Help Bankruptcy Blog

Despite what some pundits say, you can’t even think about starting a business without at least some start-up finance. I’ll repeat that. You need finance. If you [/spin]have enough|can come up with enough[/spin] from your savings, that’s all well and good, but many of us will need help from others (and may need to beg and borrow to achieve your dreams).

So you need to start to think about some of the ways of securing CAPITAL .

Can you use your home equity to get the necessary funds for CAPITAL ?

What are the legal and other considerations in getting CAPITAL and loans from family and friends?

What is a promissory note? What has it do with CAPITAL ?

What are the considerations when taking loans from financial institutions?

What about my spouse’s assets? Can I use them as security for START UP CAPITAL?

Are government loans available?

What about help for women and minorities?

What are the legal considerations in getting contributions from others?

Legally, what’s the difference between active investors and passive investors?

What if I want to have “passive” co-owners? You see, there are so many questions to answer and you really need to seek solid professional advice before making any firm commitment. A few hundred or thousand dollars spent at the start may save you millions down the track.

Credit card debt settlement is a process where an arrangement is made to get a defaulted debt’s balance decreased. The debt settlement process is very different from a consumer credit counseling program, where only the interest rate can be reduced. With credit card debt settlement you are actually lowering the balance that you owe.
Theattractive benefits of settlement are the savings of money and time. Debt settlement is by far the fastest method to get out of debt, and will save you a tremendous amount of money on the debts you owe in the process.
In most situations you can save up to 50% of the original balance that you currently owe, and can find yourself free of debt in two years perhaps even less.
The only negative aspect to credit card debt settlement is that you will have to go past due on your debts in order for the creditors to be willing to offer a settlement. Nevertheless this is far outweighed by the savings of money and time.

Many credit card debt settlement organizations should be able to attain the savings I am speaking about above. However one must keep an eye out for companies that do not have the best interest of the client. Many companies do not take the time to truly qualify a potential client to make sure they are qualified for debt settlement.

Most people who have a huge amount of debt that they are struggling to finish paying off, at one time or another have thought about the option of filing for bankruptcy. In this article I am going to give you some very solid reasons why you should circumvent bankruptcy at all costs, if you can. The majority of people don’t realize the serious negative impact a bankruptcy can have.

1. A bankruptcy proceeding has an enormously negative impact on your credit score and becomes a permanent public record!

Bankruptcy is one of the worst negative remarks that can be placed on a credit history. Thus making any additional credit you try to get very hard, and if you do receive credit it usually comes with a seriously inflated interest rate. Plus, it will remain on your credit history for between 7-10 years. Even once it is removed from your credit history it remains a public record for the duration of your life. So when you apply for new credit at any point in the future, if asked the question whether you have ever filed bankruptcy legally you must answer yes.

2. Brand New Bankruptcy reforms in 2005!

In 2005, our government passed a piece of legislation which makes anyone filing for a Chapter 7, which wipes the slate clear of all your debts much more difficult. Basically if you have an income and a home than most likely you will go through a review to determine if you should go through credit counseling first for at least 6 months. According to NFCC close to 80% of people who apply can’t abide by the very regimented guidelines set from them to finish the program thus throwing them back into the bankruptcy court. That’s when Chapter 13 comes into light which is a form of personal bankruptcy in which the judge will determine how much you will pay back each collector you list based on your financial situation.

3. Court Controlled Income with Chapter 13!

Before the new law was passed in 2005 many people that would be able to claim Chapter 7, were now forced to go Chapter 13 instead. Chapter 13 requires that you go over with the court and show to them all of your finances. You must show all streams of income and assets. The court will review your expenses compared to your income and then come to a determination on how much money you will have to put out each month. You have pretty much no say in this process. If you have liquid assets such as a paid off car they can force you to sell them, within State law, to pay down your debt. There are scheduled financial hearings every year and if your money making abilities change you must tell this to the court, this could increase the amount you pay back. If you have two family vehicles you might have to sell one to help pay off your debts. They basically tell you what you can do with your income. If you have the higher costing cable you will need to cut down to normal cable, if you consume steaks every day you will need to cut back to hamburgers. This could be a tremendously hurtful and embarrassing process.

These are all extremely negative things that people should be made aware of prior to speaking with a bankruptcy attorney. The majority of attorneys will not disclose these poor facts of bankruptcy. Bankruptcy is available for a reason and for some individuals they have no other method accessible to them and must file for a bankruptcy proceeding, however the majority individuals go into bankruptcy when it could have been avoided. A very nice alternative option to bankruptcy is credit card debt settlement. With debt settlement in many cases you will save tremendously more money than you could have with a Chapter 13, plus you will get out of debt faster as well, and not go through the many negative consequences of a bankruptcy proceeding.

If you’re coming up to retirement age and worry about maintaining meaning in your life once you exit the work force then don’t.

There are several great options to consider as part of your retirement planning. Today, people are living longer thanks to modern medicine and advances in nutritional research and while this is great in a sense, it means making your retirement planning count much more as your nest egg needs to sustain you for a longer period of time.

The problem is though as a baby boomer, you’re not ready to accept old age. This means as a baby boomer you’re also part of the largest spending group in human history which means you may have been a little extravagant with your money. But that’s the nature of many boomers who refuse to let old age become an obstacle in their quest to enjoy all life has to offer.

Phased Retirement

Phased retirement is still basically a term but will gather momentum during the next few years as boomers hit retiring age.

Basically, phased retirement, will give you the opportunity to continue to work in some capacity past whatever age you decide to retire. There will be a broad range of options available.

- you could consider a new part-time career
- establish a flexible work schedule with your current employer
- stay with your current employer or former business as a consultant
- sell your business but stay on in a part-time basis

The idea of phased retirement, is to not only ease one into their golden years but to also maintain security in the shape of income. Yes, there will be tax and pension considerations but phased retirement is still basically at birth stage with many issues to be sorted out.

Join A Community

Going online and becoming part of a thriving community is a choice many smart retirees will make and will form part of retirement planning options.

For example, membership sites online offering everything from health and fitness news, financial news, income opportunities and lifestyle information will become big business in the not too distant future.

Forums within these online communities will be a safe and effective way of meeting up with other smart retirees.

It’s true when retirement looms that many start to feel a little anxious. Things have changed dramatically. Retirement planning meant having enough in your nest egg to see you through the retirement years.

Phased retirement is a term which has made a little impact on impending retirees. First of all, despite claims baby boomers are generally wealthy types who love to splurge on new toys and vacations, the truth is, many are facing clouded retirement futures simply because of the lack of income.

Phased retirement is a method which will allow retiring baby boomers to work in a more relaxed schedule and continue to earn vital income to take care of daily living expenses. This will not only help wage and salary workers but also those who own small businesses.

Industry cannot afford to lose baby boomers in large numbers en masse. The expertise which will be lost is a little frightening and one way of retaining this experience is to offer them a phased retirement package which will be a win-win for both.

Retirement planning for those who need to continue working in some capacity should include phased retirement options. Working a lifetime and then suddenly finding oneself grazing out in the pasture with other “golden oldies” can come as a bit of a shock to the system. Suddenly, there seems to be a void in a person’s life and it’s usually called purpose and meaning.

A new phenomenon is emerging among today’s retirees. Once the kids have “flown the coup” purpose becomes a major issue for future retirees. Work gives them this purpose because it makes them feel as if they are making a contribution, not only to society but to their own lives.

Phased retirement wouldn’t have even come into discussions even 10 years ago. The baby boomers are about to begin their exodus.