months. This is not, however, always the case, it could still take several years, the company may also still go under regardless, this should at least help protect you from a large financial burden.

All debtors who go through and file a chapter 11 case are required to propose a plan of reorganization, which basically means that after they go through with the filing, in the best interests of the creditors and the estate if the debtor fails to make or meet a proposal the case will be dismissed resulting in a return of the financial status.

Saving your business and getting out of financial trouble can be attained with the Chapter 11 Bankruptcy Law.

So as you can see, Chapter 11 Bankruptcy law can be very complex, but it will be well worth it for you to be educated on if you own a business, especially if it has been troubled lately and not doing well financially.

To find more information on this subject, it is appropriate to go to your bank and speak with a financial advisor. These are people who have been dealing with money and budgeting for their life, they are professionally trained to do so, and so you want to make sure that you get their advice.

Taking some time to do research on your own can help as well, so that you are completely educated and feel more comfortable with the process. Keeping yourself as educated and informed as you can on matters is something you should always do, especially when it comes to your finances. You never want to rush into something as serious as bankruptcy, so think it through and be sure that this is what will be best for you and your business.

Bankruptcy Laws

Bankruptcy Legalities

In 2005 the U.S. was introduced to new bankruptcy laws, which implemented with new bankruptcy laws that passed congress.

Before then, Chapter 7 was the most common form of bankruptcy in the United States, because in a Chapter 7 bankruptcy individuals are allowed to keep certain exempt property.

Many people spent years being careless with their credit and debts because it could be fixed with a quick filing for bankruptcy.

Now that the law has changed, there are more restrictions for filing chapter 7.

Previous to the updated bankruptcy law in 2005, people had the ability to select the code they wanted to file under.

It did not matter the amount of income you made either.

One of the biggest changes is that now those with a higher income will have to file under chapter 13 and therefore pay off some of their incurred debt.

The new law added certain limitations to be placed on bankruptcy lawyers.

It may be tougher now to find a lawyer who will represent you in a bankruptcy case.

In addition to the new income restrictions, there is also mandatory counseling that debtors must complete before and after filing for bankruptcy chapter 7.

Individuals that decide to pre-file, still have to complete the credit counseling requirement and people that post-file must complete a financial budget that they will use.

In light of our current economic situation, many feel these new standards should have been executed several years earlier.

These financial tools are designed to help people become better aware of their spending habits and to assist them in becoming more financially stable.

Similar to the changes in bankruptcy laws for chapter 7, filers for chapter 13 must provide income reports of their personal finances.

All disposable income left after paying actual living expenses must now go into their repayment plan.

The IRS now determines the allowed actual living expenses, not the actual living expenses, if their income is higher than the median income in their state or per capita. Before filing for bankruptcy, you need to carefully consider all your options and become well informed on the legal aspect surrounding any new laws that may pertain to your personal situation.

Alternatives To Bankruptcy

Bankruptcy - What Are the Alternatives?

Many people in today’s economy find themselves for the first time ever, in the position of considering bankruptcy.

There are many alternatives to bankruptcy if you are willing to put out the time and energy.

Bankruptcy is not something to take lightly and you should take the challenge seriously when researching alternatives that may help you begin to recover financially and prevent that type of legal action.

First thing you should do is to call your creditors, one at a time. Most are willing to work with you if you explain to them your situation.

Tell them you are considering bankruptcy.

Many times, your creditors will work together with you on a new payment plan that you can afford.

Don’t feel you need to hide information from them either.

Be straightforward and open about your financial situation.

Before filing bankruptcy, take a good, long hard look at your finances.

If you do not have a current working budget, then you should begin making one immediately.

Start with your monthly income and deduct your monthly household expenses.

By first understanding how you spend money each month, you will be in a better position to determine where you can begin to make changes.

Perhaps buying groceries in bulk, or cutting back on phone or cable services.

Remember every little bit will help and can make a big difference.

Credit Cards are another culprit to consider for the necessary changes needed. By working with your credit card lenders, you may be able to get your interest rate lowered.

Then you will need to get rid of those high interest credit cards all together.

Avoid the temptation to pay off a credit card with another credit card, as this will only add to the interest rate fees you have to pay. Another option to consider would be refinancing your home or you automobile.

Or, even though it can be uncomfortable to ask; you may have a family member willing to help out, especially if they know you are considering bankruptcy.

If your family member is kind enough to help in this way, make sure your priority is to pay off debt and pay back the loan, even if you have to do it in small payments and over a period of time.

A Guide to Bankruptcy: The Problems it Poses

 

The term bankruptcy is one that no one really wants to hear, particularly when it pertains to themselves, but most people are functionally aware as to what the term bankruptcy actually means. You will find the following information useful if you want to learn more about it.

What Exactly is Bankruptcy

What bankruptcy basically is, is a legal process that helps a person with financial relief when dealing with financial problems, and it does this by stopping legal actions by creditors. Bankruptcy usually releases an individual from most if not all of their debts, this allows people to get their lives back together.

Bankruptcy has multiple laws to be aware of , if you want the broadest knowledge on this subject and be aware of exactly everything that is involved here.

If you wish to declare bankruptcy there are a few steps you must take.

First you will need to file the assignment in bankruptcy, and notify the creditors you owe of the bankruptcy, and then you will need to realize or settle on certain of the bankrupt’s assets, filing of tax returns, two counseling sessions and the discharge.

When You Should Have it

You will want to take a serious look at your finances before you decide to go ahead and do this, and speak to a financial advisor as well. Filing for bankruptcy is a serious decision, because it will take its toll on your credit, typically for about seven or eight years.

Remember that the two main purposes of this are to give creditors a fair share of the money that you owe them, and to give yourself a fresh start by discharging your debts. There are certainly drawbacks as well that you are going to have to take into consideration here, Not just the financial side of things but the emotional and physical headache the situation gives you.

Bankruptcy is not a fun subject to talk about by any means, but sometimes it can be a better thing than bad. If you are in serious financial trouble and basically just want a way to start over because you feel as though there is no other way to get out of the debt that you are in, bankruptcy may just be the answer.

Avoiding Credit Card Debt

personal bankruptcy

In the world of credit cards, credit debt is all too common.  Debt from credit cards can be very stressful, and lead to a very crippling situation.  No one is immune to credit card debt, as even students can experience debt with their credit cards as well.  With people using their credit cards more these days, more and more people continue to take the plunge into debt.  Debt is never good, as it leads to bankruptcy questions and the destruction of your credit report.

Even though getting in credit card debt is simple to do, getting out of it is something that takes a lot of work.  Even if you go to an agency or company that specializes in helping people out of debt, it won’t happen overnight.  To get out of debt, it will take you quite a bit of time and effort as you get the debt under control and begin the long process of rebuilding your credit.

To properly defend yourself from student credit cards debt, you’ll need to know quite a bit about credit, managing your money, and finances in general.  Normally, you can stay out of debt by creating an ideal budget and saving money whenever you can.  If you stick to this plan and avoid steering away from it, you’ll normally have no problems staying out of debt.

If you have other credit cards that you don’t use, such as store credit cards that are known for high interest rates, you should dispose of them.  If you have a lot of open accounts, you should look into debt consolidation, which will combine all of your debts into one payment so you can get them out of the way quicker.  By using debt consolidation services, you will only have one bill to pay.

When you receive your credit card bill, you should always strive to pay more than just the minimum.  If you only pay the minimum amount, you could very well end up being in debt the rest of your life - as you could be paying nothing but the interest.  Every month, you should strive to pay the minimum amount and then some.  Paying more than the minimum amount will also help to pay offer your credit card bill faster as well.

No matter how much credit card debt you are in, you can always find debt management services and agencies that will help you fight back.  Credit card debt is very common these days, something many of us have experienced.  Although there are ways out of credit card debt, the best way to get out of it is to avoid it all together.  If you pay your bills on time and never miss a payment - you’ll always live a debt free lifestyle.

Multiple Streams Of Income For All

A lot of people take a pretty narrow view toward success in jobs and business. You need to excel it one thing and do it consistently. You bet you can make a living this way. As a matter of fact, it works for most people. By advancing up your corporate ladder slowly and painfully, you can ensure you have a good and long lasting career.

For me, however, it has always seemed more interesting and more lucrative to pursue multiple streams of income - such as blogging for profit. It does requires some imagination, but it will be worth it in the long run. Multiple income streams is all about coming up with a flexible way of doing business and living life. A multiple stream of income approach will allow you to pursue your day job while coming up with alternate ways to get rich. It does not need big amount of money upfront, can you can pace it your own. The best thing is that you loose nothing even if it fails. It is definitely a good idea to make it rick and enjoy the process as well.

Diversity is the buzz word when it comes to diversity. Multiple streams of Internet income is a must. It is more difficult to make money in internet now, but there are still money to be made. There are thousands of different things out there that you can make it rich off of. There are online investment opportunities, pay per click opportunities, and countless others. If it looks too good to be true, that doesn't mean that it is. Don't invest too much money in something that is not a safe bet, but don't dream small when you can dream big.

The thing to note is that you can always make money work for you. Invest your additional money if you have extra. If you have loads of investment money, there are plenty of chance for you to invest. You can invest in real estate, the stock market, or any other growth industry.Do not stick yourself to one job in the multiple streams of income mindset. The purpose of working, after all, is to achieve success And financial freedom.

How To File For Bankruptcy Online

If you have an interest in filing for bankruptcy online, whether you are filing personal bankruptcy or filing business bankruptcy, there are a few online companies that you are going to want to check out for this.

Find a Reputable Company

If you are going to file for bankruptcy online, make sure that you work with a honest company. You will want to do some research on their background, to find out how long they have been in business and what they have to offer.

With the appropriate online company you will be able to receive all that you need to file for chapter 7 or chapter 13 bankruptcies, and you will obtain all of the documents that you need for filing and you can fill them out online.

This makes the entire process as convenient and easy for you as possible, and most importantly, you can get easy to understand instructions, detailed information about the bankruptcy process and a copy of the current US Bankruptcy code. The appropriate company will also offer support from a network of nationwide attorneys from a fortune 500 company.

Things To Remember

Should you file for bankruptcy online, there are a few things that you are going to want to remember. For one, this is not a process that can be hurried, and you are going to need to check and recheck everything before presenting your application.

The last thing that you want to do is make a error and end up being rejected because of this. As long as you are dealing with the correct company, one that will be there and advise you on the completion of your application, you should have no problems.

As well there's the topic of a joint petition which is the filing of a single petition by an individual person and their husband or wife. Only people who are married on the filing date can file for a joint petition, and none others.

There is no requirement that you use an lawyer to file for bankruptcy, so if you think that filing for bankruptcy online is the correct decision for you, you should do it. Just make sure that you read all the fine print and are sure of your decision before going through with it. You also only want to go through with filing for bankruptcy online if you are going through a reputable company.

Understanding What Chapter 7 Bankruptcy Is:How Does One Apply?

You hear the term chapter 7 bankruptcy quite a lot these days, however normally a proper explanation of exactly what it is is not included. Every day people make mistakes when filing for bankruptcy that probably could have been avoided if they had better understood the different types of bankruptcy. Certainly no one wants to become involved in bankruptcy proceedings. Anyone who does will have to have debts that greatly exceed his or her net worth and, in addition, have no visible or viable means of paying back the debts, so without a doubt they’ll really want to read some How To File Bankruptcy Facts to make the process easier/painful.

Numerous kinds of bankruptcy proceeding exist including but not limited to chapter 11 and chapter 7. Chapter seven is more for individuals.

Chapter 7 bankruptcy explained: Chapter 7 bankruptcy as defined by US and its courts law refers to the action or liquidating not legally exempt from liquidation assets with the desired outcome of paying back creditors and ebtors alike.

Chapter 7 is an option open to individuals, businesses, partnerships and corporations. It is also important to note that individuals do also have a special clause open solely to them. That special clause is known as a “discharge”. What a discharge refers to is the freeing of the individual from certain debts.

The 1st things one must do when getting involved in chapter 7 bankruptcy: Generally speaking to file a chapter 7 bankruptcy one mast supply the courts with copies of their: tax returns, contracts of an executive nature, statements of financial affairs, all proof of liabilities and assets as well as documents to prove one's current income and necessary expenses.

For individuals other additional documentation has to be supplied to the courts. They will include but are not necessarily limited to the following: copies of credit counseling reports and repayment plan programs, employer payments and statements of income, interest payments on student loans, etc.The information in this document is very brief and general, if you need to find out more about chapter 7 bankruptcy and others, a good place to start would be with the links in this article and also with the US courts website. Also make sure that if you do need to take action in the way of a bankruptcy proceeding you get a good professional lawyer to deal with your case.

Bankruptcy Advice You Might Find Helpful

Given the economic downturn, there is a flood of Americans in search of bankruptcy advice. The creditors are calling and they are at their wit's end. Many people already have destroyed credit, so they're looking for any ounce of relief to help them start over again. Since bankruptcy law is a complex web, there are many misconceptions about it.

The key to holding onto your assets is to seek bankruptcy advice right away. Many people facing foreclosures wait until the day before a foreclosure sale to inquire, which limits their options drastically. Even if you're only toying with the idea of bankruptcy, seeking advice can often point you in the direction of helpful credit report repair and debt management services. Homeowners don't necessarily lose their property in a bankruptcy case because they are allowed the first $10,000 in equity above all liens and judgments. For instance, say a house is worth $250,000 and the mortgage is $240,000, and assuming that the homeowner is current on mortgage payments, has little home equity and has lots of credit card debt, then he or she will still be able to keep the house after filing Chapter 7. Under Chapter 13, if an individual is behind on mortgage payments, has substantial equity and a lot of credit card debt, then he or she can still keep the property so long as the debt can be repaid. However, if the person has a $200,000 mortgage left on that same property, a trustee may sell the property, giving the individual the first $10,000, unless the debtor can come up with the remaining $40,000 in nonexempt equity. Lastly, you may still be able to buy a house, despite filing for bankruptcy, although your interest rate will likely be high and you will be required to come up with a heftier down payment.

When you're seeking advice from a credit repair attorney, be sure to double-check what can and can't be discharged. For instance, you'll still have to pay off Uncle Sam if you owe taxes for the past 36 months. However, if you have personal income taxes over 36 months old, then you can discharge them through bankruptcy. Fiduciary taxes cannot be discharged, nor can most student loans and liens. If you owe child support or alimony, you will still have to pay up. If you don't list debts on your bankruptcy petition, then they will not be covered. If you have debts from drunk driving or other "willful and malicious" harm, you'll still have to pay your dues. However, there are many things that can be removed when you file for bankruptcy, such as all unsecured credit card debt, wage garnishments, utility termination, fraudulent credit claims and foreclosure.

After you receive bankruptcy advice, there are a few things to consider before you file. First, be sure you can't negotiate with your creditors, reduce your balances with a settlement letter or arrange a monthly payment plan. Generally speaking, if you can only afford minimum monthly payments on your bills and cannot pay off all your balances in five years, then you should file for bankruptcy and then focus on credit restoration services.

It is really nice to get a brand new credit card that has a high limit. At first you promise yourself that it is just for emergencies but before long you notice that you are using that credit card for day-to-day living expenses. To make matters worse, the problem usually does not stop with just one credit card. Slowly bad credit begins to accumulate and before long you find yourself in a world of trouble. There is not enough money to pay off the bills and interest keeps piling up. Stop living this way! There are ways to rid yourself of that baggage and find a better way to live.

If you would like more bankruptcy advice "Click Here"

Basic Bankruptcy - How Do You Start?

If you are considering filing for bankruptcy there are a few basics you need to know.

Luckily, there are a number of online resources that may not only educate you as to the ins and outs of bankruptcy but can also help you with your filing or help you to find an alternative to filing for bankruptcy.

It is important to note that not all eligible liabilities will be discharged, and that not all kinds of debt are fit for discharge. The court will sometimes just discharge those debts that it is plain that you will not be in a position to pay, and any property that you have which is under lien is probably going to be sold as part of the procedure of filing for bankruptcy.

You may use online phone directories to search for law firms in your area focusing on bankruptcy cases. You can google "bankruptcy lawyers" and get a listing of thousands. You can also check out some online 'bankruptcy forums' to get a first hand look at what happens to those involved and how it may effect your lifestyle afterwards.

Make no mistake about it, filing bankruptcy can take a toll on you and your family for many years. It should only be considered as a last resort when you have tried every other possibility to get out from under your debt.

And if you do decide to search online for bankruptcy specialists, be prepared to weed out the bad ones. You must bear in mind that there are a number of con people who have no qualms about preying on those who are down on their luck financially.

It's been claimed that time heals all wounds and this is as true for families that have to file bankruptcy as for all other disruptions in ones life.

You Can Also Earn A Passive Income

So what do you do for a living? If you are like most of us, you probably work for a living, taking home a monthly pay check and employ but someone else.  It seems that it is safer to work for a big company as it is supposed to be more stable - or so it seems.  But take note, in these big companies, you are just one of the little prawn swimming among the sharks, that could be taken out anytime the company sneeze.

Nevertheless, that is how big company works, and the rich get richer and the poor get poorer.  Now, how will you feel if you do have a passive income with very minimal effort?  It may not let you retire today, but it sure is a nice buffer in uncertain time such as today.

Firstly, let's see the perks of a passive residual income.  To start off, you can essentially work for yourself.  This is an obvious perk since you are your own boss and you cannot get fired.  Secondly, there are many jobs that help individual make their millions can be done easily through online.  You can either sell your own self-make product, a thrid party one, or just take a commission of the profit of each 3rd party sale.  And all these are working for you even though you are sleeping.  Aren't that fantastic?  This is the true meaning of a passive residual income.  And there are many who went on to build websites and try to earn passive profit.  They go through an affiliate program and combine it with their own online sites.  The possibilities are limitless, and it is really up to one imagination to profit from it.

Start benefiting from such as setting your own schedule, working the amount of hours you choose to, spending more time with family, working from the home, not being able to get fired and greater profits from the time you invest.  What is still stopping you from making a passive residual income?  Go ahead now and start with Best Online Survey Profit

Personal Bankruptcy Protection

We all have good times and we all have good times too. Then there are those times that no one wants to know about, and some times it is for the best, but most times not. It is called bankruptcy. This is the process, which is then proven you owe more than you have in possessions. In other words you are in way over your head and you cannot afford anything, or your debts per month are more than your income.

You could have used the system and bankruptcy information especially dealing with personal bankruptcy protection which some banks offer more for businesses than for individuals, as a business has a higher need of requiring the services of personal bankruptcy protection. Businesses take out loans to support their operations, especially seasonal business such as carport places, construction of various natures, jobs that actually depend on the weather and timing.

Having some form of personal bankruptcy protection for the above-mentioned businesses could prove to be quite worthwhile. You could have been sued to the point of liquidation, and even in your personal capacity. And by having the personal bankruptcy protection offered by banks you could have protected yourself from all the dilemmas you are probably dealing with now.

Educate Yourself About Finances Today!

Being liquidated or sequestrated is by no means giving you more credibility out there. You have no rights to open accounts anywhere anymore for a specified amount of years. Every way you need to move or advance financially in life becomes a hurdle, which you could have prevented had you had the personal bankruptcy protection.

The service of personal bankruptcy protection does come at a fee, depending on the amount of risk your company has to survive. The higher the risk you are the more you would pay. And the premium is even higher had you taken out a bank loan to get the business up and running in the first place.

Most businesses fail more due to bad management than not having the biggest niche in the market. Most businesses also fail in their first year, and then the statistics lessen after that. The highest risk takers are those who depend on environmental factors such as rain to grow crops to supply foods be it exportation local and international. Farmers would be charged the highest premiums for personal bankruptcy protection.

Seasons change from year to year, and a single rainfall too short in a year could mean they lose all their crops for a good harvest. Hopefully these farmers have other ways of using their wasted crops to make some form of money, or have other forms of making money to cover for their losses.

The financial counselling Fantasy;

The financial counselling Fable;

financial counselling in Canada has become a common method of dealing with debt but may not be the advisable solution for Canadian's to control their debt. In a growing number of cases Canadian's will seek out debt consolidation loans to pay off their un secured debt and begin with a clean slate. Although this takes care of the initial problem it typically creates bigger issues . The reasons why this happens are;.

First of all, people are creatures of habit. By a debt consolidation loan you are only avoiding the underlying issue, your habits. Although a debt consolidation loan will repay your primary debt it doesn’t deal with your spending habits. Usually individuals getting debt consolidation loans to pay back their debt end up with twice the debt they began with.

This being the second reason consolidation loans do not work. After Canadian's pay back their credit cards or lines of credit it gives them access to available funds, causing the process to start over again. Usually people wind up with their account maxed out again, as well as, the debt consolidation loan that they borrowed to pay off their debt. The most typical phrases I hear as a credit counsellor is "I need to attain a debt consolidation loan to re-pay my debt", "I do not want to use revolving credit again". In theory this is great but more often than not this doesn’t happen

Unless an individual is prepared to tackle their overall problem (i.e. their spending habits) they will not succeed with a debt consolidation loan. In actual fact this is one of the main reasons that the banks have stopped issuing debt consolidation loans. They have, for the most part, stopped this because they recognise that this is only feeding the problem and not solving the problem. If you truly want to deal with your debt, cut up your credit cards, stop access to any revolving credit, make your monthly payments to pay the debt down and track your spending. It is only through the tracking of your spending habits that you will truly understand the fundamental issues of your debt. In order to deal with your debt problems, you must first understand how you got there in the first place.

If you want to live debt free you must recognise your unnecessary spending habits and make changes to eliminate them from your life. If you were to ask me what lesson I teach my clients the most, it’s how to track their spending and identify unnecessary spending.  

 



Greg Martin
Debt Manager
Phoenix Credit and Debt Counsellors

 Debt Consolidation Canada

Bankruptcy - Is It the Answer?

If your finances are in a mess, you may have considered bankruptcy. Even though your debt may be wiped clean, there are many other end consequences.

When a person's debt has risen to a level that they can't hope to get under control, they may consider filing for bankruptcy. For a consumer there are two bankruptcy choices:  Chapter 7 and Chapter 13. Chapter 7 bankruptcies involve wiping out the debts in part or in their entirety and liquidating assets to do it. Chapter 13 bankruptcies are more of a debt restructuring plan that gives you more time and a plan to pay back a portion of the debt that is owed to creditors.

Your credit will be damaged if you file for bankruptcy, maybe for as much as ten years. If you apply for any credit during that time the creditor will be informed of the bankruptcy.

Previously, people have taken advantage of bankruptcy laws. They were allowed to file more than once for Chapter 7 so many used it to beat credit card debt.

Each state decides on what assets they will exempt from being seized during a bankruptcy hearing. Knowing that, some may use available cash to purchase those items (homes, cars, etc.) in an effort to avoid payment and still retain the stuff they purchased. In this instance, creditors receive little or nothing from the bankruptcy settlement.

This has been changed by new laws. Courts used to have free rein when it came to who could file for Chapter 7 bankruptcy. Now certain standards have to be met first. In order to be able to file for Chapter 7, your income must be below the average income of the state where you live. Your income then goes through a calculation that determines if you have enough disposable income to be able to pay back twenty-five percent of the debt owed.

More people will have to file for bankruptcy under Chapter 13. The courts will decide the amount of repayment from facts that they receive. An allowance is made for rent or mortgage, food and other relevant bills. With the new laws, the IRS regulates the value of each bill, exempts a certain amount, and payments are decided from the rest.

Because there are more hoops to jump through, bankruptcy lawyers are charging more for their services. The whole process of bankruptcy will cost the filer more than before, which will make them think twice about the process. Credit counseling sessions are also required as a precursor to filing for bankruptcy. A credit counselor may determine that they can help you and thus eliminate the need for bankruptcy proceedings.

Filing for bankruptcy is a major issue and should not be taken lightly. Although it can wipe out credit card debt, it does come with its own price tag.

Credit cards and Bankruptcy

There was a time when credit was not very easy to get. Borrowing money for any reason was actually considered shameful, and being "in debt" was simply scandalous. If people wanted to buy things that they wanted or needed they simply SAVED; they did without those things until they could afford to pay for them in cash. It’s kind of strange, how things have changed!

In pursuit of mammon, those financial institutions have used every marketing strategy possible to make you want something now, not later, after all why wait a lifetime when you can have it now!

Simply put, anyone who wants one can get a credit card. It seems you don't even need a social security number and to prove the point, one man in California decided to make show the stupidity of the whole situation by responding to one of those "pre-approved" ads that came in his email and applied for a credit card in his dog's name.

Under the "age" section he inserted the number "3" and where it asked for the social security number he entered 000-00-0000. The card was given.

It’s alarming that people have become brain washed into not thinking about the consequences of borrowing money using credit cards. It is so, so very easy for people to get into spiralling debt with credit cards.

The banks and credit card companies do a great job, they make you believe that using a credit card is not like you are borrowing money, but that is exactly what you are doing. If you use a credit card to pay for your dinner and a movie, you've borrowed money to pay for the dinner and a movie, and the bill will come due at the end of the month. If you don't pay the balance on a credit card in full, every item that you purchased just cost more because you'll be charged interest. As they say it is easy to borrow – but wait … paying back from funds that you don't have is never easy.

Or put it another way, if you do not make the minimum payment on time, you'll be charged penalties and additional fees.

I know to you - I don't sound like I am crazy about credit cards. I'm really not, but they have become a necessity in today's mobile world. You can hardly make an online purchase without using one.

So where's the answer?  Well here are some suggestions:

1. The answer is to get ONE credit card. At the end of each month, pay the entire card balance.
   
2. Do NOTuse credit cards for everyday expenses.
   
3. Don't buy your groceries or pay for the dinner and movie with a credit card.

Almost all bankruptcies filed today are directly related to credit card abuse. You can avoid that. Students beware of this pitful

The sad thing is that my 7 year old son recently said to me, dad why don’t you buy me the computer game using your credit card – I had to take him to one side and give him a simple explanation of the dangers of borrowing and the fact that you have to pay it back.

It is with much regret that some of us will wonder where did it all go wrong - the lessons of our parent’s generation we have failed to heed – live within your means.

Meanwhile, the shareholders of these financial institutions and there directors continue to become richer at the expense of those who fall into the debt trap.

Behind on credit card bills? Should you go with bankruptcy or debt negotiation?

Defaulted loans can contribute to a very bad credit standing since every late payment is reported accordingly to the credit monitoring authorities. More so, a defaulted loan is another grave misconduct for every borrower and will appear without further ado on your record.

Truly, there are times when unfortunate financial situations can surface in the middle of the repayment period, and though we would want to repay in full as soon as possible, there are not much resources to get from. Some lenders will understand this situation, while some will not. Some lenders will keep on calling you day by day and remind you of your debts while some will simply sue you in court without warning. In these times, you are most likely left at the brink of struggle to clear your debts.

If you are left with little choices, and the situation is at is worst, there are only two options, file for bankruptcy or settle your debts with your creditor.

Filing For Bankruptcy

For many anxious debtors, this can be the foremost option that they consider at the height of stressing debt collector calls every single day. They file for bankruptcy to get rid of all that, and simply shy away with a damaged credit reputation and a disheartened disposition. Though this can be relieving for a while, you must also consider the long term effects of it. A declaration of bankruptcy can do more damage to your credit report more than you think. This, of course, discounts the possibilities of getting a good loan deal in the future, or getting a loan, at all.

Settling your debts Through Debt Negotiation

This is another option which you can consider. You can hire a debt settlement company to negotiate with your creditors for a reduced repayment amount and better yet, you don’t have to file for bankruptcy. With debt settlement, you also have the option to pay gradually whatever you owe them. This is if the lenders come into agreement with your presented resolution. If you plan to hire a debt negotiation company, you can be rest assured that you can pay in installment until you pay them in full.

These are the last options that you can think about right now, and since you have little left choices with your stern lenders, you might as well weigh these options and decide soon.

Trouble With Debt? Get A Bankruptcy Lawyer

bankruptcy claim

What can be more pathetic than being bankrupt? It has to be, making the decision to file for bankruptcy creditors protection. And what can make it more pathetic is to find a good bankruptcy lawyer for this purpose. In this 21st century of cut throat competition it might not take long for an individual to file a case a bankruptcy when the individual concerned is reduced into nothing. Not everyone knows the process when filing for bankruptcy. This is the necessity of a bankruptcy lawyer comes into the picture.

But what is more important is the choosing of a bankruptcy lawyer who can file and win the title of bankrupt for his client. There are a few steps that are being highlighted below and what may help an individual in choosing a bankrupt lawyer to serve his or hers purpose. The toughest part of this whole is, choosing whether or not to file a case for bankruptcy filings. And if the choosing part leads to the answer yes, then that is from were the individual will feel the necessity of a bankruptcy lawyer.

Bankruptcy is actually a special area of the law, which makes it all the more important for an individual to hire a lawyer who has all the respective knowledge that is usually required in this field. Thus, the most essential and important step should be to contact the local bar association of the locality. This is usually done to take there advice before deciding upon which lawyer will the individual will entrust his case to prove him bankrupt.

The individual can also choose his own lawyer and then ask the associations thoughts and concerns over this lawyer. The individual can also take recommendations from the association regarding the lawyer of his choice. As the bar keeps in touch with these lawyers, it has its views and thoughts against them, and depending upon the nature of the case the association also suggests a list of lawyers, who the association thinks are capable of handling this case.

Obtain references from family or friends about the lawyers credentials. Or even better is if the individual can enquire to other lawyers and attorneys regarding the lawyer of his choice or any other lawyer that may suit his or hers case requirement. The individual can also search online on the web before coming to a decision and before deciding upon his choice among the lawyers. After all these searching and scanning if any lawyer suits the individual’s requirement and comes within his pocket size, then he is the man!!

Consider bankruptcy? Get real answers to bankruptcy questions first!

You may find yourself in such desperate financial condition that you deeply feel there's no way out, short of filing bankruptcy. There are surely cases where filing bankruptcy is your greatest or only option. However, bankruptcy is a harsh situation which requires considerable research and thought before you proceed. Recent changes to bankruptcy laws have made it more difficult for an individual to file for bankruptcy. The law is quite complex and there are many caveats, which exclude certain types of debts from being discharged. For these reasons, you'll require to get some straight answers to bankruptcy questions before you commit yourself in court. Let's take a look at some situations that may apply to your case.

There are several types of debts which the court may not allow to be discharged in your bankruptcy filing. For example, if you have obtained a government funded or guaranteed loan for education, you will still be required to repay this debt. If you owe alimony or child support, the court will not secretion this obligation. Certain debts owed for injuries or death as a result of a DUI will also stand after bankruptcy. In some cases, condominium fees you owe will also not be discharged. There are also tax claims which are not dischargeable. You can see that having all of these debts may make your bankruptcy pointless. This list is certainly not macro, so you'll do well to consult an attorney or merely do some research on getting some of your answers to bankruptcy questions before you incur yet more debt.

If you have a criminal conviction, under title 18 of the United States criminal code, where you have been ordered to pay restitution, bankruptcy will not help you. This debt will stand.

Many folks facing bankruptcy incorrectly assume that they're allowed to keep automobiles which are financed, as your transportation is essential. This is no longer true. If you have a couple of vehicles for your household which are financed, the lender has the right to repossess both automobiles. Bankruptcy won't safeguard you.

Here's another common, but startling answer to bankruptcy questions. If you're paying a mortgage on your home, this debt also survives bankruptcy.

Your creditors have the right to competition you in a separate court proceeding on a debt which they feel they should be allowed to collect, regardless of the bankruptcy. They can sue you to corroborate their claim, costing you more money and the risk that you will be stuck with this debt.

If you're considering bankruptcy, do your research and get all of your answers to bankruptcy questions, before you opt for filing. There are many other options that may well serve you better.

Get more data about financial issues such as bankruptcy where you'll find everything you need to know about the payday loan reviews and much more.

EFFECTIVE MONEY SAVINGS TIPS

Saving is your best defense against bankruptcy. It insulates you from possible financial loss and gives you the ability to expand your finances and create a money-generating business machine that will help you earn extra.

Your potential to flexing your base income is augmented in ways that is not confined within the walls of basic employment. You can start up your own business, use it for loan purposes and earn interest on them while being used, among others.

But the basics of it all lies in saving – spending less than what you earn and keep something enough for future use and for unforeseen circumstances.

This article provides you with ways on how you can effectively maximize your financial resources and helps you manage your money by developing correct habits and outlook suitable for your goal.

- Wants and Needs – You buy items because you need them. A need is something you cannot take away from a person for these things are vital to his or her very existence and without them, they are categorically considered poor or deprived.

Food, shelter, clothing and transportation are the primary examples. In a modern world, car and phone gadgets are a necessary part of a busy working individual. However, unless you are receiving more than $10,000 per month, you basically won’t need to have a $40,000 to $50,000 luxury vehicle.

The same is true for your telephone media. Having your own cellular phone is necessary but keeping up with the latest model or buying the all the latest releases are not practical and earns you more points on plunging into a staggering financial downfall.

- Less Is best – Extravagance is the rule of the kings. While we sometimes need to afford a little affluence in terms of the food we eat, the body pampering devices and accessories, such as clothes and body-relaxing services, we also need to consider that these types of activities should only be reserved for special occasions and for cases when you have some excess left in your household budget.

- Spend Less; Save More – Spending more than what you earn or produce is a bad habit that most people get used to doing everyday.
Allocate a special percentage of your earnings to go into your savings accounts while spending the rest for your day-to-day expenses.
Unexpected charges, such as the visitation of your relatives or a house party due to a certain celebration will be there to stay so you need not make some leeway budget on them and save them should situation not arise.