Find The Information You Need About Bankruptcy Laws

By John Steed

Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full.

Bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts. These courts are a part of the District Courts of The United States. The United States Trustee were established by Congress to handle many of the supervisory and administrative duties of bankruptcy proceedings. Proceedings in bankruptcy courts are governed by the Bankruptcy Rules which were promulgated by the Supreme Court under the authority of Congress.

There are two basic types of Bankruptcy proceedings. A filing under Chapter 7 is called liquidation. It is the most common type of bankruptcy proceeding. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Bankruptcy proceedings under Chapters 11, 12, and 13 involve the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors.

A number of sections of Chapter 11 incorporate the debtor-creditor law of the individual states. Congress passed the Bankruptcy Code under its Constitutional grant of authority to "establish... uniform laws on the subject of Bankruptcy throughout the United States." See U.S. Constitution Article 1, Section 8. States may not regulate bankruptcy though they may pass laws that govern other aspects of the debtor-creditor relationship.

Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts.

Bankruptcy attorneys should explain the applications of the new bankruptcy laws. The attorney should explain how they function to relieve individuals and businesses from indebtedness and provide a new financial start. You need to know how the bankruptcy code regulates the bankruptcy proceedings. The attorney will help you understand which chapter you may file under, what bills can be eliminated, how long payments may be extended, what possessions can be kept, and all other details regarding the bankruptcy case

About the Author:

John Steed has many years of experience dealing with bankruptcy laws and he is the editor of the website Bankruptcy-Laws.org. To learn more about the new bankruptcy laws and how to file bankruptcy online just visit Bankruptcy-Laws.org and get all your bankruptcy questions answered.

What Chapter7 Bankruptcy Law Exactly Is?

By John Steed

To file for Chapter 7 bankruptcies, the debtor files a petition with the bankruptcy court serving the area where the debtor lives or where the business debtor operates the business, or where the debtor has most of their assets. You are permitted to retain certain "exempt property" but all remaining assets are liquidated (sold) by the bankruptcy court Trustee. You should also understand that if you file a chapter 7 bankruptcy you could loose some or all or your property! This may be an advantage or disadvantage depending on how much equity you have in the asset.

Chapter 7 bankruptcy is an "order of relief" that triggers an "automatic stay" thus all creditors and collectors are prohibited from pursuing you or your property outside of the bankruptcy proceeding is provided by chapter 7 of bankruptcy laws.

You are permitted to retain certain "exempt property" but all remaining assets are liquidated (sold) by the bankruptcy court Trustee. You should also understand that if you file a chapter 7 bankruptcy you could loose some or all or your property! This may be an advantage or disadvantage depending on how much equity you have in the asset.

With the petition, the debtor will file: schedules of assets and liabilities, current income and expenditures, executory contracts and unexpired leases, and also, a schedule of exempt assets. Bankruptcy forms can be purchased at a stationery store, or an attorney can help you prepare the forms. Generally back taxes less than three years old, student loans, alimony, and child support are included in statutory exceptions of non-dischargeable debts. When a troubled business is badly in debt and unable to service that debt or pay its creditors, it may file (or be forced by its creditors to file) for bankruptcy in a federal court under Chapter 7. A Chapter 7 filing means that the business ceases operations unless continued by the Chapter 7 Trustee. A Chapter 7 Trustee is appointed almost immediately. The Trustee generally sells all the assets and distributes the proceeds to the creditors.

These debts will be liquidated with the use of a CRO. This is a court appointed officer who is required to auction the properties of the concerned company. In the case of L.I.D. for example, the CRO was Consensus Advisors LLC. They performed an initial due diligence to find a suitable "stalking horse bidder." The stalking horse bidder was then required to provide a guarantee that at some minimum "reserve" price they would purchase all or part of the inventory.

In a Chapter 7 filing, once the property distribution occurs, the court will most likely discharge the debtor from further repayment obligations to the unsecured creditors. However, there are some exceptions to this general rule. The discharge of the debt may not be allowed by the court if evidence shows the debtor used fraudulent behavior to incur the debt.

About the Author:

If you are finding the task of filing bankruptcy difficult, please visit www.Bankruptcy-Laws.org today to make the task quick and easy.

Learn More About Chapter13 Bankruptcy Laws

By John Steed

There are two main types of bankruptcy that consumers may file: Chapter 7 and Chapter 13. In Chapter 7 bankruptcy, a person's non-exempt property (this varies from state to state) is liquidated to pay back debts. Even if a liquidation does not generate enough money to pay back all of your debts, whatever unsecured debts (e.g., credit cards) that remain after liquidation are forgiven. The slate is wiped clean.

Chapter 13 is designed for individuals with regular income who want to pay their debts, but need some time to do so. To be eligible for this type of bankruptcy, you must have a steady source of income from which you can make monthly payments to your creditors for the next 3-5 years. How much you have to pay back and what your monthly payments will be are determined by the bankruptcy court and based on things like how much money you owe, how much money your creditors would have received had you filed Chapter 7 bankruptcy, and how much you can afford to pay per month.

You may want to consider bankruptcy if you are unable to pay the minimum monthly payment on your debt every month, are receiving harassing and threatening phone calls from bill collectors, have recently lost a stream of income, have been diagnosed with a serious illness, or are experiencing some other family emergency that has overwhelmed you with debt that you cannot handle. When you are feeling overwhelmed by debt, it is usually a good idea to consult an attorney to discuss the debt relief options that may be available to you.

When a human being selects this type of bankruptcy filing he or she files a Chapter 13 petition with the Bankruptcy Court. When a corporation of business entity selects this type of bankruptcy filing it files a Chapter 11 petition with the Bankruptcy Court. A business' Chapter 11 filing differs from a Chapter 13 filed by an actual person in that the business' reorganization proposal may call for both payments from sales of some business assets and payments using future business income. Stockholder interests must also be addressed by a business filing a Chapter 11. The plan may ask the court to restructure the stockholders' interests and modifying the company's obligation of payment on a stockholders secured and unsecured debts. An individual person can file a chapter 11, but this should be done only in rare cases where there are many assets. The legal fees associated with the more complex Chapter 11 filings can be astounding!

Exactly how much debt will be forgiven under a Chapter 13 repayment plan and how much debt must be repaid depends on the financial circumstances and ability to of the debtor to repay the debt. The repayment is generally classified in terms of percentage, for example 70%, 80%, 90%, and 100% forgiveness of unsecured debt. The remaining percentage is paid through a court ordered payment plan monitored by the court appointed trustee. The debtor's secured debt is generally monitored by the plan and must continue to be paid by the debtor. Primarily, this type of filing prevents the distribution and/or sale of many nonexempt assets such as consumer goods purchased with a credit card.

About the Author:

John Steed has many decades of experience dealing with bankruptcy. To learn more about Bankruptcy Laws visit Bankruptcy-Laws.org where you can find more information on Bankruptcy Credit Cards and filing bankruptcy online.

No Credit Credit Cards- Get Yours Today

By Chris Turac

If youre having trouble getting a credit card we can help. One option is a secured credit card. They are getting popular among college and high school age students. This is because they dont have any credit cards yet. By getting a secured credit card you will start building a credit history and enjoying finance deals in the future.

Many people think credit cards are just for people who have good credit. Credit cards are needed by people of all ages, and a first time credit card will enable you to start building your credit history. You will get to enjoy the benefits with other credit card users.

Bad, or no credit credit cards are available for people with low credit scores of 350-619. You can select from secured cards, which require collateral, and unsecured card offers which are based on your credit history and the promise to pay.

Compare the many details of bad or no credit score cards and choose the one which meets your needs and financial plans. These cards require no credit check. This is because theyre for people who haven't yet established a credit history.

Most of these secured credit cards will give you instant online approval. This will save you lots of time. Feel free to visit our website and compare and apply online for a credit card.

Make an effort to improve your credit score. The higher your credit score is, the more of an opportunity you will have to get reasonable terms. These cards help many consumers to boost their credit scores. They return purchasing power to customers who would otherwise have no options. The reason these cards can help you increase your score is because they are typically reported to credit reporting agencies.

If you have poor credit, you already know that you are going to have to pay higher interest rates than people with fair and good credit. Different reasons for the increase in interest rates are given, the most common being that the person was late or over the limit on one of their other credit cards. As well as many other reasons. As you begin to improve your credit score your interest rate will decrease.

The secured credit card has got to be the best place to begin establishing credit. Obtain the card, manage it successfully, and loans as well as good credit card offers will be available to you. There are a lot of credit card offers available online for you to research. With most of those you can actually apply for the credit card online.

No credit credit cards are helpful to both lenders and consumers. Secured credit cards are there to serve those who have limited to no credit history. Visit our website to find the best credit card for your needs.

About the Author:

When deciding ona credit card, be sure to check Chris Turak's site. You will find tips and informative articles regarding credit cards. You will also find many low interest credit cards throughout his site.

Know How To Maintain Positive Credit Rating And Vantage Score

By Jim Bransby

Considering the current economic situation, a personas credit rating is more important now than ever before. However, trying to keep your credit rating positive can certainly be difficult. Letas examine the best ways to ensure your credit report reflects well on your overall financial portfolio.

First and foremost thing to maintain good credit rating is to pay the bills on time, which avoids not only late pay fee but also creates a good mark on your credit report. Just remember the time frame to pay the bills and thus you will have a good creit score rating.

Maintaining a low balance to limit ratio is another way of maintaining positive credit report overall your financial month. It also gives you more grip over your account as you can avoid using maximum amount of open credit on your account as this is never a good idea.

The other important factor is having different open accounts that cause a negative mark on your credit rating. You have to maintain all the accounts with decent balance otherwise creditors might consider risky to offer credit to the one who has numerous open accounts with no balance and a few remarks.

A common mistake people normally do is applying for credit accounts that wreak havoc on their credit rating as lenders obviously investigate all the inquiries made on person's account in a given month, so keep fewer inquiries to score good credit rating.

A good thing to do is to have a yearly check on your credit score if itas going smooth and it is according to your credit worthiness and if found otherwise, you can always correct the things and repair your credit. By doing this, you will be able to know how your vantage and FICO score are going, as these will always be the main factors to the lenders who use them for comparing things.

Donat worry if your credit is already bad, you can always repair it by taking certain steps. First thing is always your bill payments. So the more promptly you pay them, the good is your credit rating. Know if the creditors would be willing to work with you so that you can get back on track. Most will refund late fees, or lower your interest rate or offer a payoff amount that discounting the amount you need to pay to some percent.

A positive credit score reflects your good financial situation so always try to maintain the postive score just by taking little care of doing things on time, like paying bills before deadline, opening optimal number of accounts, maintaining low balance, checking your credit score yearly will automatically maintain your good credit rating.

About the Author:

To find out exactly how you can get your annual credit report visit my credit report website.

Save Energy In Your Home - Tips To Save Electricity And Money!

By Matthew S. Leverton

It's no secret that using a lot of electricity in your home is bad for the environment, AND for your bills! That's why in this article we will look into various ways how people can save energy in their own homes.

Instead of using "normal" electricity from the electricity company, there is the possibility to switch to renewable energy as well. Instead of using less energy, you could install a wind power or solar power system and produce your own power. This is by far the most environmental approach, and it can save you a lot of money at the same time!

If we had to choose a renewable energy source that one can easily apply at home, we'd have to say DIY Solar Power is the smart way to go. It is a cost-effective, simple and very clean energy source, so you can help save the environment while you make some money as well.

If renewable energy is "not your thing", there are still a lot of things you can do to lower your use of "normal", fossil energy, and therefore save the environment and some money:

1. Light bulbs: A big opportunity to save electricity is by using CFL (fluorescent light) bulbs. If you compare them to conventional light bulbs, CFL bulbs use way less energy. Use them any time you can, and you will soon notice that your energy bill will drop significantly! Of course this means you are using less electricity, so this benefits nature.

2. Cars: One word: Hybrid! But we know that's not yet for everyone unfortunately.. In the mean time, if you use your car, please pay attention to your air conditioner. Setting your airco to a low setting will greatly reduce the amount of electricity it uses.

3. Washers: Now be honest, do you always wait with your washings until you have a full load? Or do you tend to just let the machine run whenever you need that special pink dress you like.. You probably know this, but your washer is a big energy waster. So only use it if you have a full load of clothes to wash.

4. Computer: There are lots of people (you maybe?) that leave their computer monitor switched on, even when they switch off the computer itself. Of course this is absolutely unnecessary. What's more easy then switching off your monitor when you don't use it? And you'd be surprised at the amount of electricity you can save when you remember to do this.

Conclusion: Although there are many ways you can "tweak" your normal energy use and bring it back to a cheaper, environment-friendly level, still the best way is switching to a renewable energy source. If you are up to it, we definitely recommend you to check it out.

About the Author:

About the author: For 15 years, Matthew S. Leverton has been a spokesman for renewable energy. You're welcome to read more about his opinions on DIY Solar Power

How Does LTCi Protect Young Families?

By Susan P. Payne

How Does LTCi Protect Young Families? By Susan P. Payne How Does LTCi protect young families? Every day many people of all ages experience a significant change in health status. How would it impact your family if a sudden unexpected accident or illness happened? Are you prepared to handle the cost associated with long-term care? Needing long term care help is a family issue. What will happen to saving for the kids college? Your retirement? Your finances? Planning for a secure future can be possible with integrating Long-Term Care Insurance (LTCi) protection planning.

LTCi is important, yet overlooked by many. It is the day-to-day help you need when a serious illness, injury or disability makes you physically or cognitively unable to care for yourself for a long period of time. This type of care is usually provided at home, in an assisted living facility, adult day care or, lastly, in a nursing home. No one ever wants to think about a catastrophic illness or an accident like a broken leg or hip. Close your eyes and think about what life would be like with a broken hip. You could not walk, bathe or dress yourself. You would need someone to assist you in your normal activities of daily living. Could you depend on your family? Would you spouse have to miss work? Would the kids need to miss school or their sporting events?

How will having a Long-Term Care Insurance (LTCi) plan help you and your family? 1. Protects your independence,live how you want, where you want

2. Protects your family from the potential burden of being your caretaker

3. Protect your savings, college funds and retirement plans from the high cost of long term care

4. Many plans will pay for home health care providers, home health aides and caregivers, giving you freedom to choose what makes you comfortable.

Why does someone my age need to think about long-term care? Today you are healthy. But 24-hours from now, things can change. Many illnesses, once considered to be life threatening, are now life altering with the medical advances in place today. Many now leave you 'disabled' relying on others for care, sometimes for short periods of time, sometimes for life. Long term care protection requires you to "health qualify". No matter how much you would be willing to pay, a change in health can make it impossible for you to health qualify for long term care insurance. For individuals who are currently young and in good health, you have the possibility of locking in "preferred rates" for your lifetime. Cost for insurance can be significantly lower at younger ages so you will save money! You lock in savings and you can never be canceled even if your health changes. You may benefit now and again later as many people need and use their benefits when they are young and again when they are older.

How does LTCi protect young families? Because things can change tomorrow, now is the right time!

About the Author:

Before you go out and buy a policy go to Long Term Care Insurance Quote, ask questions and request a long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.

Common Myths About Whole Life Insurance

By David C Lewis, RFA

Today, life insurance is based around the idea that if you or your spouse dies, that your family will be made whole by replacing your spouse's income. This essential foundation for effective financial planning is often overlooked by many individuals. Most advisers agree that life insurance is necessary.

However, financial professionals often disagree about how much and what type of insurance one should carry. The perception is that term insurance is always the easiest and most cost effective. To this end, many advisers and financial "gurus" like Suze Orman and Dave Ramsey often suggest that their audience forget about cash value insurance and instead focus on good-sounding investments. In short...they hate whole life insurance.

Some financial advisors love cash value insurance, others hate it. Who's right? Who's wrong?

It is sometimes surprising that the financial industry is charged with the responsibility of informing and educating the rest of society about saving and investing principles, and yet many of the advisors that represent the industry seem to be less concerned about truth and honesty, and more concerned about injecting their own personal agenda.

On both sides of the debate, neither is doing a very good job of defending their respective position. It amazes me to see so many financial professionals leave out important information about not only their products but about the nature of insurance contracts. I wonder sometimes if they even have any idea of how life insurance really works.

Their motives for deception can be numerous, and diverse. Now, there isn't anything wrong with pointing out the flaws in a financial product, as long as it can be done objectively. However, in the case of life insurance, the attacks being made are baseless and unsound. This is especially shocking because most, if not all, of these attacks are coming from high profile, well known financial professionals. Here are a few common lies, attacks, & misconceptions:

Lie Number One:

Cash value life insurance is one of the worst financial products available, and it is definitely the worst type of insurance you can buy to insure your life. The BEST kind of insurance is term insurance because it's cheap and I'm not paying all those extra fees to the evil and greedy insurance company. Besides, don't insurance companies have a record of being reckless, cheating their policyholders, and systematically going out of business.

Fact: Less that 2% of all term policies ever sold ever pay a claim. Which means: there is a 98% chance that your family will never benefit from a term policy. Term insurance may be the best type of insurance if all you are considering is the cost per thousand dollars of insurance. It is generally the worst type of insurance you can buy to insure your life if you are expecting your family to benefit from it (statistically speaking). You need to understand how life insurance companies position their products and how they make money.

You may have heard of the "law of averages". Well, insurance uses something called the Law of Large Numbers. The larger the group of people you are insuring, the more certain you can be about the number of losses.

If I started a life insurance company and I only had one customer, I would be taking on an incredible risk because of the nature of life insurance, if that one person dies, I could be out of business very quickly. If, however, I have thousands or millions of customers, then I can manage the risk. Since no one can predict when a specific individual will die (i.e. no one can predict when I will die), I need a large number of people to study to formulate a statistic. With a large enough number of people, I can make surprisingly accurate predictions about the number of individuals within a particular group that will die in any given year. So...what do the statistics say?

They say that that term insurance doesn't pay, since most individuals live until age 65. This is why I say permanent is a better deal. In the long-run, it's cheaper. I know, I know...there are probably a few of you saying "no way, it is always cheaper to buy term insurance". Oh yeah? Watch this:

Let's look at a male, age 25 and in good health with a wife and a child. In fact, let's call him Jim (again *cheesy grin*) finds that he needs life insurance He needs $250,000 in life insurance. A 30-year term policy should cost Jim about $370 per year until he reaches age fifty-five. After that, the premiums become unaffordable (as is the case with all term insurance) at $4,700 per year.

By the time he is 65, he will have spent $58,780 on premiums. Keep in mind that the insurance company collected this money but never has to give it back. There's no cash value in term insurance, so the contract only pays when he dies.

What would have happened if Jim had just purchased the same amount of death benefit but used a universal life insurance policy instead? His premiums would have been higher - about $145 per month or $1739 per year. At age 65, Jim has paid $69,560 ($1739 x 40) in premiums. That's a little more than the term insurance, but he also has $157,000 of cash value inside the policy.

That money can be used on a tax-free basis to supplement his retirement or left alone to continue growing. This is an example of one of many living benefits that permanent insurance has (didn't your adviser tell you about that?). Some permanent policies also offer an option to spend down up to 100% of the death benefit for any reason in the event of a critical, chronic, or terminal illness. This can be especially useful if you haven't been able to accumulate a lot of money and something tragic happens to you...and you live!

Lie number two:

Cash value life insurance is overpriced for what you get. Also, you can never tell how much money you are spending on death benefit and how much money is actually going into the cash value of the policy. With term insurance, the costs are clear.

Fact: Whole life insurance is not very transparent. So it is difficult to determine how much the death benefit is costing you. That bothers some people. That's OK. Just don't buy whole life insurance. Universal life insurance, on the other hand, is very transparent. That's because UL policies are a term policy with a separate savings account. You can easily determine the cost per thousand dollars of insurance, how much is going to pay the death benefit, and how much is going into the cash value of the policy. Cash value insurance seems expensive in comparison to term insurance (at least initially) because insurance contracts are front loaded as far as fees are concerned. That's a good thing...because the contract becomes cheaper over time. Unfortunately, the initial cost is really driven home by the anti-cash value life insurance crowd.

The fees aren't so bad. I'm serious. Think about how much more difficult it would be if every time you wanted to save or invest money, you had to call a lawyer to draft a contract for you? With respect to life insurance, you have a few choices: you can structure the contract for maximum cash (minimizing the fees) or maximum death benefit (maximizing the fees, but getting more death benefit as a result). All of the expenses associated with permanent life insurance can be made very reasonable if cost is the concern. But why compare insurance to an investment?

In the long run, you will usually get all of your money back that you put into a cash value policy and then some. You can even structure the policy so that it provides substantial cashflow in retirement. The only exceptions to this are variable life insurance contracts. There really aren't any guarantees on them.

Lie number three:

If you are smart with your money, pay off your mortgage and other loans, and put money into retirement plans you won't need insurance 30 years from now to protect your family.

Fact: You may not need life insurance in 30 years to protect your children from financial ruin when you die. But you may need it to protect your beneficiaries (whoever they may be) from taxes. And, even if you are "smart" with your money, you can't predict the investment returns in a mutual fund (or a stock for that matter) inside of a 401(k) or IRA unless you are very good at researching stocks (hint: 99% of the general population is not). It takes years of practice, and even some of the best stock brokers and financial analysts don't always get it right. The stock market ebbs and flows, and goes through cycles of boom and bust. If your investments take a hit right before you are ready to retire, it doesn't matter how "smart" you were with your money.

Is life insurance is necessary as you get older? You will be shocked at the costs of even a modest funeral these days. What does the average funeral cost in your home town? Ask a funeral director. What is the inflation effect in the funeral industry. If it costs $12,000 today, what will it cost in 10 years? 20 years? 30 years? Ask any beneficiary who has been left any amount of money what they paid in taxes and if it was financially disruptive to them personally.

That cash value life insurance policy that your financial guru told you to ditch could have bypassed probate, provided an income tax free death benefit and, inside of a life insurance trust, completely avoided the estate tax thereby giving your heirs what they deserve.

There are an alarming number of financial professionals that try to draw a connection between life insurance and investing. It's a huge mistake (even supporters of CV insurance make this mistake). Comparing cash value insurance to investing is like asking "how many walkmans does it take to equal an Ipod?". Even if you find an investment strategy that "beats" the insurance product...so what? Cash value insurance is supposed to provide a death benefit with a savings component, not an investment component (despite the mistakes of variable life).

Before you make a final decision on whether to buy term or cash value life insurance, consider what you are really looking for. If you are looking for an investment, then be prepared to look for stocks, bonds, no load mutual funds, options, and other various financial derivatives (and learn how to research them). If you're looking for a long-term savings tool, then cash value life insurance can fit that need very well.

About the Author:

Author information: David Lewis, RFA is a professional financial adviser. If you would like more detailed information about any aspect of personal finance, please visit David's website.

How to Effectively Budget When the Money's Running Out

By Jesse Mecham

The other day I was talking with my mother-in-law about the dreaded budgeting topic. She said she didn't bother budgeting because she already knows that she spends more money than she has. So apparently, if you're operating in the red then budgeting serves no purpose.

This is a common misconception of people. If there isn't enough money, why bother budgeting in the first place? If you're wondering how to budget (or even why you should) when money's tight, then read on.

If you'll do the exercise of taking a look at what you have in your account and deciding BEFORE you spend, what that money should be doing, you'll make progress -- even when there are more bills than money to help! Don't give up! Look at that pile of money in your checking account (even a small pile) and make sure every dollar is given a purpose: rent, eating out, utilities, etc. The mental process that you go through here is vital.

Given the situation that there's not enough money, you'll likely run out of money before you run out of bills. The whole process will still produce great results though! Prioritizing your money means you're maximizing what it can do for you at any given moment. That's important in figuring out how to budget.

The second step is to be certain you're recording every single penny that you spend. Realize that even if you're spending and driving a deficit, the task of recording your spending MANUALLY will mitigate the deficit-spending as much as possible. Your total deficit will be much lower as a result and you'll be in a better position than had you not done it at all.

The exercise of manual recording increases awareness and strengthens the psychological connection between you and your money. These days, every other interest out there wants you to spend your money without considering your own circumstances. This is hardly a way to budget! Record your spending and you'll become painfuly conscious of where you can shave spending.

In conclusion, looking ahead, and recording your expenses as they come helps you budget as well as circumstances allow. The damage won't be nearly as bad, and you'll be able to record that much quicker once you can turn things around with a long-term plan.

About the Author:

Learn how to budget in 10 days with Jesse Mecham's free personal budgeting course. Don't keep making the same budgeting mistakes!

Choosing your Home Mortgage Loan

By Mijn adviseur

Buying a home is a smart decision, even in these times. It's a big decision, and you have to think long and hard about the kind of mortgage you will choose for your home mortgage loan.

When you start your search for a good home mortgage, you will quickly see that there are a LOT of lenders. And they will all tell you that they have far and away the best mortgage deal for you. With so many choices available, many people get confused and overwhelmed. You have to know how to analyze the available information on mortgages if you want to make the right choice for you.

You can study mortgage stuff all day long, but you might be better off by finding a good mortgage broker. It's pretty tough to study all that material in time for your home purchase. The right mortgage broker can save you a lot of time and money when buying a home.

Whatever route you choose, you will always encounter a learning curve. You will have to learn what to watch out for in a mortgage broker if you decide to go the mortgage broker route. You will have to know what things make a good mortgage broker and what you have to watch out for.

When choosing a mortgage option, keep in mind what amount you can afford for a down payment. If you currently do not have enough money to make a considerable down payment, you need to be looking for little money down loans or no money down mortgages. These loans will require you to pay higher interest, because of the fact that you have to loan more money because the lack of a down payment.

Always be sure to be in the know When you decide upon a mortgage broker. Ask to know why he gives you certain advices. The advice of some mortgage brokers may not be unbiased, so make sure you get all the knowledge you need to asses the mortgage advice.

About the Author:

Mijn adviseur writes articles about mortgages in English and articles about hypotheek and aflossingsvrije hypotheek in Dutch.

Should You Consider A Payday Loan?

By WIC

When payday loans were introduced, they caused quite stir in the financial landscape. Now that these loans are more common, some regulation has gone into effect that sets boundaries to interest rates charged for payday loans. Should you consider a payday loan in your situation?

A payday loan is also known as a paycheck advance. This pretty accurate describes the purpose of the loan. Many times, there is a little month left at the end of the money. With an upcoming paycheck, a paycheck advance looks like an ideal solution.

The good thing about a payday loan is that it's quick. They are usually very small loans, many times not more than a few hundred dollars. The payday loan is an extremely short term loan. It can be issued very quick, but payment needs to be done in a couple of weeks tops. If you're not too sure about your ability to pay back the payday loan in time, don't go for it. It will cost you a lot of money if you're late.

If you want to get a paycheck advance, you need to be sure you can easily pay back your paycheck advance. If you're sure, and you find yourself in a tight spot, a payday loan can be a good, quick solution for you. A payday loan is maybe the quickest way to borrow money, but not the cheapest.

Some jurisdictions in America do impose strict limits to the amount of interest a payday loan issuer can charge. A payday loan issuer is not a shark, contrary to what many people say. He offers a service and incurs considerable risk for his service. If you are ever in the situation of needing a payday loan, you will find out that it can be an extremely valuable service.

About the Author:

WIC writes articles about loans and finance. He also writes about minikrediet and zakelijke lening rente in Dutch

Is the mortgage crisis getting worse?

By Adviseur Mijn

The economy is going through very rough times right now, but experts believe it will get even worse. They predict a second wave of the mortgage crisis, this second wave being even more severe than the subprime mortgage crisis. With rising unemployment numbers, housing prices going down and housing inventory going up, the circumstances are looking bleak indeed.

The housing market is still not up to normal and it's not getting better anytime soon. Prices are dropping almost daily. This could mean a big foreclosure boom in the next couple of months. The next victims of this crisis will probably be the option ARM mortgages.

With the option ARM mortgage interest rates likely to go up soon, we might be seeing another boom in foreclosures in the following months.

Before the mortgage market blew up, option ARM mortgages were a great option for homeowners that wanted more control over the required monthly payment. However, with the current market conditions, option ARM interest rates are likely to spike. This will cause a surge in the required monthly payment for homeowners. The added burden of a couple of hundred dollars in extra mortgage payments may be too large for many households.

With home prices going down, many homeowners will soon discover that they owe a large debt on an asset that isn't worth nearly as much as they believe. These facts, along with rising unemployment rates may lead up to a second stage in the mortgage crisis.

About the Author:

Adviseur Mijn writes articles about mortgages in English and articles about beleggingshypotheek and oversluiten hypotheek rente in Dutch.

Simple Money Saving Tips for the House

By PF Guru

Anywhere we can save money is great in this economy. There are so many ways to save around the apartment and most of these are so easy to do. Follow these frugal tips and keep money in your pocket!

The hot water heater is probably too hot. Change it to 110 to 120 degrees and you will still be fine.

Make sure you have a full load of laundries before you use the washer. That way, you are using the least amount of energy per cloth!

Always use cold water whenever possible when you clean your clothes. Therefore, you need to keep your clothes in different piles.

Actually, windows should be sealed off too. If you look at your windows and the plastic molding is peeling off, then replacing it will prevent heat from going out the window.

That grass doesn't need to be cut every week. Cut it every 2 weeks instead and you will save half your maintenance cost.

Cut the landline if you don't need it. Most cell phones are adequate these days and you don't really need more than one line anyway.

Cut the cable too. Netflix is so much cheaper and you can watch tv shows on hulu.com etc nowadays. Cable is becoming something that's not needed

Some plants are much easier to maintain and some will even become food for you and your family. Find the right plants to grow instead of useless ones like roses which is only pretty for 2 weeks out of the year.

Install a programmable thermostat and set the temperature so it automatically goes down when you sleep and turns back up when you come back from work.

Interest rates are so low that you should really consider refinancing your home. Every percentage point can be huge money for you in the long run.

About the Author:

money saving tips is key to our comfortable retirement. Join thousands of others by frequenting this site for frugal living tips. He also has a coupons, discounts page that lists out many coupons, discounts found on the internet.

Improve Your Credit Score, No Matter What Your Situation!

By Linda Seamore

In this day and age where most people have easy access to a consumer credit, Americans are finding themselves sinking deeper and deeper into debt. Racking up a mere $10,000 in debt is now easy and all too common.

As the pressures of mountainous consumer debt become an issue for more and more people, the demand for legitimate and proven ways to rebuild your credit history is on the rise. The word "budget" conjures up extreme images of depriving oneself of the foods one likes or more extreme visions of starving oneself pop up. However, a proven formula for debt management and the rebuilding of personal credit and credit scores using a specific type of credit card dispels such visions.

For some consumers, these types of credit cards may be the main solution, because they are very effective, and some consumers aren't able to get a traditional credit card, or even open a bank account. This day and age, most households have both parents working, so that there are two incomes supporting the family, which of course means there's slim to no time for creating budgets or researching solutions for maintaining a higher credit score.

In order to get on the path to financial success, you must make your first step! Why don't we take the first step and weigh both the secured and pre-paid credit cards, and the advantages and disadvantages of each.

a.) Secured Credit Cards

Pros - Opening a secured credit card account is a simple and affordable way to start building your credit. Secured credit cards will also help you improve and rebuild damaged credit. These cards are used exactly like a standard run of the mill credit cards you are familiar with.

Disadvantages- One of the major issues with this type of cards, is that in order to "secure" the card, you have to deposit anywhere from $200 to $300 when you apply. This can be a pretty hefty requirement. They also have much higher interest rates (15% and up), additional fees like annual fees that may cost about $50. This card, despite its minor setbacks, is a great option for those who want to rebuild their credit.

Pre-Paid Credit Cards

Pros- Pre-Paid Credit Cards can be a great tool because they provide you with the freedom and flexibility of using your own cash. These cards look like real credit cards and can be used for just about any situation that requires a credit card. Instead of granting you a credit limit based on your financial standing, these accounts require you to "load" the card with your own money. Yeah, real cash. Approval for this type of card is easy and almost guaranteed, even if you have credit problems.

Cons - If you are looking to rebuild or establish your credit however, beware. These cards may not report your repayment history to the credit bureaus. If the creditor does not report your account, this type of account will not help you improve your credit. By carefully selecting these cards, you can assure yourself that you receive the most bangs for your proverbial buck.

Note that pre-paid credit cards may not be allowed in some situations. When you rent a car or book a hotel, some places will not allow use of a pre-paid card to hold car rentals or rooms. Be safe and call ahead of time to ask about the company's policy on pre-paid cards before you're halfway through the process.

Identity Theft Prevention and Identity Theft Protection are a necessity these days. Put a stop to Identity Theft with LifeLock. Life Lock can make sure identity theft never happens to you. To learn more about how to protect yourself and your loved ones from identity thieves, visit lifelock.com

About the Author:

Ms. Linda Seamore is an advocate for personal safety, dedicated to teaching people how to protect their identity. After reading stacks of mail from identity theft victims, she came across www.Life Lock.com , the best in ID theft protection. Life Lock specializes in the prevention of identity theft vs. after the fact protection. Visit LifeLock and see how to protect yourself!

Considering Bankruptcy?

By John Cooper

Is your credit situation making you think about filing for bankruptcy? Filing bankruptcy is a "last-resort" option for individuals who are experiencing trouble paying their bills.

Frequently, someone who files for bankruptcy has many bad credit marks on their credit report. They often have been rejected for credit recently, have creditors calling them and have multiple bills which they pay late or not at all.

It is common for there will be a home or vehicle which has been repossessed, or under the threat of repossession.

If you having problems such as these, then you are searching for relief. Not being able to pay your bills is stressful and humiliating.

If you are considering bankruptcy, it is absolutely critical that you discover the permanent ramifications of a bankruptcy.

Bankruptcy laws were made with you in mind. When you file for bankruptcy, most or all of your debts will be closed.

This resolution is achieved after your assets are divided amongst your creditors. This is possible, through bankruptcy, even if your assets don't pay your debts in full.

This procedure is called liquidation, or Chapter Seven (7) bankruptcy. Chapter 7 bankruptcy is the most common type. A "trustee" takes care of all the administrative and supervisory duties of the proceedings.

Chapter 11, 12, or 13 Bankruptcy offer rehabilitation to your business, and the option of using future earnings to pay creditors. Once you initiate the bankruptcy proceedings, creditors can no longer attempt to collect your debts.

In addition, you will not be able to transfer any assets that are part of the estate. You will not be able to hide your savings account or gold coin collection with a trusted relative! And, transferring ownership of assets before filing bankruptcy typically does not work, and many are invalidated.

Recently, the U.S. Supreme Court decided that retirement saving accounts do not have to be included in your liquidation.

Bankruptcy on your credit reports regardless of which bankruptcy you choose, will remain on your reports for 7 or 10 years. Filing for bankruptcy frees you from your existing debts, but not from any future debts.

If you do go through with a bankruptcy, it will narrow your credit options considerably. Good credit is not impossible to restore, but it will take some time and considerable patience.

A couple things to remember:

1. Any negative item can potentially be removed from your credit report.

2. New, current good credit will make your score improve.

3. Old, bad credit falling off your report will also boost your score over time.

4. You must monitor your credit reports regularly - and dispute questionable derogatory marks such as charge offs, collection items, and late payments.

About the Author:

For a free credit consultation call 1-866-246-7311. Of for more information if you are Considering Bankruptcy visit us. Or for a free credit repair e-book.

5 Tips On Finding The Best IVA Company

By Sara Young

There are a lot of companies offering IVAs and debt help. How do you pick the best one? That is a good question that many people ask themselves. It is very important to choose the right IVA company, yet it is hard to check each company's background with a clear mind when you are so worried about your debt.

If you want to get a proper debt solution that you can trust, you should register with an IVA company. The IVA company will help you communicate with your Insolvency Practitioner (IP) who will be overseeing your IVA. It is very hard to find a good IP with a good reputation. Fortunately, finding a reputable IVA company is not as hard.

Avoid getting frustrated and spending time needlessly by following the tips below:

1. Do you know people who have gotten their IVAs already? Get a recommendations so you know which companies you might want to go with and which you want to avoid.

2. Phone a few companies and see how you feel about them. If you do not like how you were treated on a phone by a particular advisor, just forget about that IVA company because that is not likely to change when you visit in person. After you phone a few companies, agree to meet with 2 or 3 of them so you have more options.

3. Never use a company that charges for an initial consultation. The consultation and preliminary paperwork should be completed for free, and a thorough analysis of your personal situation should be carried out before any work is done. If this aspect is neglected then move on to another company.

4. Never choose a company that guarantees you an IVA. Until the majority of companies that you hold debts with have agreed to the IVA then your application may still be rejected. The companies that say otherwise are only after your money. Also, beware of those stating that you will only have a low premium at the end of it because if it sounds too good to be true then it most likely is!

5. The last important point is that you should look for a refund guarantee on any payments that you need to make before the IVA is completed. If you don't get such a guarantee and your IVA is turned down, the IVA company does not have to give you your money back. If you make sure that you get such a guarantee, you save yourself money and aggravation in the future.

About the Author:

When it comes to getting an IVA, getting the right information can be a daunting task. That's why we put together this confidential report for you at IVA Company.

The Usefulness of Retirement Planning Seminars

By Michael Geoffrey

Retirement is one of the most important times in everyones life, and it is important that you are as prepared and ready for your retirement as possible. There are so many different issues and factors to take into consideration when it comes to retirement, and this is where retirement planning seminars come so perfectly into play.

What Can You Learn At a Seminar

Retirement is one of the most profound periods of change in our lives, and it is critical to take it seriously and prepare during the time leading up to it. The purpose of these retirement planning seminars is to help educate you more about retirement in general, as well as the things that you should be thinking about, how much money you should be putting away towards your retirement fund, and so on.

Retirement seminars discuss how to decide how much monthly income you will need during your retirement so that you can maintain the same standard of living that are enjoying during your working years. It is crucial that you make an accurate determination about this to avoid coming up short during retirement and not being able to enjoy a stress free retirement.

A good retirement plan is different for everyone. There is no hard fast rule that covers everyone and determines how much a person should save. Some say that around 70% of their salary at the time of retirement will be sufficient. That is a good round figure, but it is not the magic number for everyone. For some it may be more than enough.

You are also going to need to identify your sources of retirement income, with the most typical sources including employer pension plan, RRSPs and government programs, and old age security. Your particular place of employment may also offer additional sources on top of this so you will want to inquire about this.

Retirement planning seminars are great because they help you to learn the necessary questions that you need to be asking yourself before retirement actually comes in your life, so that you are more informed and knowledgeable on the matter and so that you will be as best prepared as possible.

Remember that the earlier you start to save and get ready for retirement, the better off you are going to be. Many people think that you do not have to start thinking about retirement until you are in your late forties, but the best idea is to start as in your early twenties.

About the Author:

We offer unbiased reviews of many resources in the debt, credit, investing and real estate markets, to name a few. Visit http://www.financeproductevaluations.com to check out our latest reviews, such as our latest pick Leo Quinn's How To Own Your Paycheck Again.

What's your Credit Score?

By Samantha Asher

You have probably seen that commercial that asks you if you know your credit score. They give you a range that tells you where your credit score is supposed to be, and they discuss the importance of understanding your credit score and bringing it up to where it should be.

If you do know your credit score, that is great, but there is more to it. You need to have a very good credit score. Not just good, but excellent. Your credit score is a rating of your credit. It is like a grade on a history test, except it's a grade on your credit. Your credit history can be summed up in a credit report. You can get a free copy of your credit card at either of the links below.

Your credit history lists out all your past dealings with credit. This can range from credit cards to any kind of loans such as student loans, or mortgage loans. The history includes any information about if you've paid your bills on time, late, or if you haven't paid them at all. The better you are about paying your bills on time, the better your credit will be. If you've never made a late payment or missed a payment, you'll have excellent credit.

Credit reports are critical in the lending process. When you apply for a loan, the creditors will get a copy from 1 or more of the three credit bureaus that issue credit reports to see if you are credit worth. For any kind of loan or credit, they want to know if you'll pay them back.

You credit score is critical when getting alone. Sure, they look at your income and job stability, but it's your credit that is the deciding factor as to whether or not they'll lend you the money. You must have good credit to get a loan.

Risk has a lot to do with lending. Creditors want to be sure that you are a very low risk, and they see that you never pay people back, they will not lend you any money. You have to prove yourself before anyone will give you a penny, no matter what you're using it for.

Even if you get a loan with a not-so-good credit history, the terms of the loan will be pretty bad. For example, you might show that you make a lot of late payments, so they give you a loan with a high interest rate and they only give you a small amount of money.

It's very likely that you will need a loan at some point in your life. Always keep an eye on your credit by checking your credit reports once a year. You can get free copies at the links below.

About the Author:

What is a credit report? Learn how to get a free copy of my credit report and what your credit score means to you.