October 2008 Monthly Archive
October 31, 2008
Get Out of Debt and Start Paying Off the People You Owe.
Most people want to get out of debt but struggle with making ends meet, let alone paying off additional debts. Millions of Americans are financially strapped. They are in fear of receiving a foreclosure notice from the bank. They are afraid they will lose their job. The wonder if they will be have to choose between putting food on the table, purchasing gas for their car or purchasing a much-needed prescription medication.
If you are attempting to get out of debt because money is stretched so tight you can barely squeeze out an extra penny, it is time to take a long, hard look at your finances. Unless you are living at poverty level, chances are you actually have more money than you realize. Millions of Americans spend thousands of dollars each year on unnecessary items they believe they simply must have. However, if you are drowning in debts, it's time to engage in some soul searching and discover what is truly important to you.
Real Estate Investing article on "Get Out of Debt "
October 28, 2008
New Bankruptcy Laws Will Make it Tougher for Consumers to Clear Debts
New bankruptcy laws enacted by Congress in 2005 have changed the way consumers, businesses, corporations and farmers obtain protection from creditors. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) includes provisions which require debtors to engage in credit counseling and undergo the process of the 'means' test.
Under the new bankruptcy laws, filing for bankruptcy has become considerably more complex and costly. BAPCPA was enacted to prevent consumers from racking up large amounts of debts, than filing bankruptcy to avoid repayment. However, the strict provisions have made it difficult for individuals who require debt relief caused by mounting medical bills and inflated mortgage payments.
Real Estate Investing article on "New Bankruptcy Laws "
October 25, 2008
Realistate - How to Become a Mogul
Realistate can consist of houses, vacant land, commercial buildings, warehouses, retail shops, apartments, condominiums, motels, hotels and shopping malls. Just as there are numerous types of realistate, there are as many types of investors.
Although realistate is currently on a downhill slope, it doesn't mean investors should stop investing. In fact, investors who purchase real estate with cash can make a fortune in the long run. Regardless of how bad the economy gets, history has proven real estate to be a smart investment. However, as with any type of investment, realistate investing is not without risk.
Real Estate Investing article on "Realistate"
October 23, 2008 | Comments: 1
Beneficiaries
Beneficiaries refer to people who are entitled to assets owned by a person who has died. Beneficiaries typically include spouses, children, and direct lineage heirs such as sisters and brothers. Organizations such as charities or educational institutions can also be designated beneficiaries.
Anyone can be named as beneficiaries on property titles to real estate, automobiles, recreational vehicles, motor crafts and financial holdings such as bank accounts, retirement accounts and life insurance policies.
Real Estate Investing article on "Beneficiaries"
October 20, 2008 | Comments: 1
Bankruptcy Attorneys: Who do You Trust?
Bankruptcy attorneys specialize in helping individuals and business owners obtain relief from debt. The new bankruptcy laws implemented in 2005 caused many bankruptcy attorneys to turn to new areas of law. Reason being the Bankruptcy Abuse Prevention and Consumer Protection Act has made filing bankruptcy so difficult many attorneys opted out of the profession.
Bankruptcy attorneys who continued in the field are now charging considerably higher fees. BAPCPA requires considerable documentation, administration of the 'means' test to determine clients' eligibility, and strict deadlines to adhere to. The process is complex, time-consuming and requires considerably more man-hours.
Real Estate Investing article on "Bankruptcy Attorneys "
October 18, 2008
Chapter 11 Reorganization for Assets Over a Million Dollars.
Chapter 11 bankruptcy is typically reserved for corporations and partnerships and allows for reorganization of company debts. Individuals with high levels of debts are also allowed to file for Chapter 11 protection. However, the majority of personal bankruptcy cases are filed under Chapter 13; particularly when debtors desire to retain assets and repay outstanding debts.
Oftentimes, when a business files for Chapter 11 bankruptcy protection, company assets are sold to compensate vendors. Depending on the circumstances, a bankruptcy judge or court Trustee will dictate which assets are sold and which ones can be retained in order for the company to continue functioning. It is generally in everyone's best interest to allow the company to retain assets which allow the company to generate revenue and protect employee jobs throughout the bankruptcy process
Real Estate Investing article on "Chapter 11 "
October 15, 2008
Budgeting: How to take control NOW!
Budgeting is something many people are talking about these days. With the ever-rising cost of living, millions of Americans are struggling to get by. They are using their credit cards to pay for everything from their morning coffee and fast food lunch to utilities and automobile payments. The problem is their credit card debt is becoming insurmountable and consumers are quickly drowning in debt.
Budgeting is not a difficult task; however, it does require taking time to review your household finances and develop a plan. Budgeting also requires self-discipline and a strong desire to get out of debt and stop living paycheck to paycheck.
Real Estate Investing article on "Budgeting"
October 12, 2008
How to File Bankruptcy
Are you confused about how to file bankruptcy? You aren't alone. The new bankruptcy laws enacted in 2005 have created a tremendous amount of confusion and complexity. The Bankruptcy Abuse Prevention and Consumer Protection Act implemented strict rules and regulations, making it difficult to file personal or business bankruptcy. BAPCPA stipulates all debtors must engage in credit counseling prior to petitioning the court for bankruptcy protection.
Understanding the intricacies of how to file bankruptcy generally requires the services of a qualified bankruptcy attorney. While hiring a lawyer is not required by law, few people possess the fortitude to undergo the bankruptcy process on their own. The complexities of BAPCPA could place debtors who file without legal representation at risk for having their petition rejected
Real Estate Investing article on "How to File Bankruptcy "
October 09, 2008
Pay Off Credit Cards - Which Credit Cards do I need to Pay Off First?
There are good reasons to pay off credit cards. First and foremost, by paying outstanding balances in full each month, you will be able to retain your credit status. In today's tumultuous economy, credit is going to be much harder to obtain. Consumers who pay the minimum amount will likely see their credit line diminish. Others may have their account closed altogether.
Another good reason to pay off credit cards is to eliminate monthly payments and high interest rates. Experts state that Americans carry an average of $20,000 in credit card debts. By paying only the minimum due, consumers could pay interest for as long as 20 years. Is that morning latte and fast food lunch really worth being in debt for two decades?
Real Estate Investing article on "Pay Off Credit Cards "
October 06, 2008
Debts are Rising and are Ready to Collapse the Financial Markets Around the World.
Debts have reached epidemic proportions and the U.S. economy is on the verge of collapse. Not only are corporations failing at unprecedented rates, American consumers have accrued more than $2 trillion in creditor debts. This figure does not account for the billions due in outstanding mortgage debts.
Experts claim the average American carries $20,000 in outstanding debts. Today, it is common practice for consumers to use credit cards to pay for daily living expenses including gas, utilities, food and clothing. With the current economic chaos, experts predict credit card companies will soon begin reducing credit limits. If this occurs, Americans who use plastic to pay for living expenses will be unable to meet their monthly financial obligations.
Real Estate Investing article on "Debts"
October 03, 2008
Chapter 11 Bankruptcy Reorganization
Chapter 11 Bankruptcy is oftentimes referred to as "reorganization" bankruptcy. Although Chapter 11 is available to individuals and businesses, it is typically reserved for those with high levels of debt. Two prime examples of large corporations seeking Chapter 11 bankruptcy protection include American International Group (AIG) and Lehman Brothers Holdings, Inc.
Chapter 11 bankruptcy provides debtors the opportunity to retain assets through the structure of a repayment plan. Once individuals and business entities receive Chapter 11 bankruptcy protection their finances are supervised by the court.
