Is having debt a bad thing?

Posted by on Jan 16, 2014 in Bankruptcy | 0 comments

Is having debt a bad thing?

Debt is not a bad thing. Most people you meet will have debt and pay it off over time but some people manage to acquire too much debt. You could even be one of those people without even knowing it. One easy sign that you have too much debt is that you have more debt than the value of the items. Some people will buy a $40,000 car and then be stuck owning it until it is paid off. They may try to sell it but realize that the money they can sell the car for is less than they still owe on the vehicle. Cars are one item that people often overspend on because cars are constantly depreciating while the loan stays the same and grows from the interest.

You often can find yourself in too much debt from college as well. As a graduate out of high school, you are excited for college. Many students want to go to a large, prestigious school. Especially when you are travelling out of state for school, you will find your debt going through the roof. People can end up in hundreds of thousands of dollars in debt for an education.

I have a friend who pays $40,000 a year for his education. However, he is in a pharmacy school and will be making a six-figure salary after he graduates. On the other hand, many people have these large amounts of debt for an art degree that does not pay near as well. When you spend more for an education than you could ever hope to make in the next few years you are spending too much on school. This is major sign that you have too much debt. I understand that as a senior in high school applying to college you probably are not thinking about finances but, you have to. Colleges, banks, and credit unions love to pray on teenagers and young adults who don’t fully understand the proper way to take on debt. Many people begin racking up debt when they are young and as time goes on the debt grows and grows until they have so much they can’t control it. If you have to worry about the debt daily, then you have too much. Just make sure that before you ever accept any loans, you understand the terms and repayment plans. This way you can handle the debt and not let it grow out of control.

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4 Vital changes in bankruptcy law that applicants must be aware of

Posted by on Dec 3, 2013 in Bankruptcy | 0 comments

4 Vital changes in bankruptcy law that applicants must be aware of

Bankruptcy is a court monitored process that requires applicants to follow a set of rules and regulations. It’s often suggested by the U.S. legal hub that everyone, considering bankruptcy, should learn about the bankruptcy laws before filing officially. The bankruptcy laws have been modified as well in 2005. The changes are significant enough for people to consider.

The 4 vital changes in bankruptcy laws that you must be aware of

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 introduced some vital changes in the bankruptcy laws. The changes in law took effect on 17th October 2005. Here are the 4 essential changes that you must check before filing bankruptcy:

  1. The eligibility criteria has become stricter for Chapter 7: As per the new laws, “means test” is essential to be eligible for filing Chapter 7 bankruptcy. In the “means test” you’ll have to prove that your monthly income is lower than the median income of your state. If your median income isn’t below the median income of your state, then you may not be able to file under Chapter 7 bankruptcy. In that case you’ll have to consider filing Chapter 13.
  1. Credit counseling is compulsory: As per the recent modifications, credit counseling session is compulsory for the applicants. The session must be completed through a government-approved program.
  1. Proof of income and tax returns are essential: Tax returns are required to prove the income of the applicant. As per the suggestions of U.S. legal hub, an applicant must provide the federal tax returns of the last tax year before going ahead with bankruptcy. This is definitely a huge change that people must know from beforehand.
  1. Rules have changed for alimony and child support: There are some changes in creditor priority as well. If you’ve essential financial obligations like alimony and unpaid child support, then you may have to deal with them even more carefully. Child support and the expense for alimony take the priority over the other creditors. So, before you decide to file bankruptcy, make sure to take care of these obligations.

These changes were introduced to reduce unnecessary filings, associated financial losses and abuse of the law. You must also keep in mind that you can’t probably discharge your student loan debt through bankruptcy. So, before you opt for bankruptcy, make sure you’re aware of all the rules and regulations. Act according to the law to get your petition accepted by the bankruptcy court without much hassle.

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Traffic Lawyers

Posted by on Dec 3, 2013 in Other Legal | Comments Off

Car Wreck lawyers: Strategies On How To Find A Very good One particular

As an alternative, you are going to have to do your personal investigation. Most law firms have their own web-site, so verify out their profile and the list of lawyers and their specialties. When Nino Tinaris are licensed to practice law, they are licensed to practice every single form of law. Motor car accidents are increasing day by day at a quite rapid price. Let me inform you why. The heroes rush to the web-site and look in at the devastating damage. They must also be willing to talk about their failures as properly as their successes. You can get access to hundreds of lawyers who are offered and begin searching into what they have to give. The price of car or truck accidents significantly increased during the final five years. Averaging a runtime of 15 minutes the show’s humor shouldn’t finish up having on your nerves and the saddest fact is that there are not new episodes churned out at a incredibly swift rate. If you can retain your self from laughing just reading about the premise then tune into the actual show because it’s not going to let you get away with that sort of behavior.

Discovering an professional loved ones lawyer is again, by no means, an quick task, and it makes sense to evaluation some established lawyer’s operate prior to opting for his or her services. Even if their price is initially higher, you may perhaps be in a position to negotiate with them sufficiently to get them to reduced it to a lesser fee. The humor of the show is complete silliness mixed with political cracks, which is a risky mixture for keeping everyone fond of mainstream tv’s focus. The intial premise may possibly draw in some viewers, even so, once somebody gets into the show they extra than most likely will understand they can’t full “get into” the show and will take into consideration it a waste of time and equal to a poor stand up comedy routine. We’ve all heard stories about unscrupulous lawyers, so how do we know who to choose when we need representation?

The most common lead to of accidents is due to intoxication which claimed thousands of innocent lives. Your Nino Tinari need to specialize in the area of law that directly relates to your predicament and they should have a track record of outcomes and expertise. Ask the lawyer what their case approach will be for you. Orozco is certified to practice law in many areas, such as genuine estate, trust litigation, commercial litigation, and land use litigation. Just after interviewing them, you ought to really feel you can trust them to handle your case effectively. You really should meet the lawyer to see if he or she presents his or herself in a way that you will be satisfied with. Commonly, you will have to meet up with the lawyer and have a consultation. View the site of the Nino Tinari or law firm you are thinking of for much more details.

At this point it is important that you very carefully pick out the ideal lawyer to defend your case in court. Fasto – the quickest man that ever was. The show is meant as an entertaining laugh with some eye opening inspiration by means of political revelations, even so the formula isn’t universally appealing. Even though not all lawyers and law firms have been rated, it is in depth adequate that you need to be able to discover a hugely-rated lawyer or law firm in your location. Issuers will be charged fines for failure to comply with the guidelines. If there are any bad reviews about the lawyer, locate out what are these and if call find out if there is an truth to it. Uncover out if the person responsible for the accident is also hiring a lawyer from the same firm you are eyeing on. You will require a Nino Tinari (visit the next internet site) whether or not the accident was your fault or not.

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What is Life like after Bankruptcy?

Posted by on Aug 13, 2013 in Bankruptcy | 0 comments

What is Life like after Bankruptcy?

Filing for bankruptcy is one of the most difficult decisions that anyone can make. It’s not just dealing with feelings of shame and failure that often accompany filing for bankruptcy, but the uncertain future that lies ahead.

However, while filing for bankruptcy certainly means a serious hit to your credit and having to go through years of recovery, it is not the doom and gloom future that many people perceive. For the millions who have gone through bankruptcy, the future is something that they look forward to with hope.

Depending on the severity of the bankruptcy, the financial recovery truly starts once the old debts are either discharged or paid off. However, there are steps that can be taken even just after filing for bankruptcy that can help a person get back on their feet.

Let Go of the Past

The very first step is to process all the emotions that come with bankruptcy and putting the guilt, shame and harsh feelings in their place. It’s important to remember that one in eight adults in the US have admitted to filing for bankruptcy, so no one is alone.

Its one thing to feel the shame and failure, but it’s quite another to let it dictate your life. For those who have successfully overcome bankruptcy to lead a normal life, it is best to come to terms with those feelings quickly so they don’t dominate your thinking.

Regroup

In this stage, you evaluate what got you into this situation and learn from it so that it never happens again. Your plan needs to take into account that recovery will be a long process done step-by-step. While this may seem daunting at first, it actually helps break down the challenges so that they can be met each day.

During this time, having positive, life affirming people around you is a must. Bankruptcy is not an ending, but a jumping off point to a new beginning so take advantage of the new start in life.

Create a Budget

As part of your bankruptcy, you may already be on a budget. But if your debts were discharged or you have some extra money available, it is vital that you establish a budget that you can follow. This means paying all the bills on time and saving up money for future expenses.

Not only does this keep you from falling back into the old habits of debt, this can actually be used to rebuild your credit as well.

Get a Credit Card

This may seem counter intuitive to those who got into financial trouble because of a credit card, but in truth you will have to rebuild your credit rating. One of the more interesting aspects about your credit rating is that old information drops away after a set period of time, even bankruptcies.

However, unless replaced by new information, your credit score will not rise. Having a credit card where you make payments and build your credit can dramatically improve your credit score.

Life Goes On

Believe it or not, bankruptcy is not the end of the world, but merely a stopping point from where all of us can start again. By taking advantage of the lessons learned and building up new credit, anyone can overcome the effects of bankruptcy.

 

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Reasons People File for Chapter 13 Bankruptcy

Posted by on Jul 25, 2013 in Chapters | 0 comments

Reasons People File for Chapter 13 Bankruptcy

It is not so surprising if one individual has experienced financial downturn once in his lifetime or worst, if he will experience it in his whole lifetime. The incidence of bankruptcy around the world is already becoming phenomenal, and it is highly disturbing. Below are some of the reasons why people experience financial problems:

  1. Medical Bills – Contrary to what most people believe, insured patients are also affected by bankruptcy. A research was conducted by an institution in the United States of America, and it has proven that medical expenses easily consume bank savings and other financial resources.
  2. Unemployment – Lay-off, resignation, termination or any reasons of income cut-off are financially draining. Continuous consumption of income can immediately result to bankruptcy.
  3. Credit Card Abuse – Some card users find swiping their cards inevitable. Once out of cash and credit is just the only option, your impulse to purchase even unnecessary things will lead to loss of funds.

For those abovementioned reasons, Chapter 13 Bankruptcy would be a better option as compared to any other Chapter there is. This process requires no insolvency. One who has a regular source of funds is qualified for Chapter 13 Bankruptcy. Chapter 13 will be able to help keep your hard-earned possessions and settle your debts in the agreed time.

Maybe the best explanation to Chapter 13 Bankruptcy is that, one who is undergoing this issue is highly protected to have direct interaction with the creditor. At least a greater peace of mind is granted considering that financial loss is extremely devastating.

Chapter 13 Bankruptcy is a strategy plan. In this way, important obligations are prioritized such as support to family especially child support, domestic obligations and taxes. Same with other existing Chapter, debtors are still required to settle their debts to their creditors. Debtors need to present repayment plans. With court approval, this plan will be implemented through the course of time.

Chapter 13 Bankruptcy does not dissolve debts. Debtors are qualified for this plan and they can patch up their financial obligations. When debtors run out of financial resources to pay their mortgages, say for example car loans and debts are incurring, Chapter 13 gives them a chance to reorganize their obligations to be able to pay.

People who usually borrow money have co-debtors. They simply have to convince their close friends, family members and other people who understand as well as have faith and support for their reasons of borrowing. If they use Chapter 7 Bankruptcy, creditors have the option to chase after their co-debtors. However, if debtors file for Chapter 13, people who have the main obligations to pay will be answerable for the payments and their co-debtors will be spared from annoyances.

If you believe that you can file for this very helpful plan, you can consult your legal counsel or seek legal assistance to be able to analyze the repayment plan applicable to you. In doing so, you can get a chance to breathe a sigh of relief.

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What is the Role of the Chapter 7 Trustee?

Posted by on Jul 19, 2013 in Chapters | 0 comments

What is the Role of the Chapter 7 Trustee?

Before filing Chapter 7 bankruptcy, you should know how to do it. You also need to get some hints about the person involved while filing for bankruptcy. Chapter 7 bankruptcy will help you eliminate the liability of any debtor. During the process, the court appoints a trustee. But who is this trustee and what is his role?

The role of the Chapter 7 trustee is quite complicated. If you are not aware of their obligations and responsibilities, here they are:

  • Checking Assets and Properties – When filing a Chapter 7 bankruptcy, the trustee is responsible to handle your case. He evaluates your documents to ensure that everything is complete. He is also accountable for all your listed properties. Another role of Chapter 7 trustee is to look for any non-exempt property that you own that can be sold to pay your creditors. In addition, he is also responsible in checking your financial transaction, from the past six years up to the present.
  • Participate Creditor’s Meeting – After filing Chapter 7 bankruptcy, you need to attend a creditor’s meeting in bankruptcy court. The meeting is often managed by the bankruptcy trustee. He is responsible for swearing you in at this meeting. During the meeting, the trustee also asks questions about your filed documents. He also ensures that everything you listed is true and accurate.
  •  Helps in Discharging the Debtor’s Liability – Another role of the Chapter 7 trustee is to make and file the final account with the court. If needed, the trustee can also refuse the discharge of a debtor’s liability.  He also examines the conduct and behavior of the debtor to recognize if grounds for a discharge may be real.

The Chapter 7 trustee also liquidates the debtor’s non-exempt assets to maximize the return to the debtor’s unsecured creditors. In case there is a non-exempt property of the debtor, the Chapter 7 trustee is responsible for selling or taking that property.  It means that the trustee is responsible to sell houses and cars and to take the exact proceeds of non-exempt bank accounts as well as other redeemed bonds that are not secured.

Since the role of the Chapter 7 trustee is not easy, the US office always ensures that their appointed trustee has enough knowledge about the field. Before a certain person becomes a bankruptcy trustee, he needs to pass an FBI background check first. He also needs to post bond for each case to which he is appointed.

Understanding the role of the trustee and his powers is an excellent way to have a successful Chapter 7 bankruptcy filing. It is also vital to foresee possible actions by the trustee to avoid any trouble.  This is the reason why you need to know enough details about Chapter 7 trustee.

In case you wish to file a Chapter 7 bankruptcy, you already know how to do it. Also, you are already knowledgeable about the tasks of the trustee. Even if the trustee keeps on asking several questions, you will never get annoyed.

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Why is There a Rise in the Divorce Rate in the US?

Posted by on Jul 15, 2013 in Other Legal | 0 comments

Why is There a Rise in the Divorce Rate in the US?

Every year, there are more and more married couples who file divorce in the United States. So, the question is “why is there a rise in the divorce rate in the US?” Are they not happy with their relationships? What are the possible reasons why they prefer to end up their marital relationship with their husbands or wives?

There are more statistics compiled regarding the increasing rates of divorce in the United States. In fact, 50% of marriages end to divorce. So, why is there a rise in the divorce rate in the US? Well, there are several factors that contribute to the increase in the divorce rate within this particular country. Most of these factors are relevant to economic and social changes that took place within the country throughout the years. The following are the factors that will let you know why is there a rise in the divorce rate in the US.

Factors that Affect the Increase of Divorce Cases in the United States

  1. Age – it seems to be one of the factors why is there a rise in the divorce rate in the US. Based on the studies, those people who pursue to file divorce are the persons who got married between the ages 20 to 24. Those ladies who got married at the ages 20 to 24 are the persons who created the 36.6% of the total rate of divorce cases. Those men who are married at this age bracket accounted for 38.8%. To summarize it, women accounted for divorce at 5.1% while men accounted for 6.5% in the total count of divorces.
  2. Remarriage – the divorce rates in the United States seem to go up during the first marriage. Based on the research, there is about 50% of the first marriages that end to divorces than with the 67% for the second and 74% for the third time marriage.
  3. Legal Procedure – the legal procedure for divorce within the US is simpler than what is its rate before. Advice could be sought via online with attestation of adultery that has been among the major reasons for divorce.
  4. Social mobility – at 1 time, most of the women depend on their partners financially due to the fact that they were just at home and they are responsible in taking care of the children. Nowadays, most of the women are working and capable to give financial assistance to themselves. Most of the women are less financially dependent to their husbands and they are more in the stable situation to file divorce when they are not happy with their married life.
  5. Families with Kids – evidence recommend that the married couples that have children are less prone to file divorce than the couples who do not have children. The possible causes why this is included in the factors that trigger the divorce rate in the US to increase is the unfulfilled request to have kids and better determination to stay in their marital status for the good of their children.

Now, you know the reasons for the rise in the divorce rate in the US. Each of the married couples in the US that file divorce has any of these reasons.

If you’re dealing with a divorce of your own, be sure to consult an attorney to protect your assets.

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