Archive for Cash + Credit + More
January 6, 2010 at 12:19 pm · Filed under Cash + Credit + More
Chapter 7 is one of the bankruptcy laws that can be used to file a petition if the borrower has an excessive amount of debt and has no way to repay it. The law is for individuals wishing to file for bankruptcy. This law allows a trustee to keep some property belonging to the debtor as a security for the payment. Also, the creditors can no longer take necessary action to collect the debt from this individual unless it is relation with the necessary lien. Most popular instances where the debtor files for a Chapter 7 case are medical expenses and credit card debts.
As soon as the debtor files a bankruptcy case, an injunction is passed, after being assigned a case number, to stop the creditors. This is known as automatic stay. After a month, the administrative trustee’s office appoints a trustee to deal with this case. The trustee has to raise as much money as possible by liquidating all the assets belonging to the debtor at that time. This amount will be given to the creditors as per priority. It is the duty of the trustee to keep records about the debtor and report any fraudulent activities. It depends on the trustee’s judgment to decide whether the individual is truly liable or not.
As mentioned, the property that is kept as lien can help in exemption of certain amount. An attorney can determine the value of these assets and also advice on which of the assets will be placed under a trustee so as to make a proper lien amount. The creditors can then file a complaint within 60 days after the trustee meets the individual to decide about the assets. The trustee has to file the objections, by the individual, for any exemptions within 30 days after meeting with the individual. If the creditor has any objections, a trail will follow. An attorney can provide the best advice in such instances where the creditor’s objection resulted in a trail.
Usually, most of the chapter 7 cases are discharged without any objections, but specific debts will not be discharged as easily. An attorney can provide proper guidance regarding the kind of debts that might create problems. Creditors have the option of applying to re-open the case in case they are not satisfied with the discharge.
The new bankruptcy bill passed by President Bush might make some major changes in the Chapter 7 law. This bill narrows the possibility of filing for bankruptcy, as the debtor cannot file under Chapter 7 for all kinds of debts now. The federal court will decide the chapter under which a particular case can be filed as also if a case can be filed under Chapter 7 or not.
Bankruptcy provides detailed information about bankruptcy, bankruptcy attorneys, bankruptcy faqs, and more. Bankruptcy is affiliated with New Bankruptcy Laws.
November 29, 2009 at 2:43 pm · Filed under Cash + Credit + More
Bankruptcy, although necessary for many individuals, should be utilized as a last resort once all other options have been reviewed first. One of the first things that a person can do is review their own spending patterns or habits before seeking help. If acted upon before the problem reaches the point of no return it is conceivable that there may be no need for outside intervention.
There are several resources available online that are designed to help an individual create a household budget without any cost. Also most credit counseling agencies should be able to provide you with a household budget at no cost. There are also bankruptcy attorneys that will assist in this as well, however it is paramount that these services remain free of cost. Be leery of Credit Counselors or Bankruptcy Attorneys that charge upfront for assisting in the creation of a household budget, as it seems to me that if someone is willing to charge you in order to help you get out of debt on your own then it might be that there intentions go beyond wanting to help you and fall more in line with wanting to help themselves. Now don’t get me wrong, if there is a continual service that they provide then by all means there should be some fee charged.
So before attempting a “Do it yourself bankruptcy” you may want to seek advice from an actual Bankruptcy Attorney or a certified Credit Counseling Agency first. Just be sure that the initial advice is provided at no cost. Also if continual assistance is needed remember to shop around, fees for practically the same services can vary widely from one organization to another. Also make sure the organization that you choose to work with has the support services available to make your experience with them the best it can be.
Written by Rick Munster
Rick Munster is the Media Planner for http://www.DebtReductionServices.com.
May 6, 2009 at 2:59 am · Filed under Cash + Credit + More
If you’re tired of juggling lots of debt payments, you’re having trouble making your monthly payments, or you’re starting to get angry calls from creditors, a Debt Consolidation Company can help you get control of your finances. These organizations, also known as Debt Management Companies, have lots of experience and expertise in the area of debt consolidation. Here’s what they can do for you:
LOWER YOUR COSTS
Many debt consolidation or debt management companies will negotiate on your behalf with your creditors. They’ll call your credit card companies and ask for a lower interest rate, or they can request that some of your extra fees be waived. They’re experts at this type of work, and they understand the ins and outs of negotiating for a better rate. By doing this, your monthly payments–and overall costs–will be lowered, too, making it easier for you to manage your bills.
GIVE YOU ONE MONTHLY PAYMENT
If you’re like the average American, you have six, eight or even ten different credit cards. For most people, that means a lot of paperwork and bills each month. However, a debt consolidation company will consolidate all those debts into one monthly payment. You’ll send your payment to the company, and they’ll distribute the appropriate amounts to your various creditors. If you have trouble keeping track of all your bills, chances are you’ll like the simplicity of one single payment each month.
EDUCATE YOU ABOUT CASH MANAGEMENT
Many Debt Consolidation companies also offer some type of financial education. They’ll teach you how to organize your bills, handle your finances and manage your money. Some offer classes, whereas others offer informational material such as handbooks or DVDs. You may even receive individual counseling from a professional credit counselor. If you need help learning how to manage your finances, this type of information can be invaluable. Here is a list of recommended Debt Consolidation Lenders online. It’s important to use a reputable lender online to make sure your personal information is secure.
Debt Consolidation companies have a lot to offer folks who need to regain control of their bills and money. Just remember to check out any Debt Consolidation company with the Better Business Bureau to ensure you find a reputable organization.
If you are researching the best Debt Consolidator, or debt consolidation company, ABC Loan Guide has lists of lenders. They also have information about companies which can provide Free Debt Help.
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April 30, 2009 at 4:39 am · Filed under Cash + Credit + More
Q: If I recently declared bankruptcy, can I bring a lawsuit for my injuries and then keep all the proceeds? My injuries have nothing to do with my bankrupcty, right?
A: Wrong. When you declare bankruptcy, you are required by law to list all your assets with the Court. If you even suspect that you might have a potential lawsuit (malpractice or personal injury case) you must list that as a potential asset. If you inadvertantly neglect to put this potential asset on your list, and you go to an attorney (and don’t tell him about your bankruptcy) who then starts your lawsuit, the defense has an absolute right to get a Court order to dismiss your case. (They will definitely learn about your bankruptcy sooner or later.) The reason is simple. When you declare bankruptcy, your bankruptcy ‘estate’ is no longer yours. A bankruptcy ‘trustee’ (a Court appointed lawyer) supervises how your assets are distributed - with Court approval.
Once you have declared bankruptcy, you are no longer legally capable of starting a lawsuit in your own name. The case must be started in the name of the bankruptcy trustee who must then hire an outside lawyer expereienced in malpractice or personal injury to handle your matter. If you are actually awarded money, either by a settlement or verdict, your attorney will receive a fee, the bankrupcty trustee will receive a fee, your creditors will be paid, and you will receive the remaining monies (in most cases) if there is any left to be distributed.
IF YOU HAVE DECLARED BANKRUPTCY WITHIN 10 YEARS, YOU MUST LET YOUR ATTORNEY KNOW THIS BEFORE YOU START ANY LAWSUIT.
Attorney Oginski has been in practice for over 16 years as a trial lawyer practicing exclusively in the State of New York. Having his own law firm, he is able to provide the utmost in personalized, individualized attention to each and every client. In our office, a client is not a file number. Client’s are always treated with the respect they deserve and expect from a professional. Mr. Oginski is always aware of every aspect of a client’s case from start to finish.
Gerry represents injured people in injury cases and medical malpractice matters in Brooklyn, Queens, New York City, the Bronx, Staten Island, Nassau and Suffolk Counties. You can reach him at http://www.oginski-law.com, or 516-487-8207. All inquiries are free and totally confidential.
April 25, 2009 at 11:10 pm · Filed under Cash + Credit + More
How often do you find yourself saying: “I wish I knew how to learn more about structured settlement mutual funds”
Well, this article about structured settlement mutual funds was written with you in mind. Enjoy.
Among the options open to you if you’ve received a structured settlement from a lawsuit or arbitration is what’s known as structured settlement mutual funds. You should take some time before you choose an investment vehicle for your settlement money and learn the pros and cons of the mutual fund option.
Always keeping your long-term financial security in mind, structured settlement mutual funds offer advantages and disadvantages when compared to other investing options.
When you are awarded a structured settlement, an insurance company sets up an annuity in order to pay you small portions of the money at regular intervals. The safest option is to keep the money”in house” and get a guaranteed scheduled payment that will never change. The downside to going this super-safe route is that your money will not grow (much, if at all).
With structured settlement mutual funds, however, the money is invested in one or more mutual funds. Mutual funds are groups of individual equities (stocks), the make-up of which is closely managed in an effort to maximize returns. The individual stocks in any mutual fund can change regularly.
This introduces an element of risk - sometimes significant risk. So, if you have your structured settlement money in a structured settlement mutual funds set-up, you have the potential for higher rates of return, but you also incur more risk that you’ll lose some of your money.
In most structured settlements, the annuity that is set up is guaranteed. You are assured of getting the same amount, month in and month out, until the settlement money runs out. It’s a good option for those seeking to avoid any risk.
As you’ve read until now, structured settlement mutual funds is a subject that needs knowledge and effort to work around. And the information in this article was gathered from several resources.
There are some more gems of wisdom in what follows - keep reading.
Structured settlement mutual funds are not guaranteed. The upside is the potential for earning more if the mutual fund’s value increases. It’s like getting a raise, but it isn’t a sure thing.
From a tax standpoint, income you receive from a fixed annuity is tax-free (in most cases). However, structured settlement mutual funds are subject to capital gains taxes and the possibility of some income taxation. Keep in mind that if your mutual fund loses money, the losses can be written off of your tax bill (under most circumstances), so it’s not all bad if things don’t go well.
Choosing a standard structured settlement fixed annuity means you are locked into a set payment amount and schedule. If your needs change down the road, this may cause you some financial hardships. With structured settlement mutual funds, you are allowed to move money around (within certain strict limits) from fund to fund. This will allow you to adapt to changes more readily.
As should be clear by now, this is not an easy decision. There are many pros and cons, whether you choose structured settlement mutual funds, the fixed annuity option, or any other alternative. This is one reason why it’s a smart move to enlist the services of a competent lawyer who specializes in this area of the law. It’s also wise to educate yourself as thoroughly as possible before making the final decision.
The day will come when you can use something you read here to have a beneficial impact. Then you’ll be glad you took the time to learn more about structured settlement mutual funds.
Ken Austin is the webmaster at Structured Settlement Tips
and Structured Settlements and Annuities.
April 19, 2009 at 3:28 pm · Filed under Cash + Credit + More
Structured settlements might include either periodic payments or a lump sum payment made to an injured party. Also, some amount might be paid in advance as a lump sum to take care of any emergencies that might have resulted because of the accident.
There could be periodic lump sums in case there are other kinds of financial emergencies, instead of a regular periodic payment. The exact kind of settlement must be considered before entering into any agreement. Also, it is a compulsion to declare structured settlement while applying for any kind of loan.
Insurance companies deal with the structured settlements and sell them as annuities. These can be purchased with premium payments or with lump sum provided all at once. These could prove to be a big help in terms of emergency when the individual need to pay for a structured settlement payment in lump sum to some injured party. This will ensure that there is always some form of finance in hand that can be liquidated when money needs to be raised suddenly. However, it is suggested to decide carefully on which company to choose for buying an annuity. A little bit of market research might help a lot in investing in the best annuity. Check the amount of premium to be paid and the method in which the interest is being calculated. This might help in avoiding to pay more than the required amount for an annuity.
Before entering into an agreement with any insurance company, a little time in going through the contract might prove to be beneficial. The individual must be aware that the annuity might not be able to cover the whole structured settlement amount in case of emergency. However, the settlement can be liquidated for cash as and when required according to the redemption procedures of the insurance company.
Structured Settlements provides detailed information about structured settlements, cash for structured settlements, sell structured insurance settlements and more. Structured Settlements is affiliated with Lawsuit Loans In Texas.
April 18, 2009 at 5:46 am · Filed under Cash + Credit + More
Credit cards seems to be really helpful when you are in emergency and do not have hard cash with you. However, most people do not use credit cards only during emergency, they use it to fulfill their desires which is the main cause that makes them fall into credit card debt.
These times are very stressful and can cause serious financial problems. Here we recommend you some useful tips to eliminate your credit card debt.
1) Create a Budget and stick to it: If it is very difficult for you to control your spending habit and to live in your budget. Therefore it is better for you to prepare a budget for yourself. Try to avoid extra expenditure and stick to your prepared budget. Don’t carry your credit card with you, if you can’t control your expenses.
2) Restrict yourself to One or Two Cards: Always try not to sign up for more than two credit cards. At some super markets this technique might cause you some problem but after all, you will be able to save money.
3) Avoid using the available credit line fully: People think that credit card is a facility, yes to some extent it is correct but you must think that no one will give you this service without any advantage. They add interest and other fees in your account. So avoid using credit cards frequently. Use your credit cards economically and wisely.
4) Spend money within your means. This is easier said than done as we often use the credit cards to simply get some credit. And that credit is something we need as we don’t have the means available in any other way.
5) Try to pay more than minimum payment: To recover your credit card debt, try to pay as much as you can. Pay more than the minimum decided payment. In this way you will get rid of your credit card debt very soon. If you stretch the time limit to pay, then you have more interest to pay. By making some extra efforts it will be easier for you to repay the debt.
6) High interest debt should be paid first: We recommend you to pay the high interest debt first. It is better for you to manage all your money to pay high interest loans first and then move to other loans. If you are facing a problem with this option then we will advise you one more option. That is to pay off all of your smaller loans and and then come to larger ones.
7) How to manage money for repayment: If you can’t manage money, you can take a personal loan or a loan against your life insurance or loan for credit card consolidation. In this way you get a loan with much lower interest rate and a pay plan that often has a longer payback time.
Take advantage of the possibilities to get help. It is great to have a live person to talk to about this kind of problems. You can find them in your bank and there are also public officials to turn to. A search on the internet will help you find them.
With all these tips we are sure that you will soon get rid of your credit card debt.
April 12, 2009 at 2:37 pm · Filed under Cash + Credit + More
Once considered a positive step for people seeking to repair their credit, credit repair counseling has suffered from reports of deceptive actions by unscrupulous agencies. Credit counselors who have misled clients and abused the system have given credit counseling a bad name. Many experts now advice consumers to take control of their own credit repair process. They recommend against sharing personal financial information with a credit repair company, noting that this information may be misused in the future.
Most consumers do not understand that credit repair agencies can assist with debt reduction; they can do little to improve your current credit rating. A credit counselor is supposed to negotiate with your creditors to reduce your monthly payments and your total debt. You then make one monthly payment to the agency, which is supposed to forward the necessary funds to each of your creditors. If your credit counselor does not forward those payments, or sends them late, you will find yourself deeper in debt while your credit rating sinks even lower.
Some agencies have taken steps to make clients believe their credit rating is improving. A credit counseling agency might send a letter to a credit reporting agency disputing a negative trade-line, and demanding its removal until an investigation is completed. When the entry is deleted, the credit counselor sends the client the cleaned up report claiming success. Unfortunately, when no further information is forthcoming, the negative item will return, making any credit rating increase temporary.
If the information on your credit report is correct, no agency will be able to help you have it removed. Negative information stays on your report for 7 years; bankruptcy for 10. If you have concerns about the information on your credit reports, your best plan is to address those concerns directly with the credit reporting agency in question.
Despite the horror stories, there are some reputable credit counseling agencies out there. If you are considering a credit repair agency, do your research. Find one that is affiliated with national associations and has received positive reviews from other clients and independent reviewers. You can trust a reliable agency to work to remove negative items that are genuine errors from your credit report; anything more is unrealistic.
Michael Martin is a knowledge seeker and publisher of FinancialKnowledgeCenter.com. Here he provides more information on credit cards, credit counseling and Finding the Right Credit Repair Company that will engage your curiosity and stimulate your mind.
April 11, 2009 at 9:30 am · Filed under Cash + Credit + More
In this article you will gain tips on how to reduce debts
If you have debts at present, you know the hardship and emotional pain that they can cause to yourself and your family. What can be done o change the situation?
This is what you must do;
• You need to get the big picture. Clarity is everything in life. Do you know dates and amounts for income and dates and amounts for expenses?
• Are you living within your means? Your income has to be more than your expenses. This will enable you to have more control on your finances.
• Are you prioritising your spending? Is your house payment, food, clothing, gas, electricity, water, petrol for the car; is these first on your list?
• Make a zero based budget, a plan of all your expenses on a monthly basis.
• Cut up all credit cards and only use a debit card if you have a positive bank balance.
• Stop using all credit NOW! Credit will not help build you wealth
• Work on your net worth, not your income. Your net worth will give you the big picture of where you are financially.
Now you have been given the secrets, you need to build up a positive mindset so these above things become a good habit for you.
Dave and Paula are financial guides who are always ready to assist you! To get the help you need visit the Wealth Building Strategies web site today.
April 11, 2009 at 7:15 am · Filed under Cash + Credit + More
Okay, so you’ve worked out your financial position and made your creditors an offer to repay your debt at a reduced rate. But your offer is refused.
What’s gone wrong? Well, there are three main reasons why reduced repayments are refused.
Number One: The proposed amount is just too little, compared to the amount of income that you have to repay your debts.
Number Two: They might not agree with some of the figures in your statement of means. Just because you can prove that you need a car for your job, this does not mean that they’ll accept that you have to run a large, prestige car. A smaller more economical car would do just as well. You might not like it as much, but that’s hardly relevant to someone in your position.
Number Three: Your case might have been dealt with by a clerk in the office who has not been trained to deal with people in financial difficulty. This shows how important it is not to accept their first answer. Keep trying until you get the answer that you want, even if this means moving on to someone higher up in the organisation. Because when it comes to money, no rarely means no!
If they refuse your best offer, all you can do is to pay them what you have offered, keep telling them that it is all you can afford and hope that they don’t take any further action.
If I can say one thing to put your mind at rest, it’s this; the nearer your repayment offer is to the current monthly repayment amount, the less likely they are to take any legal action. If you’re due one creditor $50 a month and you offer them $30, they might decide that formal legal action is not in their best interests. It would be time consuming, costly, uncertain and they might take longer to receive less than you’re currently offering them. They might not like the position, but it would be commercial madness not to accept it.
Always offer to pay as much as you can realistically afford - even if this is only a few dollars a month.
Copyright (c) Get Out Of Debt
Stuart runs a website dedicated to helping people get out of debt. So if you want to improve your financial position, visit http://www.icanhelpyougetoutofdebt.com for free, impartial debt help information.
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