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November 29, 2008
Credit Card Bankruptcy
Credit card bankruptcy refers to debtors who have filed for bankruptcy protection due to the inability to repay credit card debt. Experts claim approximately 35-percent of bankruptcy filings are caused by overwhelming credit card debt. Nearly two-thirds of Americans admit their main reason for filing bankruptcy was due to poor money management and misuse of credit cards.
The staggering amount of credit card bankruptcy filings caused Congress to enact new bankruptcy laws in 2005. President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act in order to reduce credit card bankruptcy filings
Real Estate Investing article on "Credit Card Bankruptcy "
November 26, 2008
Inheritance Funding
Inheritance funding is a cash advance method available to heirs entitled to assets held in probate. The probate process can suspend distribution of inheritance for months or even years. As long as the decedent executed a Will and family members are in agreement, probate generally takes six to nine months. During this time, all assets are frozen with the exception of a bank account setup to manage outstanding bills and financial obligations.
In order to obtain inheritance funding, heirs must work with either an inheritance funding company or private investor. In the past, some banks and lending institutions provided cash for inheritance loans. With today's credit crisis, few, if any traditional lending sources offer this service.
Real Estate Investing article on "Inheritance Funding "
November 05, 2008
Bankrupcy
Bankrupcy filings are occurring at unprecedented rates. With the ever-growing credit crisis and increased unemployment, many Americans are facing challenging financial times. For many people, bankrupcy is the only alternative to save their home from foreclosure.
There are numerous reasons people file bankrupcy. At the top of the list is subprime lending and lack of adequate health insurance. Chronic illness and mounting medical bills can quickly cause a person to go bankrupt. Other causes of bankruptcy include loss of employment, death of a spouse and living outside your means.
Real Estate Investing article on "Bankrupcy"
November 02, 2008
Going Bankrupt
Americans are going bankrupt at an unprecedented rate. The failure of Fannie Mae and Freddie Mac has set off an avalanche of consumer panic. Unemployment rates are skyrocketing, business doors are closing, consumer spending has hit an all-time low and bankruptcy filings are going through the roof.
It's not only U.S. citizens going bankrupt. It's the entire world economy. Changes need to be made quickly in order to maintain any stability in worldwide markets. Otherwise, the entire global economy will be going bankrupt and we will be in much worse shape than we are now
Real Estate Investing article on "Going Bankrupt "
October 31, 2008
Get Out of Debt
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
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 20, 2008
Bankruptcy Attorneys
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
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 06, 2008
Debts
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
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.