If you are an affiliate looking for a niche market, here’s an important piece of information to make note of:
In 2005 there were over 2 million personal bankruptcy filings in the United States.
Many of these individuals will be looking to rebuild their credit and financial future. This spells opportunity for you as an affiliate. You see, here are just a few products and services that an individual with past bankruptcy will need in order to rebuild their credit and financial future:
1) Credit repair
2) Loans
3) Credit cards
Let’s take a look at each one in more detail, and how you can help as an affiliate:
1) Credit repair
One of the first things someone with a discharged bankruptcy on their credit report will want to do is clean up their credit report and increase their credit score. The problem is that many people simply don’t know how.
As an affiliate, you can help by connecting them with various “credit repair” related resources. By the way, when referring to “credit repair” I mean the removal of any inaccurate or obsolete negative information from an individual’s credit report - not accurate, non-obsolete negative information.
So what type of credit repair resources can you refer them to? Credit repair books, services, and software programs are an example – but as an affiliate you only want to represent solid, reputable companies.
You don’t have to limit yourself to just one avenue when it comes to credit repair resources – for example, some of your visitors may want to take the “do it yourself” route and prefer a credit repair book. Others may want to do less work and opt for credit repair software. Finally, others may want to hire a
service to help them. Why not include affiliate links to all of these options?
If you can find services, with an affiliate program, that specialize in credit repair advice for those with a bankruptcy that’s even better. The same with books, for those visitors that want to take the "do it yourself" route to rebuild their credit. For example, my ebook “After Bankruptcy Credit Solutions” has such an affiliate program.
2) Loans
For a number of people, being able to qualify for a loan after bankruptcy is critical. Fortunately, there are a lot of lenders out there who work with individuals that have had a bankruptcy. Even better, many of these lenders have an affiliate program.
Here is a just a sample of the types loans that individuals with a past bankruptcy may be looking for: Personal loans, home loans, auto loans, refinancing, etc. When researching a lenders affiliate program, see what type of loans they offer.
Just like credit repair, when it comes to loans, you can offer visitors a number of options: Links (with your affiliate ID#) to lenders, books on how to qualify for loans, and membership sites that provide a listing of “bad credit” lenders. Again, as an affiliate you have a lot of choices.
3) Credit Cards
There are a number of credit card affiliate programs out there –and many of the credit card programs target people with bad credit.
Your affiliate website could list a number of credit card programs for people with a past bankruptcy. Best of all, secured credit cards (those that require the customer to open a special savings account that acts as collateral for the line of credit) tend to have a high approval rate – which is good news for your visitors that have a bankruptcy on their credit report.
You’ll notice that I have been talking about giving your visitors options when it comes to each item we’ve covered – credit cards are no different. In addition to links to credit card issuers (with your affiliate ID#), you can also include affiliate links to related books and membership sites. As mentioned before, research company and offer carefully before joining their affiliate program.
Okay, we’ve looked at the various products and services you can offer your visitors as an affiliate, but aren’t there a already lot of websites out there marketing to individuals with “bad credit”. Yes there are, but a lot fewer that specialize in marketing to those with a past bankruptcy – which means less
competition for you as an affiliate.
In this article we looked at the growing “after bankruptcy” niche market. Hopefully it has given you some ideas that you, as an affiliate, can use to build a new income stream - while helping those with a past bankruptcy in the process.
If you are an affiliate looking for a niche market, here’s an important piece of information to make note of:
In 2005 there were over 2 million personal bankruptcy filings in the United States.
Many of these individuals will be looking to rebuild their credit and financial future. This spells opportunity for you as an affiliate. You see, here are just a few products and services that an individual with past bankruptcy will need in order to rebuild their credit and financial future:
1) Credit repair
2) Loans
3) Credit cards
Let’s take a look at each one in more detail, and how you can help as an affiliate:
1) Credit repair
One of the first things someone with a discharged bankruptcy on their credit report will want to do is clean up their credit report and increase their credit score. The problem is that many people simply don’t know how.
As an affiliate, you can help by connecting them with various “credit repair” related resources. By the way, when referring to “credit repair” I mean the removal of any inaccurate or obsolete negative information from an individual’s credit report - not accurate, non-obsolete negative information.
So what type of credit repair resources can you refer them to? Credit repair books, services, and software programs are an example – but as an affiliate you only want to represent solid, reputable companies.
You don’t have to limit yourself to just one avenue when it comes to credit repair resources – for example, some of your visitors may want to take the “do it yourself” route and prefer a credit repair book. Others may want to do less work and opt for credit repair software. Finally, others may want to hire a
service to help them. Why not include affiliate links to all of these options?
If you can find services, with an affiliate program, that specialize in credit repair advice for those with a bankruptcy that’s even better. The same with books, for those visitors that want to take the "do it yourself" route to rebuild their credit. For example, my ebook “After Bankruptcy Credit Solutions” has such an affiliate program.
2) Loans
For a number of people, being able to qualify for a loan after bankruptcy is critical. Fortunately, there are a lot of lenders out there who work with individuals that have had a bankruptcy. Even better, many of these lenders have an affiliate program.
Here is a just a sample of the types loans that individuals with a past bankruptcy may be looking for: Personal loans, home loans, auto loans, refinancing, etc. When researching a lenders affiliate program, see what type of loans they offer.
Just like credit repair, when it comes to loans, you can offer visitors a number of options: Links (with your affiliate ID#) to lenders, books on how to qualify for loans, and membership sites that provide a listing of “bad credit” lenders. Again, as an affiliate you have a lot of choices.
3) Credit Cards
There are a number of credit card affiliate programs out there –and many of the credit card programs target people with bad credit.
Your affiliate website could list a number of credit card programs for people with a past bankruptcy. Best of all, secured credit cards (those that require the customer to open a special savings account that acts as collateral for the line of credit) tend to have a high approval rate – which is good news for your visitors that have a bankruptcy on their credit report.
You’ll notice that I have been talking about giving your visitors options when it comes to each item we’ve covered – credit cards are no different. In addition to links to credit card issuers (with your affiliate ID#), you can also include affiliate links to related books and membership sites. As
mentioned before, research company and offer carefully before joining their affiliate program.
Okay, we’ve looked at the various products and services you can offer your visitors as an affiliate, but aren’t there a already lot of websites out there marketing to individuals with “bad credit”. Yes there are, but a lot fewer that specialize in marketing to those with a past bankruptcy – which means less
competition for you as an affiliate.
In this article we looked at the growing “after bankruptcy” niche market. Hopefully it has given you some ideas that you, as an affiliate, can use to build a new income stream - while helping those with a past bankruptcy in the process.
DISCLAIMER:
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
This information is designed to provide only a general overview of the subject matter herein.
This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.
Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.
http://www.alliedarticles.com/Article/Affiliate-Niche---After-Bankruptcy--Market/1238
Wednesday, July 11, 2007
Refinance After Bankruptcy - Applying For A Refi Loan After A Chapter 7
Refinancing your mortgage after a Chapter 7 bankruptcy allows you to cash out your equity and find lower rates. You can also lower your payments by extending your loan term. Two years after your bankruptcy has been discharged, you may qualify for conventional rates. But if you need a refi loan sooner, you can find a sub-prime lender to work with you.
Timing Your Refinancing
Most financial advisors will counsel you to wait two years before applying for a new loan. Within those two years, you can reestablish your credit score to good standing and qualify for a Fannie Mae loan with market rates.
However, you can find refinancing sooner by working with a sub-prime lender. Depending on your credit score, cash assets, and income, you can find a financing package only a couple of points higher than conventional rates.
Before You Apply For A Refi Loan
Before you apply for a refi loan, check your credit report to be sure that your bankruptcy was properly discharged. Make sure accounts are in good standing and have accurate information. You can also include a letter explaining the circumstances of your bankruptcy, which can help your loan application.
Also, take the time to research lenders. Just like with any product, shopping around will guarantee that you get the best deal. It just takes a few minutes to receive loan quotes online. And you can review them at home with no pressure. While you are looking at rates, also note fees and closing costs.
Getting Better Rates
If you didn’t get the best terms or rates on your first mortgage, now is the time to find them. For the lowest payments, choose an adjustable rate mortgage. Usually for the first two to five years rates will be lower than fixed rates. Some lenders will also allow you to lock in a rate for a fee.
Interest rates can also be lowered by choosing a shorter term loan. While your total interest costs will be less, your monthly payments will be higher. Some lenders will also lower rates if you set up an automatic payment, usually debited from your checking account.
http://www.alliedarticles.com/Article/Refinance-After-Bankruptcy---Applying-For-A-Refi-Loan-After-A-Chapter-7/2159
Timing Your Refinancing
Most financial advisors will counsel you to wait two years before applying for a new loan. Within those two years, you can reestablish your credit score to good standing and qualify for a Fannie Mae loan with market rates.
However, you can find refinancing sooner by working with a sub-prime lender. Depending on your credit score, cash assets, and income, you can find a financing package only a couple of points higher than conventional rates.
Before You Apply For A Refi Loan
Before you apply for a refi loan, check your credit report to be sure that your bankruptcy was properly discharged. Make sure accounts are in good standing and have accurate information. You can also include a letter explaining the circumstances of your bankruptcy, which can help your loan application.
Also, take the time to research lenders. Just like with any product, shopping around will guarantee that you get the best deal. It just takes a few minutes to receive loan quotes online. And you can review them at home with no pressure. While you are looking at rates, also note fees and closing costs.
Getting Better Rates
If you didn’t get the best terms or rates on your first mortgage, now is the time to find them. For the lowest payments, choose an adjustable rate mortgage. Usually for the first two to five years rates will be lower than fixed rates. Some lenders will also allow you to lock in a rate for a fee.
Interest rates can also be lowered by choosing a shorter term loan. While your total interest costs will be less, your monthly payments will be higher. Some lenders will also lower rates if you set up an automatic payment, usually debited from your checking account.
http://www.alliedarticles.com/Article/Refinance-After-Bankruptcy---Applying-For-A-Refi-Loan-After-A-Chapter-7/2159
Personal Bankruptcy: Some Important Issues About Filing
Filing personal bankruptcy will protect you from creditors that you owe money to. Bankruptcy is a new method to gain protection. It takes away your debts so that you start off on a new note with your finances. If you are planning to file bankruptcy then there are certain things that you should keep in mind.
Firstly, get in touch with a lawyer who specializes in bankruptcy. You would ideally like to work with some one who knows the steps and the process of bankruptcy. When you meet your lawyer for the first time to discuss the process make sure that you carry along all your papers such as bills that you owe, verification of your monthly income and statements from your bank
Then you have to decide with your lawyer exactly how much money you owe. Don't leave out any debt; add all the debts regardless how high the amount comes to. In this process when you start off again, you won't have any forgotten debtsleft behind.
The lawyer will explain to you the difference between secured debt and unsecured debt. Secured debt is debt where your creditor will hold some type of secure interest on what you owe until the entire amount has been paid back. If you don’t pay back the amount owed the creditor can take back what you’ve purchased, such as your car. Unsecured debt is debt that isn’t secured with interest and is not tied to property.
Mind you, not all the debt of yours can be cleared by filing for bankruptcy. Some of them are student’s loan, child support and any unpaid back taxes. These remain outstanding in your bills that you owe. Lawyer needs to be well informed in order to draft a proper application for bankruptcy.
Once you’ve determined all your debt you’ll be filing a bankruptcy petition with the local courts in your area. Your creditors will need to be contacted and notified that you’ve filed for bankruptcy. Once you’ve filed for bankruptcy your creditors will be unable to contact you and won’t be able to collect any of the money that you owe them.
The court will assign a trustee in response to your bankruptcy case. He is liable to contact your creditors and pay their dues. All the proceedings will commence only after all your property, if you own any, is sold off and hence the funds are raised. These funds are spent on repayment of your debts. If the place you live in entitles you to receive a part of the profit made by selling off your property, you would get that. Or you might end up in receiving an allowance for a fixed period of time, in order to restart your life.
Filing for personal bankruptcy is a long and lengthy process that will affect your financial outlook for many years to come. Make sure that you have all the information that you need before you decide to file for bankruptcy.
http://www.alliedarticles.com/Article/Personal-Bankruptcy--Some-Important-Issues-About-Filing/33025
Firstly, get in touch with a lawyer who specializes in bankruptcy. You would ideally like to work with some one who knows the steps and the process of bankruptcy. When you meet your lawyer for the first time to discuss the process make sure that you carry along all your papers such as bills that you owe, verification of your monthly income and statements from your bank
Then you have to decide with your lawyer exactly how much money you owe. Don't leave out any debt; add all the debts regardless how high the amount comes to. In this process when you start off again, you won't have any forgotten debtsleft behind.
The lawyer will explain to you the difference between secured debt and unsecured debt. Secured debt is debt where your creditor will hold some type of secure interest on what you owe until the entire amount has been paid back. If you don’t pay back the amount owed the creditor can take back what you’ve purchased, such as your car. Unsecured debt is debt that isn’t secured with interest and is not tied to property.
Mind you, not all the debt of yours can be cleared by filing for bankruptcy. Some of them are student’s loan, child support and any unpaid back taxes. These remain outstanding in your bills that you owe. Lawyer needs to be well informed in order to draft a proper application for bankruptcy.
Once you’ve determined all your debt you’ll be filing a bankruptcy petition with the local courts in your area. Your creditors will need to be contacted and notified that you’ve filed for bankruptcy. Once you’ve filed for bankruptcy your creditors will be unable to contact you and won’t be able to collect any of the money that you owe them.
The court will assign a trustee in response to your bankruptcy case. He is liable to contact your creditors and pay their dues. All the proceedings will commence only after all your property, if you own any, is sold off and hence the funds are raised. These funds are spent on repayment of your debts. If the place you live in entitles you to receive a part of the profit made by selling off your property, you would get that. Or you might end up in receiving an allowance for a fixed period of time, in order to restart your life.
Filing for personal bankruptcy is a long and lengthy process that will affect your financial outlook for many years to come. Make sure that you have all the information that you need before you decide to file for bankruptcy.
http://www.alliedarticles.com/Article/Personal-Bankruptcy--Some-Important-Issues-About-Filing/33025
How To Incorporate Yourself Without A Lawyer
You could save hundreds of dollars by incorporating yourself without a lawyer. How? Is it advisable to do so?
1. This is Not Legal Advice!
The only ones who should be giving legal advice are those licensed to practise law (in other words, only lawyers). This article is not legal advice. If you need legal advice, consult a lawyer.
This article is being written simply to inform you that it is possible to form a corporation or limited liability company without a lawyer.
2. Why Use a Lawyer?
First of all, if you make a mistake incorporating yourself, who do you sue? You only have yourself to blame. On the other hand, a lawyer has insurance to cover errors and omissions.
Secondly, you could benefit from the expertise of your lawyer. Perhaps a corporation isn`t the right vehicle for you under your circumstances. Be aware that there can be disadvantages as well as advantages to incorporating. Your lawyer can consider commercial law, securities legislation, limited liability, tax factors, estate planning, share structure, and a myriad of other business considerations. Sometimes the advice of a good lawyer can save you thousands of dollars.
3. Is it Advisable to Incorporate Yourself?
Is it advisable to perform surgery on yourself? It is illegal to perform surgery on someone else unless you are licensed to practise medicine, but perhaps in a wilderness survival scenario, self-surgery might be your only option. However, is performing surgery on yourself really a good idea in most instances?
Likewise, just because it is possible to incorporate yourself without a lawyer doesn`t mean it is always a good idea.
In some jurisdictions, only lawyers can incorporate others. For a paralegal or other person to incorporate a company for you could be considered unauthorized practise of law. Thus, it may be legal to incorporate yourself but not others.
Some factors you might consider are: Am I really that short of cash that I can`t spend the extra money for good legal advice that may save me thousands of dollars? Am I confident that my situation is one that really doesn`t need the services of a lawyer to incorporate? Can the money saved on legal fees be better utilized in financing other aspects of my business?
Each person will have to make their own decision on whether or not to seek the services of a lawyer in forming a corporation.
"He who has himself as a lawyer has a fool for a client." I have often thought that perhaps a law firm originated this common expression.
4. How To Incorporate Yourself
Many books have been written by lawyers on how to incorporate yourself.
For example, in Canada, M. Stephen Georgas, LL.B., has written books on the subject of forming
your own corporation. Published by International Self-Counsel Press Ltd., he has authored
"Incorporation and Business Guide for Ontario" ("How to form your own corporation Includes tax advantages to incorporating") and "Federal Incorporation And Business Guide" ("How to form your own Federal corporation under The Canada Business Corporations Act").
The same publisher sells forms and minute books as well as titles for incorporating in other provinces of Canada.
Forms, corporate supplies, name searches, and kits are available from legal stationers and other sources.
In the United States, there are likewise many manuals available for incorporating yourself in various states. "Incorporating Your Business For Dummies" by The Company Corporation and "How To Form Your Own Corporation Without a Lawyer for Under $75.00" by Ted Nicholas are two such books.
Sometimes helpful information on this subject is available from federal, provincial and state governments for free or nominal cost.
You can sometimes locate incorporation manuals at your local library for free. Be careful. Legal manuals become outdated very rapidly. You might consider very seriously purchasing the most up-to-date manual available; it might also include helpful reference material on maintaining corporate minutes and other helpful suggestions on operating your corporation.
Buy the appropriate manual and supplies and then follow the instructions. With a little effort, you could save hundreds of dollars incorporating yourself without a lawyer.
http://www.articlepros.com/legal/Bankruptcy/article-9224.html
1. This is Not Legal Advice!
The only ones who should be giving legal advice are those licensed to practise law (in other words, only lawyers). This article is not legal advice. If you need legal advice, consult a lawyer.
This article is being written simply to inform you that it is possible to form a corporation or limited liability company without a lawyer.
2. Why Use a Lawyer?
First of all, if you make a mistake incorporating yourself, who do you sue? You only have yourself to blame. On the other hand, a lawyer has insurance to cover errors and omissions.
Secondly, you could benefit from the expertise of your lawyer. Perhaps a corporation isn`t the right vehicle for you under your circumstances. Be aware that there can be disadvantages as well as advantages to incorporating. Your lawyer can consider commercial law, securities legislation, limited liability, tax factors, estate planning, share structure, and a myriad of other business considerations. Sometimes the advice of a good lawyer can save you thousands of dollars.
3. Is it Advisable to Incorporate Yourself?
Is it advisable to perform surgery on yourself? It is illegal to perform surgery on someone else unless you are licensed to practise medicine, but perhaps in a wilderness survival scenario, self-surgery might be your only option. However, is performing surgery on yourself really a good idea in most instances?
Likewise, just because it is possible to incorporate yourself without a lawyer doesn`t mean it is always a good idea.
In some jurisdictions, only lawyers can incorporate others. For a paralegal or other person to incorporate a company for you could be considered unauthorized practise of law. Thus, it may be legal to incorporate yourself but not others.
Some factors you might consider are: Am I really that short of cash that I can`t spend the extra money for good legal advice that may save me thousands of dollars? Am I confident that my situation is one that really doesn`t need the services of a lawyer to incorporate? Can the money saved on legal fees be better utilized in financing other aspects of my business?
Each person will have to make their own decision on whether or not to seek the services of a lawyer in forming a corporation.
"He who has himself as a lawyer has a fool for a client." I have often thought that perhaps a law firm originated this common expression.
4. How To Incorporate Yourself
Many books have been written by lawyers on how to incorporate yourself.
For example, in Canada, M. Stephen Georgas, LL.B., has written books on the subject of forming
your own corporation. Published by International Self-Counsel Press Ltd., he has authored
"Incorporation and Business Guide for Ontario" ("How to form your own corporation Includes tax advantages to incorporating") and "Federal Incorporation And Business Guide" ("How to form your own Federal corporation under The Canada Business Corporations Act").
The same publisher sells forms and minute books as well as titles for incorporating in other provinces of Canada.
Forms, corporate supplies, name searches, and kits are available from legal stationers and other sources.
In the United States, there are likewise many manuals available for incorporating yourself in various states. "Incorporating Your Business For Dummies" by The Company Corporation and "How To Form Your Own Corporation Without a Lawyer for Under $75.00" by Ted Nicholas are two such books.
Sometimes helpful information on this subject is available from federal, provincial and state governments for free or nominal cost.
You can sometimes locate incorporation manuals at your local library for free. Be careful. Legal manuals become outdated very rapidly. You might consider very seriously purchasing the most up-to-date manual available; it might also include helpful reference material on maintaining corporate minutes and other helpful suggestions on operating your corporation.
Buy the appropriate manual and supplies and then follow the instructions. With a little effort, you could save hundreds of dollars incorporating yourself without a lawyer.
http://www.articlepros.com/legal/Bankruptcy/article-9224.html
Filing For Bankruptcy
Bankruptcy should be seen as the last resort for people who have got themselves into too much debt. It may seem the answer to all your prayers but bankruptcy is only able to solve certain debt issues. Remember, if you have filed for bankruptcy you may find it difficult to obtain credit in the future unless your bankruptcy has been cleared, or discharged for a number of years.
Bankruptcy is very good for wiping out credit card debt. Unless you have a special secured credit card, your credit card balance is an unsecured debt. That means that the credit card company has no hold on anything that belongs to you if you do not pay back your debt. This is specifically the kind of debt that bankruptcy is designed to remove. Apart from credit card debt, you may have other unsecured debts, and bankruptcy can eradicate these as well. However, bankruptcy will not discharge your obligations to some other kinds of debts, including child support, alimony, tax debts, student loans, and any secured debts.
If you are reading this then the chances are that you are considering filing for bankruptcy. Your debts have got to the point where you cannot afford the monthly payments that your creditors are demanding. However, there are numerous bankruptcy alternatives. The most important thing is not to panic and to sit down and look at your financial situation.
If you reach the stage where you are in so much debt that you are considering bankruptcy then there are a number of measures that you can take to avoid bankruptcy. Firstly, you should cut up all of your credit cards. This may seem drastic, but it is the only way to avoid bankruptcy by guaranteeing that you do not increase your level of debt by charging more onto your credit cards.
All lenders would prefer to receive some money rather than none at all and when you file for bankruptcy a number of your creditors will receive little or none of the proceeds. This is especially the case with your unsecured loans, such as credit cards. You should contact all of the people that you owe money to and explain the situation. Most will work out a repayment schedule with you as a bankruptcy alternative, giving you longer to pay off what you owe and sometimes even freezing the interest.
http://www.articlepros.com/legal/Bankruptcy/article-12102.html
Bankruptcy is very good for wiping out credit card debt. Unless you have a special secured credit card, your credit card balance is an unsecured debt. That means that the credit card company has no hold on anything that belongs to you if you do not pay back your debt. This is specifically the kind of debt that bankruptcy is designed to remove. Apart from credit card debt, you may have other unsecured debts, and bankruptcy can eradicate these as well. However, bankruptcy will not discharge your obligations to some other kinds of debts, including child support, alimony, tax debts, student loans, and any secured debts.
If you are reading this then the chances are that you are considering filing for bankruptcy. Your debts have got to the point where you cannot afford the monthly payments that your creditors are demanding. However, there are numerous bankruptcy alternatives. The most important thing is not to panic and to sit down and look at your financial situation.
If you reach the stage where you are in so much debt that you are considering bankruptcy then there are a number of measures that you can take to avoid bankruptcy. Firstly, you should cut up all of your credit cards. This may seem drastic, but it is the only way to avoid bankruptcy by guaranteeing that you do not increase your level of debt by charging more onto your credit cards.
All lenders would prefer to receive some money rather than none at all and when you file for bankruptcy a number of your creditors will receive little or none of the proceeds. This is especially the case with your unsecured loans, such as credit cards. You should contact all of the people that you owe money to and explain the situation. Most will work out a repayment schedule with you as a bankruptcy alternative, giving you longer to pay off what you owe and sometimes even freezing the interest.
http://www.articlepros.com/legal/Bankruptcy/article-12102.html
Bankruptcy Lawyer: Your Final Solution When Running Out Of Options
Before rushing to a lawyer to assist you in filing for bankruptcy, you have to make sure what is bankruptcy and what is not. Only then will you have to find a bankruptcy lawyer that you can work with in filing your case. Many people rush to file for bankruptcy thinking that it will solve their financial problems. The opposite is often true.
Declaring your business to be legally bankrupt, only mean that you have done everything you could and there is no way for recovery. It means being deep in debt that it will already be impossible for you to sustain the business.
There are kinds and variations to bankruptcy and the legal process will depend very much on where you are coming from but the purpose is the same. Bankruptcy cases will take years to resolve. The court will determine what debts do not have to be repaid and what will be directly deducted from your income.
In the interim, credit lines will be closed to you. Your credit history will be tainted and no credit institution will want to do business with you. Back taxes that you owe will still have to be paid and obligations will still be enforced like alimony and child support.
When there is no resolution that is possible, finding a good bankruptcy lawyer will then be the only recourse.
A good bankruptcy lawyer should be someone you can be comfortable talking with. Someone you can trust and someone who has displayed competence in handling bankruptcy. This is very important as communication between you and the lawyer must be based on trust. There have been so many instances when the client holds back on information that he thinks is not so significant only to learn later on that the piece of information that was withheld posed additional complication to the case. Withholding information from your bankruptcy lawyer pose problems where non existed before. Bankruptcy lawyers can only help the client to the extent of the knowledge that the lawyer has. It is crucial then that the client works with the lawyer. This is in the first place the client?s future that is at stake.
Do not hesitate to interview the lawyer prior to retaining him. Ask the lawyer questions and a good lawyer must answer you in a language that you can understand. If you don?t, do not be afraid to clarify statements that could be ambiguous to you. Find out a bankruptcy lawyer that already has an extensive experience in handling bankruptcy cases. Whenever possible find a bankruptcy lawyer who is a specialist. Avoid the generalist, as they may not be able to help you as much.
If you feel uncomfortable talking with a particular bankruptcy lawyer, find another one. You can visit the local bar association to find out their recommendation.
When you visit your bankruptcy lawyer, bring a list of all the creditors that you owe, including payments to personal loans that you are not left behind and a list of all your assets and liabilities. The more information you provide the bankruptcy lawyer, the better and more accurate the recommendations he will give you. Remember that lawyers can only work as good as the information that you provide.
Cooperate well in giving your lawyer the data regarding your case because you are in the best position to give those to him. You also will be the person that will either suffer or benefit from the outcome.
http://www.articlepros.com/legal/Bankruptcy/article-14561.html
Declaring your business to be legally bankrupt, only mean that you have done everything you could and there is no way for recovery. It means being deep in debt that it will already be impossible for you to sustain the business.
There are kinds and variations to bankruptcy and the legal process will depend very much on where you are coming from but the purpose is the same. Bankruptcy cases will take years to resolve. The court will determine what debts do not have to be repaid and what will be directly deducted from your income.
In the interim, credit lines will be closed to you. Your credit history will be tainted and no credit institution will want to do business with you. Back taxes that you owe will still have to be paid and obligations will still be enforced like alimony and child support.
When there is no resolution that is possible, finding a good bankruptcy lawyer will then be the only recourse.
A good bankruptcy lawyer should be someone you can be comfortable talking with. Someone you can trust and someone who has displayed competence in handling bankruptcy. This is very important as communication between you and the lawyer must be based on trust. There have been so many instances when the client holds back on information that he thinks is not so significant only to learn later on that the piece of information that was withheld posed additional complication to the case. Withholding information from your bankruptcy lawyer pose problems where non existed before. Bankruptcy lawyers can only help the client to the extent of the knowledge that the lawyer has. It is crucial then that the client works with the lawyer. This is in the first place the client?s future that is at stake.
Do not hesitate to interview the lawyer prior to retaining him. Ask the lawyer questions and a good lawyer must answer you in a language that you can understand. If you don?t, do not be afraid to clarify statements that could be ambiguous to you. Find out a bankruptcy lawyer that already has an extensive experience in handling bankruptcy cases. Whenever possible find a bankruptcy lawyer who is a specialist. Avoid the generalist, as they may not be able to help you as much.
If you feel uncomfortable talking with a particular bankruptcy lawyer, find another one. You can visit the local bar association to find out their recommendation.
When you visit your bankruptcy lawyer, bring a list of all the creditors that you owe, including payments to personal loans that you are not left behind and a list of all your assets and liabilities. The more information you provide the bankruptcy lawyer, the better and more accurate the recommendations he will give you. Remember that lawyers can only work as good as the information that you provide.
Cooperate well in giving your lawyer the data regarding your case because you are in the best position to give those to him. You also will be the person that will either suffer or benefit from the outcome.
http://www.articlepros.com/legal/Bankruptcy/article-14561.html
Bankruptcy Explained
Whether or not we want it to or mean it to, often times our debt can become out of hand, to the point that we can no longer control it. It does not occur because we expect it, it occurs because we live in an age where credit is everything. In fact, many people do not even accept cash for a variety of things, for example, online shopping. All online shopping opportunities takes credit cards only. We will use credit for so many different items, that before we know it we begin to become overwhelmed and have the inability to pay the credit when the time comes.
When it comes to bankruptcy, this means that you are legally declaring that you have the inability to pay your creditors. Bankruptcy was formed in efforts to allow the debtor to have a fresh start within their life, this will allow the debtor to be relieved of most of the debts they have incurred. Additionally, bankruptcy gives creditors some rights as well, because it can allow them to recoup some of their money to the extent of the debtors ability to pay. There are various laws in place that allow the debtor to make use of non-exempt property in efforts to pay the creditors. Many pieces of your property will be exempt; however, it is possible that you have some non-exempt items.
Within the United Kingdom, the word Bankruptcy only applies to partnerships and individuals. Corporations are required to declare other types of legal insolvency such as administration, liquidation, and administrative receivership. The typical bankruptcy procedures last no more than one full year, often less depending upon the trustee in bankruptcy.
When a person has filed for bankruptcy, all credit collection must end. Companies are not allowed to pursue, call, mail, visit, repossess, or otherwise sue the debtor, for the purposes of debt collection. If a company chooses to do so, they will likely be held responsible by the court of law and to the debtor.
Bankruptcy is to be used as a last result; there are many other steps you could take to help eliminate your debt prior to filing for bankruptcy. Other options available to you include debt consolidation, credit counseling, and negotiation with your creditors, make a formal proposal with the creditors, and learn to manage your money yourself. It is important that you fully investigate all of your options and learn what steps you can take to obtain a debt free life.
http://www.articlepros.com/legal/Bankruptcy/article-20693.html
When it comes to bankruptcy, this means that you are legally declaring that you have the inability to pay your creditors. Bankruptcy was formed in efforts to allow the debtor to have a fresh start within their life, this will allow the debtor to be relieved of most of the debts they have incurred. Additionally, bankruptcy gives creditors some rights as well, because it can allow them to recoup some of their money to the extent of the debtors ability to pay. There are various laws in place that allow the debtor to make use of non-exempt property in efforts to pay the creditors. Many pieces of your property will be exempt; however, it is possible that you have some non-exempt items.
Within the United Kingdom, the word Bankruptcy only applies to partnerships and individuals. Corporations are required to declare other types of legal insolvency such as administration, liquidation, and administrative receivership. The typical bankruptcy procedures last no more than one full year, often less depending upon the trustee in bankruptcy.
When a person has filed for bankruptcy, all credit collection must end. Companies are not allowed to pursue, call, mail, visit, repossess, or otherwise sue the debtor, for the purposes of debt collection. If a company chooses to do so, they will likely be held responsible by the court of law and to the debtor.
Bankruptcy is to be used as a last result; there are many other steps you could take to help eliminate your debt prior to filing for bankruptcy. Other options available to you include debt consolidation, credit counseling, and negotiation with your creditors, make a formal proposal with the creditors, and learn to manage your money yourself. It is important that you fully investigate all of your options and learn what steps you can take to obtain a debt free life.
http://www.articlepros.com/legal/Bankruptcy/article-20693.html
Bankruptcy Alternatives Explained
There are many steps you can take in efforts to improve your credit, eliminate your debt, and avoid bankruptcy. Which should be the ultimate goal of all people, while bankruptcy is an excellent method of helping you clear up your debt, it should only be used as a last resort. Bankruptcy remains on your credit for up to ten years and it could result in the inability to retain any other type of credit until it has been removed or several years has passed.
On thing that a debtor can do, this is especially true if they have no income or assets, is to do nothing. Yes that is right nothing, if you have no assets or income that can be garnished bankruptcy would not benefit you in any way, your financial situation would not change as a result. It is likely that without anything of high value, credits would not attempt to take any court action against you because there would be nothing they could collect.
Another step you could take is to undergo credit counseling, you would learn how to manage your money to reduce the debt. You could create a budget that contains your monthly income and expenses, thus reducing expenses. By doing this, any extra money you have could go towards reducing the debt you owe to creditors.
You could also begin negotiation with your creditors, most of them realize that bankruptcy is a viable option for those who have more debt than they can handle. For this reason, most will be willing to ?take what they can get? rather than get nothing if the debtor files bankruptcy. This option requires that the debtor has income or assets that can be used in efforts to raise money to apply towards the debt you owe. Additionally, this can allow you to rebuild your credit instead of applying a negative bankruptcy on it.
Debt consolidation is another bankruptcy alternative that many could consider, by consolidating your debts into one low monthly payment you could easily reduce the amount of your debt, get the creditors off your back and avoid bankruptcy.
Finally, another option of avoiding bankruptcy is to make a formal proposal directly to your creditors. This proposal or also knows as a deal, will allow you to create a payment plan. It is all dependent upon what area of the world you live in and the laws surrounding the area of debt compromise.
http://www.articlepros.com/legal/Bankruptcy/article-20703.html
On thing that a debtor can do, this is especially true if they have no income or assets, is to do nothing. Yes that is right nothing, if you have no assets or income that can be garnished bankruptcy would not benefit you in any way, your financial situation would not change as a result. It is likely that without anything of high value, credits would not attempt to take any court action against you because there would be nothing they could collect.
Another step you could take is to undergo credit counseling, you would learn how to manage your money to reduce the debt. You could create a budget that contains your monthly income and expenses, thus reducing expenses. By doing this, any extra money you have could go towards reducing the debt you owe to creditors.
You could also begin negotiation with your creditors, most of them realize that bankruptcy is a viable option for those who have more debt than they can handle. For this reason, most will be willing to ?take what they can get? rather than get nothing if the debtor files bankruptcy. This option requires that the debtor has income or assets that can be used in efforts to raise money to apply towards the debt you owe. Additionally, this can allow you to rebuild your credit instead of applying a negative bankruptcy on it.
Debt consolidation is another bankruptcy alternative that many could consider, by consolidating your debts into one low monthly payment you could easily reduce the amount of your debt, get the creditors off your back and avoid bankruptcy.
Finally, another option of avoiding bankruptcy is to make a formal proposal directly to your creditors. This proposal or also knows as a deal, will allow you to create a payment plan. It is all dependent upon what area of the world you live in and the laws surrounding the area of debt compromise.
http://www.articlepros.com/legal/Bankruptcy/article-20703.html
Subscribe to:
Posts (Atom)